HomeMy WebLinkAbout12-163 - ADMIN Resolution - City Council - 2012/11/05RESOLUTION NO. 12-163
RESOLUTION APPROVING POST -ISSUANCE COMPLIANCE
PROCEDURE AND POLICY FOR TAX-EXEMPT GOVERNMENTAL BONDS
BE IT RESOLVED By the City Council (the "Council") of the City of St. Louis Park,
Minnesota (the "City") as follows:
Section 1. Recitals.
1.01. The City from time to time issues tax-exempt governmental bonds to finance various
public projects.
1.02 Under Sections 103 and 140 to 150 of the Internal Revenue Code of 1986, as
amended (the "Code") and related regulations, the City is required to take certain actions after the
issuance of such bonds to ensure that interest on those bonds remains tax-exempt.
1.03 The City has determined to adopt written procedures regarding how the City will
carry out its bond compliance responsibilities, and to that end has caused to be prepared a document
titled Post -Issuance Compliance Procedure and Policy for Tax -Exempt Governmental Bonds (the
"Policy").
1.04. The Council has reviewed the Policy has determined that it is in the best interest of
the City to adopt the Policy.
Section 2. Policy Approved.
2.01. The Council approves the Policy in substantially the form on file in City Hall
.02. City staff is authorized to take all actions necessary to carry out the Policy.
Review fr Administration:
i
ill
City Man
Attest:
Adopt • . . ' he City Council November 5, 2012
401
Mayo/