Ohio Administrative Code › Title 3358:11 - Michael J. Owens Community College › Chapter 3358:11-4 - College Policies In General › Section 3358:11-4-30 - Post-issuance compliance policies and procedures for tax-exempt obligations

Current through all regulations passed and filed through July 1, 2024
(A)
								Purpose. The purpose of this rule issued by the Owens
			 state community college, Wood county, Ohio (the issuer), is to ensure that the
			 issuer will be in compliance with requirements of the Internal Revenue Code of
			 1986, as amended, that must be satisfied with respect to obligations when
			 issued and after such obligations are issued so that the obligations, and the
			 interest thereon, will be and will remain qualified for an exclusion from gross
			 income for federal income tax purposes or for federal tax credit or subsidy
			 payment purposes, as applicable. All terms used herein have the meanings
			 ascribed in paragraphs (B) and (C) of this rule.
(B)
								Obligations. The
			 term, obligation, is used generically herein and includes obligations, bonds,
			 notes, leases and other forms of obligations of the issuer. Obligations issued
			 from time to time by the issuer shall be identified on an obligation schedule,
			 which may be updated periodically to identify obligations issued by the issuer
			 after the date hereof.
(C)
								Definitions. The following itemized terms have the
			 following meanings for purposes of this rule:
(1)
									Arbitrage rebate
			 rule means, in general, any profit (the difference earned on an investment
			 return greater than could be earned at the "yield" on the obligations) derived
			 from the investment of obligation proceeds must be paid to the United States
			 department of the treasury unless an issuer can meet certain specific
			 requirements for an exception to the arbitrage rebate rule. The amount to be
			 paid is called rebate.
(2)
									Bond counsel means a firm of nationally recognized
			 municipal bond attorneys experienced in the issuance of municipal bonds. The
			 bond counsel associated with certain of the obligations identified on the
			 obligation schedule are listed next to the obligations with which it is
			 associated.
(3)
									Code means the Internal Revenue Code of 1986, as
			 amended from time to time.
(4)
									Compliance
			 officer means, for purposes of this rule, the person identified in paragraph
			 (D) of this rule or his or her designee until such time as another person is
			 selected by the issuer to be the compliance officer, and if no such person is
			 identified.
(5)
									Compliance policy means this rule, post-issuance
			 compliance policies and procedures for tax-exempt obligations as set forth
			 herein.
(6)
									Issuer has the meaning set forth in paragraph (A) of
			 this rule.
(7)
									Filing agent means a person or firm experienced in
			 making the necessary filings with respect to any tax credit or subsidy to be
			 made in respect of the obligations of the issuer. The rebate analyst may also
			 act as filing agent.
(8)
									IRS means the internal revenue service.
(9)
									Rebate analyst
			 means a rebate compliance analyst such as a professional services firm
			 experienced in the calculation of arbitrage rebate liability.
(10)
									Regulations
			 means the temporary, proposed or final regulations promulgated by the United
			 States department of the treasury under the Internal Revenue Code of 1986, as
			 amended that apply to the obligations.