4.9. SR 06-17-2019 - Laserfiche WebLink

Home Browse Search

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 policy and procedures are updated on a regular and as needed basis. The finance director or anyone who assists with maintaining records needed to ensure compliance are authorized to expend funds as needed to attend training or secure use of other educational resources to ensure compliance such as consulting, publications, and compliance assistance. Most of the provisions of this policy are not applicable to governmental bonds, the interest on which is includable in gross income for federal income tax purposes. However, if an issue 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 may be refunded, in whole or in part, with the proceeds of an issue then, for purposes of this policy, the finance director shall treat the issue as if such issue were an issue of tax-exempt governmental bonds and shall carry out and comply with the requirements of this 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. If the city issues bonds to finance a facility owned by the city but used in whole or in substantial part by a nongovernmental organization exempt from federal income taxation under Section 501(a) of the Code, the ci exempt from federal income taxation under Sections 103 and 145 of the Code and applicable Treasury Regulations. Although such qualified 501(c)(3) bonds are not governmental bonds, at the election of the finance director, for purposes of this policy, the finance director shall treat such issue of qualified 501(c)(3) bonds as if such issue were an issue of tax-exempt governmental bonds and shall carry out and comply with the requirements of this policy. Alternatively, in cases where compliance activities are reasonably within the control of the relevant 501(c)(3) organization, the finance director may determine that all or some portion of compliance responsibilities described in this policy shall be assigned to the relevant organization. The city may also issue tax-exempt bonds, the proceeds of which are loaned to certain private entities, including qualified 501(c)(3) organizations (referred to as The city will require, as part of approval of any conduit bonds that the borrower assumes the duties of post-issuance debt compliance as described in this policy, including provisions for reporting to the city. Capital Improvements The city shall maintain buildings, infrastructure, utilities, parks, facilities, and other assets in a manner that protects the investment and minimizes future maintenance and replacement costs. The finance director shall annually prepare and submit a CIP to the Council covering the following five fiscal years. At a minimum, the CIP will include a description of the proposed improvement, the estimated cost, timing and potential sources of funding. If applicable, the CIP will identify implications for the operating budget created by the proposed improvement. Financial Management Policies Page 10