AGENDA ITEM SUMMARY

While the IRS and SEC do not regulate municipal issuers of tax-exempt bonds directly, both are urging issuers to adopt written post-issuance compliance policies. This was discussed with the City's bond counsel at the time of the City's last issuance, but no policies were adopted. This Resolution adopts policies recommended by our bond counsel, Jim Pannell of Gray, Pannell & Woodward. Under these policies, the City's Finance Director is designated as its Post-Issuance Compliance Officer and basic duties and responsibilities are outlined. City Attorney Drew Whalen will address.

Attached is an article presented at last month's Annual Conference of the International Municipal Lawyers Association providing additional background information.

Staff recommends adoption of the resolution.

No direct financial impact; however, adoption of these policies will provide greater accountability for compliance with outstanding and future bond issues.