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ATTEmiON NORTVI DAKOTA SCHOOL DISTRICTS!I <br />North Dakota school districts have a unique ability to issue limited tax building bonds for school <br />districts wfthout an electioni For all your bond financing needs and questions for any North Dakota <br />political subdivision, call Becky Miller in our Jamestown office (701) 252-5433. <br />REGISTRATION OF MINNESOTA LEASE-REVENUE BONDS <br />Minnesota is now requiring registration of bonds which involve an HRA or an EDA. i.e.. when <br />issuing revenue bonds for a project to be leased to a city. Having been through the process, we can <br />pass along some of the ins and outs if you give us a call. <br />IRS REIMBURSEMENT REGULATIONS <br />In our last newsletter we reported the IRS was proposing new requirements before issuers could <br />issue debt to reimburse themselves for previous project expenditures. The IRS is reviewing this <br />proposal further and has delayed indefinitely the effective date. However, one of the requirements <br />was that an issuer must declare its Intent to reimburse the proposed expenditures from tax-exempt <br />debt proceeds. Since it remains uncertain what the IRS will do. we are recommending that you <br />continue to declare your intent to reimburse the expenditures. In the event that the IRS does <br />impose these new restrictions, you will have satisfied this IRS requirement. We have a draft <br />resolution available for issuers to pass that will help qualify specific expenditures for later <br />reimbursement. Call Ehlers for a copy. <br />OF SPECIAL NOTE .. <br />Ehlers and Associates had a record year as our clients look advantage of the incredibly low interest <br />rates to finance new projects and refinance their outstanding higher-interest issues. To keep up <br />with our growing client list, we have made important additions to our staff and have promoted <br />current employees in recognition of the valuable contributions they have made to the Company. <br />New Employees; <br />Robert Ehlers, Jr., has rejoined us as an Account Executive working in Minnesota after working as <br />an Investment banker. His experience and insight into the merits of negotiated vs. competitive bond <br />sales will be Invaluable to the staff here at Ehlers and. especially, our clients in evaluating options <br />for marketing their debt. <br />J0ff Hagmn joined the Minneapolis staff a? a Financial Analyst Jeff has a degree in Finance and <br />Accounting from the College of St. Thomas. <br />Vicki Abraham$on has joined the Minneapolis staff as a receptionist