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<br />~ <br />.rcw~;,~ <br /> <br />$ I' ""I'~1fM <br />JL~:~~" <br /> <br />Are You Ready? <br /> <br />~ <br /> <br />The State Auditor's office (OSA) is continually <br />taking a more aggressive position on the auditing <br />of tax increment financing districts. It is very important <br />that cities be prepared in the event of such an audit. <br />This means a city needs to have records and documents <br />organized and easily accessible, and in such a manner to <br />clearly demonstrate compliance with statutory <br />requirements. <br /> <br />Not being prepared can result in the following: <br /> <br />..I Cities have had trouble meeting the 60-day <br />statutory response time for OSA findings of non- <br />compliance. <br /> <br />..I It may be necessary to hire extra help, pay <br />overtime, and hire outside consultants, attorneys <br />and auditors to assist with the response. <br /> <br />..I The elected officials may have concerns over a lack <br />of preparation for an OSA audit. <br /> <br />..I The OSA may report unnecessary non-compliance <br />issues due to lack of proper documentation and <br />incomplete records. This prolongs the time <br />necessary to resolve the audit as the additional <br />documents are located, submitted to and reviewed <br />by OSA. <br /> <br />To ensure that you have prepared for rhe Auditor's <br />Office, Ehlers is recommending that clients undertake a <br />pre-audit process. The work could be completed by <br />either Ehlers and/or local staff. To date, Ehlers has <br />completed such a process for a number of cities. <br />Regardless of the approach, it is very important to <br />review the proper information and perform the <br />necessary steps to prepare for the audit. <br /> <br />The complexity of TIF produces many questions. The <br />ever changing TIF law and OSA requirements add to <br />the complexityofTIF administration and compliance. <br />Being prepared for the dreaded audit can eliminate <br />some of the pressure that accompanies an OSA audit. <br /> <br />Publicorp Inc. - Seminar <br /> <br />,,' <br /> <br /> <br />J <br />I <br /> <br />(" <br /> <br />I <br /> <br />Stage 1 <br />TIF Seminar <br /> <br /> <br />I <br /> <br />Comedy, Tragedy, ~ystery <br /> <br />Tax Increment Financing 2000 <br />February 3 and 4, 2000 <br /> <br />Stage 2 <br />Better Moody's <br />Rating <br /> <br />Dianne Golub and Linda Hird <br />Lipnick of Moody's Investors <br />Service, together with Ehlers' staff, will <br />lead a three hour session on the bond <br />rating process on Thursday morning. <br />Participants will be asked to serve as a <br />rating committee and rate municipal <br />bond issues. City, county, and school <br />district staff will enjoy the opportunity to <br />ask questions of Moody's influential staff <br />in the Midwest Region. <br /> <br />I <br /> <br />I <br /> <br />I <br /> <br />I <br /> <br />For registration information call Robin Caufman at <br />651.697.8531 or online at www.ehlers-inc.com <br /> <br />I <br /> <br />Timely Payments <br /> <br />I <br /> <br />Believe it or not, The Depository Trust Company (DTC) <br />receives only 91 % of all debt service payments on time. <br />If you are acting as your own paying agent on bond issues, <br />DTC must receive your principal and interest payments on <br />the due date and no later than 2:30 p.m. (E.T). A missed <br />deadline puts your bondholders at risk of not being paid <br />promptly. If you are using a bank as a paying agent their <br />deadline times will be earlier. Please contact Ehlers or your <br />paying agent with any questions. More information is <br />available at DTC's website www.dtc.org. <br /> <br />I <br /> <br />6 <br /> <br />