HomeMy WebLinkAboutEDA RES 2016-15RESOLUTION NO. 2016-15
RESOLUTION APPROVING POST-ISSUANCE COMPLIANCE
PROCEDURE AND POLICY FOR TAX-EXEMPT
GOVERNMENTAL BONDS
BE IT RESOLVED By the Board of Commissioners (the "Board of Commissioners") of the
Columbia Heights Economic Development Authority, a body corporate and politic and political subdivision
of the State of Minnesota (the "Authority"), as follows:
Section 1. Recitals,
1.01. The Authority from time to time issues tax-exempt governmental bonds to finance various
public capital improvements.
1.02. Under Sections 103 and 140 to 150 of the Internal Revenue Code of 1986, as amended (the
"Code") and related regulations, the Authority 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 Authority has determined to adopt written procedures regarding how the Authority 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 Board of Commissioners has reviewed the Policy has determined that it is in the best
interest of the Authority to adopt the Policy.
Section 2. Policy Approved.
2,01. 'llie Board of Commissioners approves the Policy in substantially the form on file with the
Executive Director.
2.02. Authority staff are authorized to take all actions necessary to carry out the Policy.
ATTEST:
Secretary
480658v] MNJ C1 205-63