4.7. SR 04-07-2014 - Laserfiche WebLink

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issued for municipal utility purposes,the Finance Director/Office Manager of Elk River Municipal Utilities assumes the duties of post-issuance debt compliance as described in this Post-Issuance Debt Compliance Policy instead of the Finance Director. The Finance Director shall assemble all relevant documentation,records and activities required to ensure post-issuance debt compliance as further detailed in corresponding procedures (the "Post-Issuance Debt Compliance Procedures" . At a minimum, the Post- Issuance Debt Compliance Procedures for each qualifying obligation will address the following: 1. General post-issuance compliance; 2. Proper and timely use of bond proceeds and bond-financed property; 3. Arbitrage yield restriction and rebate; 4. Timely filings and other general requirements; 5. Additional undertakings or activities that support points 1 through 4 above; 6. Other requirements that become necessary in the future. The Finance Director shall apply the Post-Issuance Debt Compliance Procedures to each qualifying obligation and maintain a record of the results. Further,the Finance Director will ensure that the Post-Issuance Debt Compliance Policy and Procedures are updated on a regular and as needed basis. The Finance Director or any other individuals responsible for assisting the Finance Director in maintaining records needed to ensure post-issuance debt 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. Most of the provisions of this Post-Issuance Debt Compliance Policy are not applicable to governmental bonds, the interest on which is includable in gross income for federal income tax purposes. On the other hand,if an issue of taxable governmental bonds is later refunded with the proceeds of an issue of tax-exempt governmental refunding bonds, then the uses of the proceeds of the taxable governmental bonds and the uses of the facilities financed with the proceeds of the taxable governmental bonds will be relevant to the tax-exempt status of the governmental refunding bonds. Therefore,if there is any reasonable possibility that an issue of taxable governmental bonds may be refunded,in whole or in part,with the proceeds of an issue of tax-exempt governmental bonds then, for purposes of this Post-Issuance Debt Compliance Policy, the Finance Director shall treat the issue of taxable governmental bonds as if such issue were an issue of tax-exempt governmental bonds and shall carry out and comply with the requirements of this Post- Issuance Debt Compliance Policy with respect to such taxable governmental bonds. The Finance Director shall seek the advice of bond counsel and its financial advisor as to whether there is any reasonable possibility of issuing tax-exempt governmental bonds to refund an issue of taxable governmental bonds. Financial Management Policies Page 13