02-12-2014 Council Agenda - Laserfiche WebLink

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CITY Or LITTLE CANADA, MINNESOTA GOVERNMENTAL BONDS POST- ISSUANCE COMPLIANCE POLICIES AND PROCEDURES 'Fhe following policies and procedures were adopted by the City Council of the City of Little Canada, Minnesota (the "City ") as of the date indicated below with respect to the governmental bonds of the City, to require, and further ensure, the ongoing compliance of governmental bonds issued by the City with the Internal Revenue Code of 1986, as amended (the "Code "), and the Treasury Regulations promulgated thereunder (the "Regulations "), including the record retention requirements of Code Section 6001 and Section 1.6001(a) of the Treasury Regulations. Such policy and procedures were adopted after consultation with Briggs and Morgan, P.A., the bond counsel ( "Bond Counsel "), and Springsted Incorporated, the financial advisors, to the City and are internal operating procedures to be used by the City's management in connection with the issuance and sale of all issues of governmental bonds. The City Council of the City has the overall, final responsibility for monitoring whether the City is in compliance with post- issuance federal tax requirements for the City's governmental bonds. However, the City Council assigns to the Finance Director of the City the primary operating responsibility to monitor the City's compliance with post - issuance federal tax requirements for the City's governmental bonds. The Finance Director may further assign post - issuance compliance responsibilities to other staff of the City, Bond Counsel, the paying agent for the bonds, and a rebate analyst. The Finance Director shall provide training and educational resources to City staff who are responsible for ensuring compliance with any portion of these policies and procedures. s>asmvi 27