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Post I§.Wknce Debt Compliance Poliey The City Council of the City ofCaem Lake, Vlinnesota..has chosen; by policy, to take:steps ca help ensure that all tax-exern.pt debt. ONigations will -be in compliance wifli ,ill.applicable.st-1 and federal regulations regarding tfm obligations.. "fhispolicy may be amended. as necessary, in the future. 8aek411round Tax-exempt debt obligations {debt for which tile. interest p4id.to the debt holders is:excludable fioin their gross income for federal income taxes) result in a lower interest cost. to state and local guvcrntne.nts (the issuer). The ta:� exempt status remains .tl�rcrtrghuut the life of the debt obli�_ation pt•ovi ed all applicable state and. federal tax laws are satisfied at the time of issuance and throughout the terns of the Obligation. The Internal Revenue .Selvice tIRS) i1 responsible fbi'.enfor6rlg compliance with ihe.Ittternal Revenue Code and most outer regulations governing tax-exempt obligatiorts.. 'f 1ie 11.Z.S expects.issuers and beneficiaries of tax-exempt debt to adopt and implement.. a. post -issuance debt corpliance policy and procedures to safc;uard against post -issuance vio.lsltians that MA result in ilieloss -of•tile tax-exempt status of the debt. Post -Issuance Debt C6mliifsince Policy Objective 'l'he City of.Gem Lake desires to monitor all of its tax-exempt debt obligations t.o ensure that all tax-exempt debt obligations renialn in compliance with the IRS Code and all other regulations governing tax:exempt obligations. To help ensure ctitnphiijIce. the City of Gem .Lake ha7 developed -:"Policy", The following.; Folic, sljtiii apply to till tax-exempt debt obligations including bards, notes, loans, lease purcha-c contracts. Imes o<<redit, commercial paper. ir• any Tither form Of tax-exempt debt. This Policy primarily applies to t,overnmentaf bonds:.ttr post -issuance policies specifically related to ci)nduit ; pri:vate activity bonds. See the Procedure for. Application to the City 6f{3em Lake. ivlinnesota.fiir Private Acltvi(}' Kevettut 13imi1 F irtaticing. Post Issuance. Debt Compliance Policy I'hz city Treasurer of the City of Geri Lake is designated as theti.ty:S merit who is res.ponsible for post - issuance compliance of all tax-excinpt debt obligations.. and is referred to in this policy as the " Coanplianee Cr!•ticer.'' The Compliance Officer shall assemblc all relevant documentation. records and activities requitedt:o ensure post -issuance debt.compliance ns furilierdetailing the"Pose-lssuanc.e 1)abt{ornpliance Procedures"_. At a.mininittm. the P0St-ls.s.U:111c4 Debt C:otirpliance procedures for eacli tax-exempt debt obligation will address•tlie follown-lo. 1. General l5ost4ssuance Compliance; ?•. Proper and timely use of bond proceedsnard bond -financed property; 3. Arbitrage Yield restrictions and rchiirc 4. Timely filings and outer woera1 requirements; S. Additional undertaking or activities that support points I through 4 abdvii; 6. Other requirements that become necess.ar} in. the future.. 'nle CompliaOCC Ofticer shall Hpply the Post -Issuance beht C'orripliance.Pr6cedures to eat i tax-exempt debt obligation and maintsiin a record of results. I"urtiicr. the C`(�mpliance C)f c:er gill erisut:c that the Post-Issttanoe.4ebi Compliance Policy and Procedures are updated (li a regular and as heeded basis.. The Compliance Officer, or any other indi.vidUals responsible for assisting.tile Conipliance Officer in nia.int-irting recortfs needed to en5iirc post -issuance .compliance; are authorized. to. expend funds as.needcd to attend training.or secure use of other educational resources for ensurn%cotnpliance such as consulti.nb, publications. and compliance assistance.