Title
A Resolution Of The City Commission Of The City Of Hollywood, Florida, Adopting Post-Issuance Compliance Policies And Procedures For General Compliance With Federal Tax Law Requirements.
Body
Staff Recommends: Approval of resolution.
Explanation:
To assist issuers in general compliance with federal tax law, the National Association of Bond Lawyers and the Government Finance Officers Association have developed the attached post-issuance compliance checklist. The Check list provides assistance with tax law compliance at the time of debt issuance and through the entire lifetime of City financings.
City staff recommends adoption of the Resolution and the post-issuance compliance policies and procedures in anticipation of entering debt markets with several bond issues over the next few years. Failure to adopt such compliance procedures increases the likelihood that the Internal Revenue Service will audit the City's tax-exempt bond issues.
Recommended for inclusion on the agenda by:
Cathy Swanson-Rivenbark, City Manager
Matthew Lalla, Director, Financial Services Department