Coordination with State Agencies to Ensure Compliance with Debt

Coordination with State Agencies to Ensure Compliance with Debt Management Policies The State Bond Compliance Officer is charged with the responsibility throughout this document of ensuring compliance with matters related to the pre-issuance and post-issuance of tax-exempt debt and Direct Payment BABs issued by the State of Mississippi through the State Bond Commission. Many of these compliance activities will require coordination with various state agencies and other entities outside of state government. A. Each state agency or other entity receiving bond proceeds through the issuance of tax- exempt bonds/notes or Direct Payment BABs shall designate a person to serve as the Debt Management Compliance Coordinator. 1. The Debt Management Compliance Coordinator for each entity receiving proceeds from the issuance of tax-exempt bonds/notes or Direct Payment BABs shall meet with the Debt Compliance Officer (via telephone conference call or in person) to ensure that all requirements are clearly understood. The meeting shall include a discussion on record retention and record submission for the following documents: a. Bid advertisements/actual bids related to contracts for services (engineering, architectural, construction, etc.) and documentation of bid acceptance/contract approval b. Copies of contracts for services to be rendered c. Invoices related to all phases of projects Page 23 of 38 d. Advertisement related to availability of grant funds, if applicable e. Actual grant applications and documentation of grant review process f. Approved list of grant recipients g. Change orders related to the project h. Documentation for payment of invoices (payment vouchers, checks, wire transfers, etc.) 2. The Debt Management Coordinator shall ensure the Debt Compliance Officer is familiar with the terms of any legislation regarding the transfer of interest earnings to the State Treasury for the purpose of assisting with debt service. The Debt Management Coordinator shall consult with the Director of the Bond Division at the State Treasury to ensure these transfers are being made. 3. The Debt Management Coordinator shall periodically review the Schedule of Unspent Proceeds provided by the Office of the State Treasurer to ensure that bond proceeds are being spent according to schedule to avoid arbitrage penalties. In the event a question arises regarding the “spend down” of the bond proceeds, the Debt Management Coordinator shall contact the Debt Compliance Officer within each state agency/other entity for explanation. Any concerns that may potentially affect the arbitrage status or the tax-exempt status of the bonds shall be reported to the State Bond Commission.