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<br /> <br /> <br /> <br />c.Special assessment or revenue debt will not be refunded unless the Finance <br />Director determines that special assessments or other sufficient revenues will not <br />be collected soon enough to pay off the debt fully at that call date. <br /> <br />4.Professional Services. The city shall use an outside bond attorney and an independent <br />financial advisor to structure the sale. <br /> <br /> <br />E.Debt Management Practices <br /> <br />1.Investment of bond proceeds. The city shall invest bond proceeds in a capital project <br />fund. <br /> <br />2.Disclosure: The city shall comply with SEC rule 15(c)2(12) on primary and continuing <br />disclosure. Continuing disclosure reports shall be filed no later than 180 days after <br />receipt of the city’s annual financial report. <br /> <br />3.Arbitrage Rebate: The city shall complete an arbitrage rebate report for each issue no <br />less than every five years after its date of issuance. <br /> <br />4.Communication: The city will maintain frequent and regular communications with <br />bond rating agencies about its financial condition and will follow a policy of full <br />disclosure in every financial report and bond prospectus. The city will comply with <br />Securities Exchange Commission (SEC) reporting requirements. <br /> <br /> <br />F.Post issuance debt compliance policy <br />The City Council (the “Council”) of the City of Elk River, Minnesota (the “City”) has <br />chosen, by policy, to take steps to help ensure that all obligations will be in compliance <br />with all applicable state and federal regulations. This policy may be amended, as necessary, <br />in the future. <br /> <br />Background <br />The Internal Revenue Service (IRS) is responsible for enforcing compliance with the <br />Internal Revenue Code (the “Code”) and related regulations governing certain obligations <br />(for example: tax-exempt obligations, Build America Bonds, Recovery Zone Development <br />Bonds and various “Tax Credit” Bonds). The IRS expects issuers and beneficiaries of <br />these obligations to adopt and implement a post-issuance debt compliance policy and <br />procedures to safeguard against post-issuance violations. <br /> <br />Post-Issuance Debt Compliance Policy Objective <br />The City desires to monitor these obligations to ensure compliance with the IRS Code and <br />related regulations governing such obligations. To help ensure compliance, the City has <br />developed the following policy (the “Post-Issuance Debt Compliance Policy”). The Post- <br />Issuance Debt Compliance Policy shall apply to the obligations mentioned above, <br />including bonds, notes, loans, lease purchase contracts, lines of credit, commercial paper <br />or any other form of debt that is subject to compliance. <br /> <br />The Finance Director of the City is designated as the City’s agent who is responsible for <br />post-issuance compliance of these obligations. However, to the extent obligations are <br />issued for municipal utility purposes, the Finance Director/Office Manager of Elk River <br />Municipal Utilities assumes the duties of post-issuance debt compliance as described in <br />this Post-Issuance Debt Compliance Policy instead of the Finance Director. <br />Financial Management Policies Page 12 <br /> <br />