[Added 5-22-2017 by Ord.
No. 2017-12]
As used in this article, the following terms shall have the
meanings indicated:
BUILD AMERICA BONDS
Bonds or other obligations which qualify as “Build
America Bonds” under federal tax law.
OBLIGATIONS
Tax-exempt obligations and Build America Bonds.
TAX-EXEMPT OBLIGATIONS
Bonds or other obligations, the interest on which is not
includable in “gross income” for federal income tax purposes.
VILLAGE
The Village of Bannockburn, Lake County, Illinois.
[Amended 5-22-2017 by Ord. No. 2017-12]
The Village Manager of the Village is designated as the keeper
of all records of the Village with respect to the obligations, and
such officer shall report to the Village Board at least annually that
he/she has all of the required records in his/her possession, or is
taking appropriate action to obtain or recover such records.
For each issue of obligations, the compliance officer shall
receive, and shall keep and maintain or cause to be kept and maintained,
a true, correct and complete counterpart of each document and agreement
delivered in connection with the authorization and issuance of the
obligations, including, without limitation:
A. The proceedings of the Village authorizing the obligations;
B. Any offering document with respect to the offer and sale of the obligations;
C. Any legal opinions with respect to the obligations delivered by any
lawyers; and
D. All written representations of any person delivered in connection
with the authorization, issuance and initial sale of the obligations.
The compliance officer shall review the agreements of the Village
with respect to the obligations and shall prepare, or cause to be
prepared by a qualified consultant, and present to the Village Board
a report stating whether or not the Village has any rebate liability
to the United States Treasury, and setting forth any applicable exemptions
that the obligations may have from rebate liability. Such report shall
be updated annually and delivered to the Village Board. Such report
may be based in part on an opinion or opinions of nationally recognized
bond counsel addressed to the Village.
If the Internal Revenue Service (IRS) commences an examination
of any obligations, the compliance officer shall inform the Village
Board of such event, and is authorized to respond to inquiries of
the IRS, and to hire outside, independent professional counsel to
assist in the response to the examination.