Village of Glen Ellyn

Agenda Item
3281

Accept the Bond Recordkeeping Report for 2016 and 2017 (Finance Director Coyle)

Information

Department:FinanceSponsors:
Category:Report

Memo

Background

In October 2012, the Village Board passed Resolution No. 12-13, a Resolution Approving a Bond Recordkeeping Policy for the Village of Glen Ellyn, DuPage County, Illinois.  A copy of this resolution is attached to this agenda item.  This policy was recommended to us by our bond counsel as a best practice in debt management and administration.

 

Issues

The Bond Recordkeeping Policy appoints the Finance Director of the Village as the Village’s Compliance Officer in regards to the bond obligations. The policy requires an annual report to the Village Board regarding the following items:

 

1.      The Compliance Officer has all of the required records in his or her possession or is taking appropriate action to obtain or recover such records. 

2.      The Compliance Officer shall report to the Board if any arbitrage rebate liability is due to the U.S. Treasury.

3.      The Compliance Officer shall report to the Board that a review of pertinent contracts regarding the bonds has been conducted and if the bonds comply with federal tax requirements applicable to the bonds, including restrictions on private business use, private payments, and private loans.

4.      The Compliance Officer shall report if the IRS has commenced any examination regarding the bonds or has requested a response to a compliance check. 

 

Attached to this agenda item is a copy of the report prepared. As the Village issues debt on behalf of the Glen Ellyn Public Library, the Village has requested and received a letter from the Library stating that they are also in compliance with the above requirements. 

 

Action Requested

Motion to accept the Bond Recordkeeping Report for 2016 and 2017.