Governments that issue debt must comply with many federal tax regulations over the lifetime of their bonds. With changing interest rate conditions, finance officers need to be especially aware of arbitrage compliance requirements that have not been a great focus in the past few years. Speakers in this session will discuss the federal tax law parameters over municipal securities, and where issuers could see IRS audit inquiries. Topics to be discussed include IRS requirements related to arbitrage compliance, yield restriction, bond proceed spending requirements, monitoring private use of bond-funded projects and record retention obligations, and how governments can develop policies and procedures to manage these requirements.