OAR 172-005-0045: Post-Issuance Compliance

It is the policy of the Authority that participating institutions have appropriate written procedures in place at the time of issuance to ensure post issuance compliance with applicable federal tax and securities law requirements. A participating institution shall submit to the Authority prior to the time of issuance (a) a copy of the post-issuance compliance procedures duly adopted by the participating institution that establish appropriate internal procedures to ensure compliance by the participating institution with federal tax, federal and state securities, and other applicable laws and regulations, (b) a copy of any modification or amendment of such procedures, and (c) a copy of evidence of the due adoption and approval of such procedures or any modification or amendment of such procedures by the participating institution. The post-issuance compliance procedures of the participating institution shall designate the person or persons with primary responsibility for compliance with federal tax and securities law requirements and shall establish appropriate detailed procedures to ensure compliance by the participating institution with (a) federal tax requirements, including but limited to those related to the expenditure of bond proceeds, project use, investment of bond proceeds, restriction on arbitrage yield and rebate, and (b) if applicable, federal securities law requirements regarding the annual filing of financial information and the timely disclosure of certain material events.