Resolution No. 15-03 EDA - Laserfiche WebLink

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�.,., Post -Issuance Compliance Procedure and Policy for Tax -Exempt Governmental Bonds The Lino Lakes Economic Development Authority (the "Authority") issues tax-exempt governmental bonds to finance capital improvements. As an issuer of tax-exempt governmental bonds, the Authority is required by the terms of Sections 103 and 141-150 of the Internal Revenue Code of 1986, as amended (the "Code"), and the Treasury Regulations promulgated thereunder (the "Treasury Regulations"), to take certain actions subsequent to the issuance of such bonds to ensure the continuing tax-exempt status of such bonds. In addition, Section 6001 of the Code and Section 1.6001-1(a) of the Treasury Regulations, impose record retention requirements on the Authority with respect to its tax- exempt governmental bonds. This Post -Issuance Compliance Procedure and Policy for Tax -Exempt Governmental Bonds (the "Policy") has been approved and adopted by the Authority to ensure that the Authority complies with its post -issuance compliance obligations under applicable provisions of the Code and Treasury Regulations. 1. Effective Date and Term. The effective date of this Policy is May 11, 2015, and shall remain in effect until superseded or terminated by the Authority. 2. Responsible Parties. The Executive Director of the Authority shall be the party primarily responsible for ensuring that the Authority successfully carries out its post -issuance compliance requirements under applicable provisions of the Code and Treasury Regulations. The Executive Director will be assisted by the staff of the Finance Department (the "Finance Department") of the City of Lino Lakes, Minnesota (the "City") and by Authority staff and officials when appropriate. The Executive Director of the Authority will also be assisted in carrying out post -issuance compliance requirements by the following organizations: (a) Bond Counsel (the law firm primarily responsible for providing bond counsel services for the Authority); (b) Municipal Advisor (the organization utilized from time to time for providing financial advisor services to the Authority); (c) Paying Agent (the person, organization, or Authority officer primarily responsible for providing paying agent services for the Authority); and (d) Rebate Analyst (the organization primarily responsible for providing rebate analyst services for the Authority). The Executive Director shall be responsible for assigning post -issuance compliance responsibilities to members of the Finance Department, staff of the Authority, Bond Counsel, Municipal Advisor, Paying Agent, and Rebate Analyst. The Executive Director shall utilize such other professional service organizations as are necessary to ensure compliance with the post -issuance compliance requirements of the Authority. The Executive Director shall provide training and educational resources to Authority staff who are responsible for ensuring compliance with any portion of the post -issuance compliance requirements of this Policy. 3. Post -Issuance Compliance Actions. The Executive Director shall take the following post - issuance compliance actions or shall verify that the following post -issuance compliance actions have been taken on behalf of the Authority with respect to each issue of tax-exempt governmental bonds issued by the Authority: 460516v1 JAE LN140-112