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Department Approval <br />e,4 7"e. A",Y4 <br />qASFAbhE <br />REQUEST FOR COUNCIL ACTION <br />Date: 2/27/12 <br />Item No.: 7.f <br />City Manager Approval <br />Item Description: Adopt Post - Issuance Compliance Policy and Procedures <br />1 BACKGROUND <br />2 Municipalities that issue tax - exempt bonds are required to take certain post- issuance actions to comply with <br />3 various IRS regulations. These actions have historically been documented through an informal checklist <br />4 and formal on -line postings. It is recommended that these actions be documented through a more formal, <br />5 published Policy. <br />6 <br />7 Enclosed in Attachment C is a memo from the City's Bond Counsel, Briggs and Morgan, outlining the <br />8 rationale for adopting a Policy. Also included is Attachment B which represents the proposed Compliance <br />9 Policies and Procedures. A resolution calling for the adoption of the Policy is included in Attachment A. <br />10 <br />11 Staff will be available at the meeting to answer any Council inquiries. <br />12 <br />13 POLICY OBJECTIVE <br />14 The adoption of formal post- issuance policy and procedures is recommended by the Internal Revenue <br />15 Service and the City's Bond Counsel. <br />16 FINANCIAL IMPACTS <br />17 Not applicable. <br />18 STAFF RECOMMENDATION <br />19 Staff recommends the City Council adopt the attached resolution establishing policies and procedures <br />20 relating to post issuance compliance. <br />21 REQUESTED COUNCIL ACTION <br />22 Adopt the attached resolution establishing policies and procedures relating to post issuance compliance. <br />23 <br />Prepared by: Chris Miller, Finance Director <br />Attachments: A: Resolution establishing policies and procedures relating to post issuance compliance. <br />B: Post - Issuance Compliance Policies and Procedures <br />C: Background memo from Briggs & Morgan, dated January 20, 2012 <br />24 <br />Page 1 of 12 <br />