7C, Conduit Debt Policies - Laserfiche WebLink

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d. Copies of all contracts entered into for the construction, renovation or purchase of facilities financed with tax-exempt proceeds. e. Records of expenditures reimbursements incurred prior to issuing bonds for facilities financed with tax-exempt proceeds (Declaration of Official Intent/Reimbursement Resolutions including all modifications). f. List of all facilities and equipment financed with tax-exempt proceeds. g. Depreciation schedules for depreciable property financed with tax-exempt proceeds. h. Documentation that tracks the purchase and sale of assets financed with tax-exempt proceeds. i. Documentation of timely payment of principal and interest payments on the tax-exempt debt obligation. j . Tracking of all issue proceeds and the transfer of proceeds into the debt service fund as appropriate. k. Documentation that excess earnings from a Reserve Fund is transferred to the Debt Service Fund on an annual basis. Excess earnings are balances in a Reserve Fund that exceed the Reserve Fund requirement. 5. Miscellaneous Documentation to be Assembled and Retained a. Procedures to ensure that the project, while the tax-exempt debt obligation is outstanding, will avoid IRS private business concerns. b. Changes in the project that impact the terms or commitments of the tax-exempt debt obligation are properly documented and necessary certificates or opinions are on file. 6. Additional Undertaking and Activities that Support Sections 1 through 4 above a. The Finance Director will notify the City of Arden Hills Bond Counsel, Financial Advisor and Arbitrage Provider of any survey or inquiry by the IRS immediately upon receipt (Usually responses require the review of the above mentioned data and must be in writing. As much time as possible is helpful in preparing the response). b. The Finance Director will consult with the City of Arden Hills Bond Counsel, Financial Advisor and Arbitrage Provider before engaging in post -issuance credit enhancement transactions (i.e. bond insurance, letter of credit, or hedging transactions (i.e. interest rate swap, cap). c. The Finance Director will monitor all "qualified tax-exempt debt obligations" within the first calendar year to determine if the limit is exceeded, and if exceeded, will address accordingly. The limit is currently $10,000,000. d. Comply with Continuing Disclosure Requirements i. If applicable, the timely filing of annual information agreed to in the Continuing Disclosure Certificate. ii. Give notice of any Material Event. e. Identify any post -issuance change to terms of bonds which could be treated as a current refunding of "old" bonds by "new" bonds, often referred to as a "reissuance". f. Confirm whether any "remedial action" in connection with a "change of use" must be treated as a "reissuance". 7. Compliance with Future Requirements a. Take measure to comply with any future requirements issued beyond the date of these Post - Issuance Debt Compliance Procedures which are essential to preserving the tax-exempt status of this tax-exempt debt obligation.