Compliance Certification (Local Governments)

New Issue Bond Program and Temporary Credit and Liquidity Program

NIBP Compliance Checklist (2)

Compliance Certification (Local Governments)

OMB: 1505-0224

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OMB Control Number: 1505-xxxx

Quarterly HFA Initiative Compliance Certification


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  1. Prior to settlement, were all necessary actions done to register the Program Bonds with DTC?

Yes No

  1. On settlement date, were Program Bond amounts equal to or less than the allocation amount given by Treasury?

Yes No

  1. Are Escrowed Proceeds being invested in government or agency securities? (Global Escrow applies)

Yes No

  1. Are Escrowed Proceeds being invested in the highest ST rating category (A-1/P-1)? (Global Escrow applies)

Yes No

  1. Do Escrowed Proceeds have a maturity date of one year or less?

Yes No

  1. Between the Settlement Date and the First Available Issue Date, were all escrow moneys invested in overnight repos?

Yes No

  1. On the first available issue date, were all escrow moneys invested in 4-week T-Bills or the Global Escrow?

Yes No

  1. Was the adjustment of interest on Program Bonds from taxable status to tax-exempt status accomplished through a refunding or remarketing of the bonds?

Yes No N/A

  1. Are there any pending litigations or other proceedings against the HFA?

Yes No

  1. If you have issued any taxable bonds, will they be converted to tax-exempt status in 2010?

Yes No N/A

  1. Is your allocation being used for the acquiring or financing of tax-exempt SF/MF/BCE loans?

Yes No

  1. If your allocation is being used to refund any variable rate debt issued and outstanding before 10/19/09, is the refunding amount under the limit of 30% of Program Bond Proceeds?

Yes No N/A

  1. Do Program Bonds have a credit rating of Baa3/BBB- or better?

Yes No

  1. Are Program Bonds set to mature on a date that is between 10 and 32 years from the pre-settlement date?


Yes No

  1. Are Program Bonds and Serial Bonds being issued to the required 60%:40% ratio (only applicable for HFAs with a SF allocation > $25 mm)?

Yes No N/A

  1. If the Serial Bond Ratio Requirement was ever not satisfied when Program Bonds were issued, were Escrowed Proceeds set aside with the trustee, pending the issuance of Serial Bonds?

Yes No N/A

  1. When a Serial Bond has been issued on Reset Date, was a certificate of Serial Bond issuance and calculation of the Serial Bond Ratio Requirement sent to the trustee and the GSEs?

Yes No N/A




  1. On or before the date which is 14 days prior to the Permanent Rate Calculation Date, did the HFA give notification of:


  1. Release Date

Yes No

  1. Conversion Date

Yes No

  1. Principal amount of Pre-Conversion Bonds to be converted on such Conversion Date

Yes No

  1. Permanent Rate Calculation Date

Yes No

  1. Bond Rating

Yes No

  1. On the Permanent Rate Calculation Date, was the executed Bond Purchase Agreement delivered to the Trustee?

Yes No

  1. Were the following delivered to the Trustee on or prior to Release Date:


  1. Certification of permanent rate advisor specifying the Permanent Rate Calculation Date, the 4-week T-Bill rate, Spread, and Permanent Rate

Yes No

  1. Official Statements for Program Bonds and Market Bonds (when applicable)

Yes No

  1. Counsel Opinion and Certificate of an authorized HFA officer that the Official Statement for Program Bonds does not contain any untrue statements or omissions of material fact

Yes No

  1. Confirmation by Rating Agencies of bond rating

Yes No

  1. Bond Counsel Opinion that Program Bonds have been duly and validly issued and that interest payable on such bonds is exempt from federal income taxation

Yes No

  1. Net proceeds of Market Bonds, which shall be not less than two-thirds of the principal amount of Program Bonds being converted

