Sarasota County Debt Management Policy - Resolution 2021-184

Sarasota County Debt Management Policy 2. Negotiated Sale In a Negotiated Sale, the County selects its Underwriters through an RFP process to appoint a pool of Underwriters for a term of up to five years. From that pool, senior managing and co-managing Underwriters for individual financings are then selected through a "mini-RFP" process, typically conducted by the Financial Advisor on behalf of the County, based on their qualifications to manage the particular transaction under consideration. The Debt Management Team and the Financial Advisor then conduct the evaluation of responses. The County will employ external consultants to perform all tasks necessary to offer the bonds for sale within the County's pool of Underwriters. The County's Financial Advisor will advise on all aspects of the sale including selection of the Underwriter. Bond Counsel and Disclosure Counsel will also be retained. VII. TAX-EXEMPT DEBT POST-ISSUANCE COMPLIANCE GUIDELINES A. PURPOSE These post-issuance compliance policies and procedures are intended to serve as a guide for the County to facilitate compliance with the federal tax law applicable to the County's outstanding debt issuances. In the event these guidelines conflict, in whole or in part, with the Certificate Relating to Tax, Arbitrage, and Other Matters (the Tax Certificate) or other similar certificate prepared on behalf of the County in connection with a debt issuance, the terms of the Tax Certificate shall control. In addition, the County may deviate from these guidelines on the basis of advice of Bond Counsel. These guidelines do not apply to conduit issuances of debt by the County, however, the adoption of such guidelines by conduit borrowers is encouraged by the County. 8. RESPONSIBILITY OF COUNTY OFFICIALS Except as otherwise described herein, the Clerk and Comptroller and County Administration share primary responsibility for ensuring that the County's outstanding tax-exempt debt issuances are, and will remain, in compliance with federal tax law. The County officials with primary responsibility are the Director of Finance and the County's Chief Financial Management Officer. The Finance Department and OFM will consult with other departments within the County, as well as third-party professionals (e.g., the County's Bond Counsel, County's Disclosure Counsel, County's dissemination agent, and arbitrage rebate provider), as needed, to ensure compliance with such rules, including these guidelines. The Finance Department and OFM will ensure that these guidelines are reviewed annually. 16