Share to Facebook Share to Twitter Bookmark and Share
File #: 19-3955    Version: 1 Name: Resolution - Debt Continuing Disclosure and Post Issuance Compliance Policy
Type: Agenda Item Status: Passed
File created: 1/11/2019 In control: City Council
On agenda: 2/4/2019 Final action: 2/4/2019
Title: A resolution adopting a Debt Continuing Disclosure and Post Issuance Compliance Policy for the City of Mesquite.
Attachments: 1. Resolution - Debt Continuing Disclosure

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