10-13-09 - Laserfiche WebLink

Home Browse Search

• --A EN HILLS Post-Issuance Debt Compliance Procedures The City Council of the City of Arden Hills has adopted the attached Post-Issuance Debt Compliance Policy dated September 14,2009. The Post-Issuance Debt Compliance Policy applies to all tax-exempt debt obligations issued by the City of Arden Hills. As directed by the adoption of the Policy,the Finance Director will perform the following Post-Issuance Debt Compliance Procedures for the following tax-exempt debt obligation: _(Title of tax-exempt debt obligation) 1.General Post-Issuance Compliance a.Ensure written procedures and/or guidelines have been put in place for individuals to follow when more than one person is responsible for ensuring compliance with Post-Issuance Procedures. b.Ensure training and/or educational resources for post-issuance compliance have been approved and obtained. c.The Finance Director of the City of Arden Hills understands that there are options for voluntarily correcting failures to comply with post-issuance compliance requirements(i.e. • Treasury Regulations 1.141-12 remedial actions,Tax-Exempt Bonds Voluntary Closing Agreement Program and the ability to enter into a closing agreement under the Tax-Exempt Bonds Voluntary Closing Agreement Program describer in Notice 2001-60). 2.General Recordkeeping a.Retain records and documents for this tax-exempt debt obligation for a period of at least three years following the fmal payment of the obligation of the final payment of any tax- exempt refunding debt obligation unless otherwise directed by Bond Counsel. b.Retain both paper and electron versions of records and documents for this tax-exempt debt obligation. c.General Records and Documentation to be Assembled and Retained i. Description of the purpose of the tax-exempt debt obligation(referred to as the project)and the state statute authorizing the project. ii. Record of tax-exempt status or revocation of tax-exempt status iii. Any correspondence between the City of Arden Hills and the IRS. iv. Audited financial statements. v. Bond transcripts,official statements and other offering documents of tax-exempt debt obligations. vi. Minutes and resolutions authorizing the issuance of tax-exempt debt obligations. vii. Certifications of the issue price of tax-exempt debt obligations. viii.Any formal elections for tax-exempt debt obligations(i.e.election to employ an accounting methodology other than the specific tracing method). ix. Appraisals,demand surveys,or feasibility studies for property financed by tax- exempt debt obligations. x. Documents related to governmental grants,associated with construction,renovations or purchase of property financed with tax-exempt debt obligations. • xi. Reports of any prior IRS examinations of the City of Arden Hills or City's tax- exempt debt obligations.