Legal Documents of Mountain City

Code of Mountain City

Table of Contents » Title 5 Municipal Finance and Taxation » Chapter 6 Debt Management Policy » § 5-611 Compliance.
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Title 5
5-1
Title 5, Chapter 1
5-101
§ 5-101
Mountain City
Title 5 : Municipal Finance and Taxation
Chapter 6 : Debt Management Policy

5-611 : Compliance.

  1. Continuing annual disclosure. Normally at the time debt is delivered, the town will execute a continuing disclosure certificate in which it will covenant for the benefit of holders and beneficial owners of the publically traded debt to provide certain financial information relating to the town by not later than twelve (12) months after each of the town's fiscal years, (the annual report and provide notice of the occurrence of certain enumerated events). The annual report (and audited financial statements, if filed separately) will be filed with the MSRB through the operation of the Electronic Municipal Market Access system ("EMMA") and any State Information Depository established in the State of Tennessee (the "SID"). If the town is unable to provide the annual report to the MSRB and any SID by the date required, notice of each failure will be sent to the MSRB and any SID on or before such date. The notices of certain enumerated events will be filed by the town with the MSRB through EMMA and any SID. The specific nature of the information to be contained in the annual report or the notices of significant events is provided in each continuing disclosure certificate. These covenants are made in order to assist underwriters in complying with SEC rule 15c2-12(b) (the "rule").
  2. Arbitrage rebate. The town will also maintain a system of record keeping and reporting which complies with the arbitrage rebate compliance requirements of the Internal Revenue Code (the "code").
  3. Records. The town will also maintain records required by the code including, but not limited to, all records related to the issuance of the debt including detailed receipts and expenditures for a period up to six (6) years following the final maturity date of the debt or as required by the code. (Ord. #1269, Jan. 2012)