HomeMy WebLinkAboutResolution 21-15 Adopting the Post-Issuance Debt Compliance Policy for Tax-exempt and Tax-advantaged Government BondsCITY OF FALCON HEIGHTS
COUNCIL RESOLUTION
March 10, 2021
No. 21-15
A RESOLUTION ADOPTING POST -ISSUANCE DEBT COMPLIANCE POLICY FOR TAX-
EXEMPT AND TAX -ADVANTAGED GOVERNMENTAL BONDS
WHEREAS, the City of Falcon Heights, Minnesota (the "City") from time to time will issue tax-exempt
and tax -advantaged governmental bonds; and
WHEREAS, under the Internal Revenue Code of 1986, as amended and related regulations (the "Code"),
and Securities and Exchange Commission (the "SEC") the City is required to take certain actions after
bond issuance to ensure that interest on those bonds remains in compliance with the Code and SEC; and
WHEREAS, the City has determined to adopt a policy regarding how the City will carry out its
compliance responsibilities via written procedures, and to that end, has caused to be prepared documents
titled Post -Issuance Debt Compliance Policy and Post -Issuance Debt Compliance Procedures; and
WHEREAS, the City Council (the "Council") of the City has reviewed the Post -Issuance Debt
Compliance Policy in connection with the Post -Issuance Debt Compliance Procedures and has
determined that it is in the best interest of the District to adopt the Policy.
NOW THEREFORE, BE IT RESOLVED BY THE CITY OF FALCON HEIGHTS, MINNESOTA, the
Council approves the Policy as shown in the form attached; and
BE IT FURTHER RESOLVED; City staff are authorized to take all actions necessary to carry out the
Post -Issuance Debt Compliance Policy and Post -Issuance Debt Compliance Procedures.
-----------------------------------------------------------------------
Moved by: Ahdvtw S Approved
Randal! C. tafson
Mayor
GUSTAFSON 5 In Favor Attested by:,.�>—
MIAZGA Sack Thongvanh
ANDREWS Against City Administrator
LEERY
WEHYEE