Pella Chronicle

January 11, 2013

Council approves Post-Issuance Compliance Policy


The Chronicle

Pella — During last week's Pella City Council meeting, council approved a resolution for approval of a Post-Issuance Compliance Policy.

The Internal Revenue Service is recommending issuers of tax-exempt obligations adopt "written procedures" to help ensure post issuance compliance with the requirements of the Internal Revenue Code. This resolution approves the Post-Issuance Compliance Policy, which ensures compliance with the rules and regulations governing tax-exempt bonds both at the time the bonds are issued and throughout the term of the bonds. The highlights of the Post-Issuance Compliance Policy are listed below.

1. The City's Finance Director will be the Compliance Officer who will be responsible for the requirements of the Policy.

2. The Policy requires due diligence reviews at regular intervals over the term of tax exempt bond issue.

3. The Compliance officer will be required to maintain a transcript of all tax exempt obligations for the City of Pella for eleven years after the bond issue has been retired.

4. The Policy mandates timely bond expenditure and arbitrage/rebate compliance.

5. The Compliance Officer will be responsible for proper use of assets financed with tax-exempt debt.

6. The Policy requires continuing disclosure requirements for tax-exempt debt.

It should be noted, the City currently performs each of the above functions; however they don't have a written policy that outlines all of the requirements for tax exempt debt issues. Therefore, this Policy is simply documenting what is already being performed by City staff.

Council also approved a resolution for representatives to the Central Iowa Regional Transportation Planning Alliance for 2013.

The Central Iowa Regional Transportation Planning Alliance (CIRTPA) manages the distribution of federal funds provided through the state for the upkeep and improvement of roads.

Annually, they request its member governments to appoint or reappoint representatives to the .CIRTPA Transportation Policy Committee (TPC) and the Transportation Technical Committee (TTC). The City of Pella is entitled to one primary representative and one alternate representative to both the TPC and the TTC.   

This resolution approves Denny Buyert, Public Works Director, as the primary representative and Michael Brown, GIS Manager, as the alternate for both committees.

A resolution approving the acceptance for Public Improvements for Fountain Hills Plat 3 was also approved last week.

This resolution accepts the public improvements for Fountain Hills Plat 3, which is being developed by Larry De Vries. As background, Garden & Associates LTD, Engineers and Surveyors, has certified the public improvements are substantially complete and comply with the City's standards for public infrastructure. Garden and Associates has also provided a "List of Incomplete Items" to be completed as weather permits in the spring. The Developer has provided a performance bond in the amount of $6,000 for the remaining items which staff believes is adequate in the event these items need to be completed by the City.

This resolution approved the following improvements will be added to the City's infrastructure assets:

-5,677 LF of street network.

-6,792 LF of 8" sanitary sewer, 27 manholes and seals

-4,808 LF of 8" water mains, 26 - 8" gate valves, 6 - 12" gate valves, 16 fire hydrants

-1,389 LF of 12" water mains

-2,544' LF of 15" storm sewers, 11 manholes, 25 intakes and 15 clean outs

-1,573 LF of 18" storm sewers

-122LFof24" storm sewers

-5,019 LF of 8" secondary storm sewers

In other action

Approved the first reading of, waived second and third readings and adopted an ordinance Amending the City Code of the City of Pella, Iowa 65.01 Stop Intersections.

This ordinance amends the City's Code of Ordinances 65.01 Stop Intersections by adding several stop signs in the new Fountain View Subdivision Plat 3. in addition, this ordinance also establishes a four way stop at the intersection of West Fourth and Fountain View Drive, which currently only has stop signs at the east and west entrances. The Police Department believes this intersection needs to be a four way stop to slow traffic speeds in the area, which is necessary due to the increasing number of children and pedestrians in the Fountain View subdivision. Staff surveyed eleven property owners in the vicinity of this intersection, and they were all in agreement in favor of a four-way stop intersection. The ordinance changes the intersection at West Fourth and Fountain View Drive from stop signs at the east/west entrances to a four-way stop.