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<br /> <br /> <br />The Finance Director shall assemble all relevant documentation, records and activities <br />required to ensure post-issuance debt compliance as further detailed in corresponding <br />procedures (the “Post-Issuance Debt Compliance Procedures”). At a minimum, the Post- <br />Issuance Debt Compliance Procedures for each qualifying obligation will address the <br />following: <br /> <br />1.General post-issuance compliance; <br /> <br />2.Proper and timely use of bond proceeds and bond-financed property; <br /> <br />3.Arbitrage yield restriction and rebate; <br /> <br />4.Timely filings and other general requirements; <br /> <br />5.Additional undertakings or activities that support points 1 through 4 above; <br /> <br />6.Other requirements that become necessary in the future. <br /> <br />The Finance Director shall apply the Post-Issuance Debt Compliance Procedures to each <br />qualifying obligation and maintain a record of the results. Further, the Finance Director <br />will ensure that the Post-Issuance Debt Compliance Policy and Procedures are updated on <br />a regular and as needed basis. <br /> <br />The Finance Director or any other individuals responsible for assisting the Finance <br />Director in maintaining records needed to ensure post-issuance debt compliance, are <br />authorized to expend funds as needed to attend training or secure use of other educational <br />resources for ensuring compliance such as consulting, publications, and compliance <br />assistance. <br /> <br />Most of the provisions of this Post-Issuance Debt Compliance Policy are not applicable to <br />governmental bonds, the interest on which is includable in gross income for federal <br />income tax purposes. On the other hand, if an issue of taxable governmental bonds is <br />later refunded with the proceeds of an issue of tax-exempt governmental refunding bonds, <br />then the uses of the proceeds of the taxable governmental bonds and the uses of the <br />facilities financed with the proceeds of the taxable governmental bonds will be relevant to <br />the tax-exempt status of the governmental refunding bonds. Therefore, if there is any <br />reasonable possibility that an issue of taxable governmental bonds may be refunded, in <br />whole or in part, with the proceeds of an issue of tax-exempt governmental bonds then, <br />for purposes of this Post-Issuance Debt Compliance Policy, the Finance Director shall <br />treat the issue of taxable governmental bonds as if such issue were an issue of tax-exempt <br />governmental bonds and shall carry out and comply with the requirements of this Post- <br />Issuance Debt Compliance Policy with respect to such taxable governmental bonds. The <br />Finance Director shall seek the advice of bond counsel and its financial advisor as to <br />whether there is any reasonable possibility of issuing tax-exempt governmental bonds to <br />refund an issue of taxable governmental bonds. <br /> <br />If the City issues bonds to finance a facility to be owned by the City but which may be <br />used, in whole or in substantial part, by a nongovernmental organization that is exempt <br />from federal income taxation under Section 501(a) of the Code as a result of the <br />application of Section 501(c)(3) of the Code (the “501(c)(3) Organization”), the City may <br />elect to issue the bonds as “qualified 501(c)(3) bonds” the interest on which is exempt <br />from federal income taxation under Sections 103 and 145 of the Code and applicable <br />Financial Management Policies Page 13 <br /> <br />