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---ARPEN 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 final 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.