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Potter County adopts Resolution 5 establishing post-issuance compliance procedures for tax-exempt debt
Summary
The Board unanimously adopted Resolution 5 of 2026 to implement post-issuance compliance procedures for the county's tax-exempt obligations and designated the Chief Clerk as the Compliance Officer with an annual reporting requirement to the Board.
The Potter County Board of Commissioners on May 14 adopted Resolution 5 of 2026, establishing post-issuance compliance procedures designed to assist the county in meeting federal tax-law obligations for its tax-exempt debt and its continuing disclosure undertakings.
The resolution, as presented in the agenda packet, states that the county has issued tax-exempt obligations and may do so in the future and that compliance with federal requirements (the resolution text references the Securities and Exchange Commission Rule 15c2-12) is necessary to maintain tax-exempt status and satisfy continuing disclosure obligations. The resolution directs that the county's Chief Clerk serve as the Compliance Officer, authorizes that officer to implement the procedures and requires an annual report to the Board not later than 15 days after the earliest due date to file information required by any continuing disclosure undertaking.
Commissioner Robert W. Rossman moved to approve the resolution; Commissioner Paul W. Heimel seconded and the board voted Rossman yes; Heimel yes; Grupp yes. The resolution was adopted and is recorded in the official minutes as Resolution 5 of 2026.
The resolution itself is a governance and compliance measure; the minutes record adoption but do not include implementation detail beyond designating the Compliance Officer and the requirement for an annual report to the Board.
