Laserfiche WebLink
CASS COUNTY <br /> COMMISSION POLICY MANUAL 21.52 <br /> SUBJECT: POST ISSUANCE DEBT COMPLIANCE POLICY <br /> ADOPTED DATE: AUGUST 4, 2014 PAGE 2 OF 9 <br /> iv. Audited financial statements. <br /> v. Bond transcripts, official statements and other offering documents of <br /> the obligation. <br /> vi. Minutes and resolutions authorizing the issuance of the obligation. <br /> vii. Certifications of the issue price of the obligation. <br /> viii. Any formal elections for the obligation (i.e. election to employ an <br /> accounting methodology other than the specific tracing method). <br /> ix. Appraisals, demand surveys, or feasibility studies for property <br /> financed by the obligation. <br /> x. Documents related to governmental grants, associated with <br /> construction, renovation or purchase of property financed with the <br /> obligation. <br /> xi. Reports of any prior IRS examinations of the County or the County's <br /> obligation. <br /> 3. Arbitrage Yield Restriction and Rebate Recordkeeping <br /> a. Investment and arbitrage documentation to be assembled and retained <br /> i. An accounting of all deposits, expenditures, interest income and asset <br /> balances associated with each fund established in connection with <br /> the obligation. This includes an accounting of all monies deposited to <br /> the Debt Service Account to make debt service payments on the <br /> obligation, regardless of the source derived. Accounting for <br /> expenditures and assets is described in further detail in Section 4. <br /> ii.Statements prepared by Trustee or Investment Provider. <br /> iii. Documentation of at least quarterly allocations of investments and <br /> investment earnings to each obligation (i.e. uncommingling analysis). <br /> iv. Documentation for investments made with obligation proceeds such <br /> as: <br /> 1. Investment contracts (i.e. guaranteed investment contracts). <br /> 2. Credit enhancement transactions (i.e. bond insurance contracts). <br /> 3. Financial derivatives (swaps, caps, etc). <br /> 4. Bidding of financial products. <br /> • Investments acquired with obligation proceeds are purchased <br /> at fair market value (i.e. three bids for open market securities <br /> needed in advance refunding escrows). <br />