3. Comm policy-Post Issuance Debt Compliance

CASS COUNTY COMMISSION POLICY MANUAL 21.52 SUBJECT: POST ISSUANCE DEBT COMPLIANCE POLICY ADOPTED DATE: AUGUST 4, 2014 PAGE 7 OF 9 g. The City Auditor will ensure that the appropriate tax form for federal subsidy payments is prepared and filed in a timely fashion for applicable obligations (i.e. Build America Bonds). 7. Compliance with Future Requirements a. Take measures to comply with any future requirements issued beyond the date of these Post-Issuance Debt Compliance Procedures which are essential to ensuring compliance with the applicable state and federal regulations. Cass County, North Dakota Post-Issuance Debt Compliance Policy The Board of County Commissioners (the "Commission") of Cass County, North Dakota (the "County") has chosen, by policy, to take steps to help ensure that all obligations will be in compliance with all applicable federal regulations. This policy may be amended, as necessary, in the future. Background The Internal Revenue Service (IRS) is responsible for enforcing compliance with the Internal Revenue Code (the "Code") and regulations promulgated thereunder ("Treasury Regulations") governing certain obligations (for example: tax-exempt obligations, Build America Bonds, Recovery Zone Development Bonds and various "Tax Credit" Bonds). The IRS expects issuers and beneficiaries of these obligations to adopt and implement a post-issuance debt compliance policy and procedures to safeguard against post-issuance violations. Post-Issuance Debt Compliance Policy Objective The County desires to monitor these obligations to ensure compliance with the Code and Treasury Regulations. To help ensure compliance, the County has developed the following policy (the "Post-Issuance Debt Compliance Policy"). The Post- Issuance Debt Compliance Policy shall apply to the obligations mentioned above, including bonds, notes, loans, lease purchase contracts, lines of credit, commercial paper or any other form of debt that is subject to compliance.