Issuers of tax exempt "State or local bonds", which include tax exempt leases, must comply with Federal tax rules pertaining to expenditure of proceeds for qualified costs, rate of expenditure, use of bond financed or leased property, investment of proceeds in compliance with arbitrage rules, and retention of records. The following procedures and policies are intended to establish compliance by Salt Lake City, Utah (the "City"), with these rules in connection with the execution and delivery of tax exempt leases. These Tax Compliance Procedures may also be used by the City to ensure compliance with Federal tax rules for its currently outstanding tax exempt leases. (2019 Compilation)