Sarasota County Debt Management Policy - Resolution 2021-184

Sarasota County Debt Management Policy 5. Private Loans Except in connection with the issuance of conduit bonds, the County will not loan the proceeds of any County debt issuance to a third party, other than governmental units within the meaning of Section 141 (c) of the Code. E. ARBITRAGE LIMITATIONS IMPOSED ON DEBT ISSUANCES 1. Arbitrage Rebate Monitor The County will continue to retain an arbitrage rebate monitor to review its outstanding debt issuances, unless, in the judgment of the Finance Department and in compliance with these policies and procedures and the Tax Certificate or other related documents entered into in connection with a debt issuance, there is no reasonable prospect of an arbitrage rebate or yield reduction payment liability. If an arbitrage rebate monitor is retained, the arbitrage rebate monitor will perform calculations to ascertain whether the County owes an arbitrage rebate payment or yield reduction payment to the IRS, including whether the debt issuance in question qualifies for an exception to the arbitrage rebate rules. 2. Yield Restriction Limitations Each Tax Certificate or other related documents prepared for the County's debt issuances shall contain the applicable yield restriction investment limitations, including the applicable investment limitations imposed on proceeds of the debt issuance and any temporary periods during which the County may invest proceeds of the debt issuance at an unrestricted yield. 3. Monitoring Yield Restriction Limitations The Finance Department will ensure that the County complies with the yield restriction limitations outlined in the Tax Certificate or other related documents entered into by the County in connection with a debt issuance, including any exceptions to yield restriction described therein. 20