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Mount Vernon council schedules first reading of bond compliance policy, plans emergency-clause amendment
Summary
Mount Vernon staff presented a post‑issuance compliance policy to protect the tax‑exempt status of the city's bonds and recommended adoption before the city enters the bond market; council scheduled a first reading tonight and was told staff will add an emergency clause so the policy can take effect before sales planned around June 1.
The council received a presentation on a post‑issuance compliance policy intended to protect the tax‑exempt status of Mount Vernon's municipal bonds and to ensure compliance with federal tax and securities laws.
The mayor (presenting) said the policy "protects our tax, the tax exempt status of the city bonds" and outlined measures staff recommended: formal procedures for handling bond proceeds…
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