Title
A resolution adopting a Debt Continuing Disclosure and Post Issuance Compliance Policy for the City of Mesquite.
Body
The City Finance Department is proposing to formalize certain financial policies of the City in order to strengthen financial operations and obtain City Council approval of each policy.
This policy for Post-Issuance Compliance is for the purpose of maintaining and evidencing compliance with the federal tax requirements that apply to the bond financings of the City of Mesquite, Texas. In furtherance of such purposes the City has adopted these Procedures with respect to the following:
• General Recordkeeping & Record Retention
• Timely return filings
• Proper and timely use of bond proceeds and proper use of bond-financed property
• Arbitrage - yield restriction and rebate
• Reissuance requirements
• Corrective Action
This policy applies to any obligations to which Sections 103 and 141 through 150 of the Internal Revenue Code of 1986 are applicable, whether or not such obligations are in fact tax-exempt.
Recommended/Desired Action
Staff recommends approval of the resolution.
Attachment(s)
Resolution
Drafter
Debbie Mol
Head of Department
Debbie Mol