Yes No N/A

  1. Market Bond Ratio Requirement Compliance Certificate

Yes No N/A

  1. Certificate of the GSEs of their consent to the Release Date and that the HFA has paid or will pay the fees of the GSEs’ counsel

Yes No

  1. Was written consent by the GSEs received for entering into any hedge for bond issuance?

Yes No

  1. Were any swap termination fees made payable on a basis senior to or on parity with Program Bonds?

Yes No

  1. Were principal pre-/payments of any loans financed with Program Bond proceeds recycled into new mortgage loans?

Yes No

  1. Two months after release, has the Variable Rate converted to the Fixed Rate, plus the Spread?

Yes No N/A

  1. Were Program Bonds redeemed at minimum denominations of $10,000 and integral multiples of $10,000?

Yes No

  1. Were there any lock-out provisions or premiums for the tender or redemption of Eligible Bonds?

Yes No

  1. Was the tender or redemption price adjusted for an unamortized premium or discount?

Yes No

  1. Are there any new bonds issued on a variable rate demand, adjustable rate, or auction rate basis under the same indenture as the Program?

Yes No






Notification Supplement:


If you answer yes to any of the following questions, please supply all relevant documents with the quarterly surveillance report.


Quarterly Required Notices:


  1. Have there been any changes in financial or investment policies?

Yes No

  1. Have there been any changes in counterparties, material changes in exposures or ratings of counterparties (including, but not limited to, GIC providers, LOC providers and swap providers)?

Yes No

  1. Have there been any changes in counterparty exposures including derivative contracts and investment agreements?

Yes No

  1. Have there been any changes to the Complete Indenture?

Yes No

  1. Has a trustee trial balance, or trail balance certified by the issuer, been created setting forth a description in reasonable detail the amounts held in the revenue fund and other accounts under the Complete Indenture?

Yes No



Upon Occurrence Required Notices:


  1. Have there been any extraordinary payments or transfers of funds from the Complete Indenture?

Yes No

  1. Have there been any rating reports or other rating actions which were received by the HFA, relative to the HFA, the Program Bonds or any other bonds issued under the Complete Indenture?

Yes No

  1. Has there been a notice by the HFA of the occurrence of any default or event of default under any HFA Initiative document, and the details thereof as well as the action(s) to be taken with respect to any such default or event of default?

Yes No

  1. Has there been notice by the HFA of the occurrence of any default or event of default by any counterparty under a Related Document, and the details thereof as well as the action(s) to be taken with respect to any such default or event of default?

Yes No

  1. Have there been notices of resignation by or removal of the HFA Trustee, the Remarketing Agent or the Tender Agent, received or given by the HFA?

Yes No

  1. Have there been event filings that would be required to be immediately filed if Rule 15c2-12 were applicable to the Program Bonds or any other bonds under the Complete Indenture?

Yes No

  1. Have there been any requests for information concerning any of the program documents provided to the HFA Trustee?

Yes No

  1. Have there been any disclosure documents distributed in connection with any public issuance of indebtedness of the HFA payable from the revenues under the Complete Indenture?

Yes No

  1. Have there been any failed remarketings of variable rate bonds?

Yes No

  1. Have there been any unscheduled draws on debt service reserves?

Yes No

  1. Have there been any unscheduled draws on credit enhancements?

Yes No

  1. Have there been any modifications to rights of security holders?

Yes No

  1. Have there been any bond calls?

Yes No

  1. Have there been any defeasances?

Yes No

  1. Have there been any releases, substitutions or sales of property securing repayment of Program Bonds?

Yes No

  1. Have there been any loan monetary or non-monetary defaults (multifamily only)?

Yes No



Completed by: __________________________


Title: __________________________


HFA: __________________________


Date: _________






An agency may not conduct or sponsor, and the public is not required to respond to, a collection of information if it does not display a currently approved OMB control number. The control number for this collection is 1505-xxxx

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File Title
Authore496971
Last Modified ByUS Department of Treasury
File Modified2010-06-11
File Created2010-06-11

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