HomeMy WebLinkAboutResolution 2012-49 - Approving Post Issuance Compliance for GO BondsCit�� of Corcoran� � 5eptember 13, 2012
Counry of Hennepin
State of Minnesota
RESOLUTTON NO. 2012-49
MOTTON I3Y: Gmach
SECONDEll 13Y: Milbrandt
RESOLUTION APPROVING POST-ISSUANCE CONIl'LIANCE
PROCEDLJRE AND POLICY FOR TAX-EXENIl'T GOVERNMENTAL BONllS
BE IT RESOLVED By the City Council (the "Co�incil") of the City of Corcaran, Mi»nesota (the
"City") as follows:
Section l. Recitals.
1.01. The City from tiine 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 i�egulations, the City is i•equired to tal<e certain actions after the issuance of such bonds to
ensure that interest on those bonds i-einains taa-exempt.
1.03. Tl�e City has determii�ed to adopt wi°itten 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 a��d Policy for Tax-Exempt Governmental Bonds (the "Policy").
1.04. The Council 11as reviewed the Policy llas detei•mined that it is in the best interest of the City
to adopt the Policy.
Section 2. Polic�A�proved.
2.01
2.02
The Council approves the Po(icy in substantially the form on file in City Hall.
City staff are autllorized to tal<e all actiot�s necessary to carry out the Policy.
Approved by the City Co�ii�cil of tlle City of Corco�-an, Mi���iesota, tllis 13th day of September, 2012.
VOTING AYE
� Guenthner, Ken
� Asieson, Rich
� Cossette, Tom
� Gmach, George
� Milbrandt, Rosalyn
VOTING NAY
❑ Guenthner, Ken
❑ Asleson, Rich
❑ Cossette, Tom
❑ Gmach, George
❑ Milbrandt, Rosalyn
Whereupon, said Resolution is hereby declared adopted on this 13th day of
September 2012.
� .--,
Kenneth Guenthner - Mayor
TEST: �
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City Seal
eanie Heinecke — City Clerk
410462v1 MNI CR100-14