2014 FN406MPI
ANNUAL POST-ISSUANCE COMPLIANCE
CHECKLIST FOR COMPLIANCE OFFICER
Issue Name:___________________________________________________________________________________
Issue Date:____________________ Period covered by review (“Annual Period”):__________________________
Financed Asset(s):______________________________________________________________________________
TRANSACTION PARTIES
Name of Compliance Officer ______________________________________
Bond Counsel Ahlers & Cooney, P.C.________________
Trustee ______________________________________
Paying Agent ______________________________________
Rebate Specialist ______________________________________
Dissemination Agent______________________________________
Other: ____________________ ______________________________________
A. TAX LAW REQUIREMENTS
Response
1. General Matters
Reporting the Issuance of Tax-Exempt Obligations
Has the City received proof of filing Form 8038, 8038G
or 8038-GC, 8038-TC?
Additional Details


Yes
No


Yes
No


Yes
No
Reimbursement
Did the City intend to expend funds prior to receiving
the proceeds of the bonds?


Yes
No
If yes, has the governing body adopted a reimbursement
resolution?


Yes
No
Date Adopted:_________
2. Expenditure Requirements
Expenditure of Proceeds
Did the City create a separate Project Fund into which
the proceeds were deposited?


Yes
No
Name of Fund
_____________________
Name of Institution
_____________________
Does the Compliance Officer have copies of all draw
schedules, draw requests, invoices and bills requesting
payment from the Project Fund?


Yes
No
Does the Compliance Officer have records showing
investments earnings, and the investment of, the Project
Fund?


Yes
No
Date of Filing:_________
Note: Bond counsel will file this form shortly after the closing date.
Reissuance
Has there been a “significant modification” to bond
documents resulting in reissuance under Treas. Reg. §
1.1001-3. (i.e. change in interest rate or change in loan
terms).
If yes, Compliance Officer must confer with bond
counsel.
Proof of filing new Form 8038, etc., plus
final
rebate calculation on pre-modification
bonds.
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Date of Filing:_________
2014 FN406MPI
Is the Project Fund yield restricted?


Yes
No
If yes, the yield on the
bonds is ____________%.
Is the Project completed?


Yes
No
Date of Completion:


Yes
No
Proceeds should be spent
by:__________________
4. Ownership/Leases/Management Agreements
Was the financed asset owned by the City during the
entire annual period?


Yes
No
If no, contact bond
counsel.
Was any part or portion of the financed asset leased at
any time pursuant to a lease or similar agreement for
more than 50 days during the annual period?


Yes
No
If yes, contact bond
counsel.


Yes
No
If yes, contact bond
counsel.


Yes
No
Are there any remaining unspent bond proceeds?
If yes after the date proceeds should be spent, contact bond counsel.
_____________________
3. Arbitrage
Indicate below which of the following rebate
exceptions apply to this issue:
 Small Issuer Exemption
 Aggregate amount of all tax-exempt bonds
issued during the calendar year will not exceed
$5,000,000.
 6-Month Exception:
 All Bond Proceeds spent within six (6) months
from date of issue.
 18-Month Spending Exception:
 15% spent within 6 months ($________ spent by
________);
 60% spent within 1 year ($________ spent by
________);
 100% spent within 18 months ($________ spent by
________).
 “Construction Issue” Exemption:
 10% spent within 6 months ($________ spent by
________);
 45% spent within 1 year ($________ spent by
________);
 75% spent within 18 months ($________ spent by
________);
 100% spent within 2 years (5% retainage for
not more than 1 year) ($________ spent by
________).
Note: If City cannot meet the above expenditure schedules, contact
bond counsel.
Has the City entered into any management or research
agreements or contracts relating to the management or
research of any or all of the operations of the financed
asset?
Is there any agreement or contract with another party
that confers “special legal rights or entitlements” to the
financed asset? (i.e. naming rights, flags)
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If yes, contact bond
counsel.
2014 FN406MPI
5. Rebate
Compliance officer shall contact the rebate analyst prior
to the 5th anniversary of the issue date and on each 5th
anniversary thereafter to arrange for calculations of the
rebate requirements.
Completed rebate
calculations?
 Yes
 No
First installment of arbitrage rebate due on fifth
anniversary of bond issuance plus 60 days.
Initial Installment, if
any, due on:
____________________
Succeeding installments every five years.
Next due date:
_____________________
Have the bonds matured or been retired?


Yes
No


Yes
No


Yes
No
Does the City have a disclosure obligation for the
identified bond issue?


Yes
No
Did the City file its annual report (including audited
financial statements and any other financial information
and operating data required for the Bonds) on EMMA
by _____________________________?


Yes
No


Yes
No
If yes, final installment 60 days after retirement.
4. Record Retention.
Has the Compliance Officer maintained records relating
to cancellation, transfer, redemption or replacement of
City bonds for a period of not less than eleven (11)
years?
Has the Compliance Officer maintained general records
relating to the bonds for life of issue plus any refunding
plus three years?
B. DISCLOSURE REQUIREMENTS
1. Annual Disclosure Requirements
If no, contact bond counsel and file the appropriate
failure to file notice required for the bonds on EMMA.
2. Material Event Disclosure
Did any of the following events occur with respect to the
bonds during the annual period?






Principal and interest payment delinquencies;
Non-payment related defaults, if material;
Unscheduled draws on debt service reserves
reflecting financial difficulties;
Unscheduled draws on credit enhancements
relating to the bonds reflecting financial
difficulties;
Substitution of credit or liquidity providers, or
their failure to perform;
Adverse tax opinions, the issuance by the
Internal Revenue Service of proposed or final
determinations of taxability, Notices of
Proposed Issue (IRS Form 5701-TEB) or other
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2014 FN406MPI
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


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

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material notices or determinations with respect
to the tax-exempt status of the bonds, or
material events affecting the tax-exempt status
of the bonds;
Modifications to rights of Holders of the
Bonds, if material;
Bond calls (excluding sinking fund mandatory
redemptions), if material, and tender offers;
Defeasances of the bonds;
Release, substitution, or sale of property
securing repayment of the bonds, if material;
Rating changes on the bonds;
Bankruptcy, insolvency, receivership or similar
event of the Issuer;
The consummation of a merger, consolidation,
or acquisition involving the Issuer or the sale of
all or substantially all of the assets of the Issuer,
other than in the ordinary course of business,
the entry into a definitive agreement to
undertake such an action or the termination of a
definitive agreement relating to any such
actions, other than pursuant to its terms, if
material; and
Appointment of a successor or additional
trustee or the change of name of a trustee, if
material.
If yes, has the Compliance Officer (or Dissemination
Agent) file an event notice on EMMA, not later than ten
(10) Business Days after the day of the occurrence of the
event?
01010188-1\99540-000
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

Yes
No