Form 14246 - Advance Refunding Bonds Compliance Check Questionnaire - 2011 Page 3
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PART II Current Procedures to Assure Compliance with Federal Tax Requirements Related To Advance
Refundings
(Continued)
iv. Will not enable the issuer to exploit the difference between tax-exempt and taxable interest
Yes
No
rates to obtain a financial advantage nor will it overburden the tax-exempt bond market in
a way that it might be considered an abusive transaction for federal tax purposes?
If Yes, the review is done by:
(check all that apply)
Employees
Bond Counsel
Financial Advisor
.
Underwriter or Placement Agent
Other
(attach sheet with description)
PART III Current Arbitrage Yield Restriction and Rebate Procedures
3a. Do you have procedures in place to collect and review data related to arbitrage yield
Yes
No
restriction and rebate requirements for your Advance Refunding Bonds?
If Yes, describe your procedures and how you implement them. In lieu of the description, you
may attach a copy of your written procedures. If you have no written procedures, explain
what guidelines you have in place that ensure bond financings are in compliance with federal
tax requirements and the source of these guidelines.
(attach sheet with description)
Yes
No
3b. Do you have procedures in place relating to the purchase of SLGS
(State and Local Government
securities bearing zero interest to be acquired post-closing for the refunding escrow?
Series)
If Yes, explain the procedure and identify the parties involved in the process
(attach sheet with
description)
3c. Do you have procedures in place to use a bidding agent or broker to acquire guaranteed
Yes
No
investment contracts for any reserve fund investments you may need in connection with an
Advance Refunding Bond transaction?
If Yes, how is one selected under the procedures:
RFP process
Recommendation
Internal Guidelines
Other
(If Other, e.g., use regular financial advisor, explain (attach sheet with description))
14246
Catalog Number 57701Q
Form
(Rev. 05-2011)
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