Laserfiche WebLink
CASS COUNTY <br /> COMMISSION POLICY MANUAL 21.52 <br /> SUBJECT: POST ISSUANCE DEBT COMPLIANCE POLICY <br /> ADOPTED DATE: AUGUST 4, 2014 PAGE 1 OF 9 <br /> POST-ISSUANCE COMPLIANCE PROCEDURE <br /> AND POLICY FOR BOND ISSUES <br /> Cass County, North Dakota <br /> Post-Issuance Debt Compliance Procedures <br /> The Board of County Commissioners (the "Commission") of Cass County, North Dakota <br /> (the "County") has adopted the attached Post-Issuance Debt Compliance Policy dated <br /> August 4, 2014. The Post-Issuance Debt Compliance Policy applies to qualifying debt <br /> obligations issued by the County. As directed by the adoption of the Post-Issuance Debt <br /> Compliance Policy, the County Auditor will perform the following Post-Issuance Debt <br /> Compliance Procedures for all of the County's outstanding debt. <br /> 1. General Post-Issuance Compliance <br /> a. Ensure written procedures and/or guidelines have been put in place for <br /> individuals to follow when more than one person is responsible for <br /> ensuring compliance with Post-Issuance Debt Compliance Procedures. <br /> b. Ensure training and/or educational resources for post-issuance <br /> compliance have been approved and obtained. <br /> c. The County Auditor understands that there are options for voluntarily <br /> correcting failures to comply with post-issuance compliance requirements <br /> (such as remedial actions under Section 1.141-12 of the Treasury <br /> Regulations and the ability to enter into a closing agreement under the <br /> Tax-Exempt Bonds Voluntary Closing Agreement Program described in <br /> Notice 2008-31(the "VCAP Program")). <br /> 2. General Recordkeeping <br /> a. Retain records and documents for the obligation and all obligations issued <br /> to refund the obligation for a period of at least seven years following the <br /> final payment of the obligation (or if such obligation is refunded, the final <br /> payment of the refunding bond) unless otherwise directed by the County's <br /> bond counsel. <br /> b. Retain both paper and electronic versions of records and documents for <br /> the obligation. <br /> c. General records and documentation to be assembled and retained <br /> i. Description of the purpose of the obligation (referred to as the <br /> project) and the state statute authorizing the project. <br /> ii. Record of tax-exempt status or revocation of tax-exempt status, if <br /> applicable. <br /> iii. Any correspondence between the County and the IRS. <br />