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
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.
Notes
ยง
31-17-1,
31-18-3,
31-18-5,
31-17-153
Amended
1/18/2017
Amended
3/23/2018
