7585 Post Issuance Compliance - Laserfiche WebLink

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FINANCIAL MANAGEMENT 7585 Page 2 of 4 2. Role of the Issuer as Issuer of Tax - Exempt Bonds a. Unless otherwise provided by Issuer resolutions, agreements entered into in connection with the issuance of Bonds, or tax certificate(s), unexpended bond proceeds shall be held by the Issuer, and the investment of bond proceeds shall be managed by the Administrator. Unless otherwise provided by Issuer resolutions, agreements entered into in connection with the issuance of Bonds, or the tax certificate, the Administrator shall maintain records and shall prepare regular, periodic statements to the Issuer regarding the investments and transactions involving bond proceeds. b. If an Issuer resolution provides for bond proceeds to be administered by a trustee, the Issuer shall obtain from the trustee the agreement to provide statements regarding the investments and transactions involving bond proceeds, no less than quarterly. 3. Arbitrage Rebate and Yield a. Unless a tax certificate documents that bond counsel has advised that arbitrage rebate will not be applicable to an issue of Bonds: 1) the Issuer shall engage the services of a Rebate Service Provider, and the Issuer or the bond trustee shall deliver statements concerning the investment of bond proceeds to the Rebate Service Provider in a manner that will enable timely calculation of arbitrage rebate; 2) the Administrator and other appropriate Issuer personnel shall provide to the Rebate Service Provider additional documents and information reasonably requested by the Rebate Service Provider; 3) the Administrator and other appropriate Issuer personnel shall monitor efforts of the Rebate Service Provider and assure payment of required rebate amounts, if any, no later than 60 days after each 5 -year anniversary of the issue date of the Bonds, and no later than 60 days after the last Bond of each issue is redeemed; and 4) during the construction period of each capital project financed in whole or in part by Bonds, the Administrator and other appropriate Issuer personnel shall monitor the investment and expenditure of bond proceeds and shall consult with the Rebate Service Provider to determine compliance with any applicable exceptions from the arbitrage rebate requirements during each 6 -month spending period up to 6 months, 18 months or 24 months, as applicable, following the issue date of the Bonds. b. The Issuer shall retain copies of all arbitrage reports and trustee statements as described below under "Record Keeping Requirements." Bonneville Joint School District No. 93 Post - Issuance Compliance Procedures