HomeMy WebLinkAbout2009-024 EN HILLS
CITY OF ARDEN HILLS
COUNTY OF RAMSEY
STATE OF MINNESOTA
RESOLUTION NO. 2009-024
A RESOLUTION SETTING THE PRELIMINARY LEVY
FOR TAXES PAYABLE IN 2010
BE IT RESOLVED by the Arden Hills City Council that the following proposed sums r y g p p of
money be levied for levy year 2009 payable in 2010 upon taxable property y in said City of Arden
Hills for the following purposes:
LEVY AMOUNT CERTIFIED
BEFORE HACA HACA LEVY AMOUNT
General Fund $3,50571666 $ -0- $3 057 666
PASSED AND ADOPTED BY THE CITY COUNCIL OF THE
CI:T�' ,O.F.,A EN HIL
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THIS 14" DAY OF-SEPTEMBER, 2009.
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STA1 L Y D.fIARATEAD, MAC'O ,,.
ATTEST:
RONALD MOOR E, CITY ADMINISTRATOR
-MvE HILLS
Post-Issuance Debt Compliance Policy
The City Council of the City of Arden Hills has chosen,by policy,to take steps to help ensure that all tax-
exempt debt obligations will be in compliance with all applicable state and federal regulations regarding the
obligations. This policy may be amended,as necessary,in the future.
Background
Tax-exempt debt obligations(debt for which the interest paid to the debt holders is excludable from their
gross income for federal income taxes)result in a lower interest cost to state and local governments(the
issuer). The tax-exempt status remains throughout the life of the debt obligation provided all applicable
state and federal tax laws are satisfied at the time of issuance and throughout the term of the
obligation. The Internal Revenue Service(IRS)is responsible for enforcing compliance with the Internal
Revenue Code and most other regulations governing tax-exempt obligations. The IRS expects issuers and
beneficiaries of tax-exempt debt to adopt and implement a post-issuance debt compliance policy and
procedures to safeguard against post-issuance violations that may result in the loss of the tax-exempt status
of the debt.
Post-Issuance Debt Compliance Policy Objective
The City of Arden Hills desires to monitor all of its tax-exempt debt obligations to ensure that all tax-
exempt debt obligations remain in compliance with the IRS Code and all other regulations governing tax-
exempt obligations. To help ensure compliance,the City of Arden Hills has developed a"Policy". The
following Policy shall apply to all tax-exempt debt obligations including bonds,notes,loans,lease purchase
contracts, lines of credit,commercial paper,or any other form of tax-exempt debt. This Policy primarily
applies to governmental bonds; for post-issuance policies specifically related to conduit/private activity
bonds, see the Procedure for Application to City of Arden Hills,Minnesota for Private Activity Revenue
Bond Financing.
Post Issuance Debt Compliance Policy
The Finance Director of the City of Arden Hills is designated as the City's agent who is responsible for
post-issuance compliance of all tax-exempt debt obligations,and is referred to in this policy as the
"Compliance Officer."
The Compliance Officer shall assemble all relevant documentation,records and activities required to
ensure post-issuance debt compliance as further detailing the"Post-Issuance Debt Compliance
Procedures". At a minimum,the Post-Issuance Debt Compliance Procedures for each tax-exempt debt
obligation will address the following:
I. General Post-Issuance Compliance,-
2. Proper and timely use of bond proceeds and bond-financed property;
3. Arbitrage yield restrictions and rebate;
4. Timely filings and other general requirements;
5_ Additional undertaking or activities that support points I through 4 above;
6_ Other requirements that become necessary in the future.
The Compliance Officer shall apply the Post-Issuance Debt Compliance Procedures to each tax-exempt
debt obligation and maintain a record of the results. Further,the Compliance Officer will ensure that the
• Post-Issuance Debt Compliance Policy and Procedures are updated on a regular and as needed basis.
The Compliance Officer,or any other individuals responsible for assisting the Compliance Officer in
maintaining records needed to ensure post-issuance compliance,are authorized to expend funds as needed
to attend training or secure use of other educational resources for ensuring compliance such as consulting,
publications,and compliance assistance.
The compliance Officer will be assisted by other City staff and officials when appropriate. The compliance
Officer of the City will also be assisted in carrying out post-issuance compliance requirements by the
following organizations:
a) Bond Counsel(as of the date of approval of this Policy,bond counsel for the City is Kennedy&
Graven,charted and Steve Bubul is the attorney primarily responsible for providing bond counsel
services for the City);
b) Financial Advisor(as of the date of approval of this Policy,the financial advisor of the City is
Eheers&Associates, Inc.and Mark Ruff is the person primarily responsible for providing
financial advisor services to the City);
c) Paying Agent(as of the date of approval of this Policy,the paying agent of the City is Bond Trust
Services Corporation and Connie Kuck is the person primarily responsible for providing paying
agent services for the City);and
d) Rebate Analyst(as of the date of approval of this Policy,the rebate analyst of the City is Ehlers
and Associates, Inc.and Gail Robertson is the person primarily responsible for providing rebate
analyst services for the City).
The Compliance Officer shall be responsible for assigning post-issuance compliance responsibilities to
other staff of the City,Bond Counsel,Paying Agent,and Rebate Analyst. The Compliance Officer shall
utilize such other professional service organizations as are necessary to ensure compliance with the post-
issuance compliance requirements of the City. The Compliance Officer is authorized to expend funds as
needed for training and educational resources for the Compliance Officer and any other City staff who are
• assigned responsibilities for ensuring compliance with any portion of the post-issuance compliance
requirements of this Policy_
Approval by the Counc'I the 14t'Day o 'eptember,2009.
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S a ey D s ead,Mayor Date
Rona d/Moitfrse,City Administrator Date