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The draft Policy responds to the IRS concerns. It generally designates the Executive Director <br />as the EDA staff person responsible to oversee compliance with the various post -issuance <br />rules. The Policy recognizes that the EDA's financial advisor and bond counsel will play <br />significant roles in these efforts, both assisting staff, and in some cases undertaking certain <br />tasks directly. <br />The Policy simply puts in writing what the Authority has done (and should do) as a matter of <br />practice. This does not represent a significant Policy change, but merely formalizes how the <br />City will ensure the continued tax-exempt status of the governmental bonds it issues. <br />RECOMMENDATION <br />Staff is recommending approval of Resolution No. 15-03. <br />ATTACHMENTS <br />Resolution 15-03 <br />Post -Issuance Compliance Procedure and Policy <br />for Tax-exempt Governmental Bonds <br />