Bond Sale Three-Peat: Part 3 – Post-Issuance Compliance

Conference Registration

Session Details

Date: Wednesday, July 1

Time: 10:30 am - 12:10 pm CT

2 CPE credits

Level: intermediate

Field of Study: Finance

After the successful sale and closing of municipal bonds, issuers take on a long‑term set of responsibilities to ensure ongoing compliance with paying bondholders, federal tax rules, securities laws, and other requirements. This session provides municipal issuers—especially those with small and medium‑sized programs—with an overview of key post‑issuance compliance duties.

Topics include developing and maintaining written compliance policies and procedures, monitoring continuing disclosure obligations under SEC Rule 15c2‑12, overseeing debt service payment processes, ensuring adherence to IRS requirements for tax‑exempt bonds, and avoiding pitfalls that could trigger regulatory scrutiny or jeopardize the tax‑advantaged status of bonds.

Attendees will leave with actionable tools to strengthen compliance programs and protect their government’s financial reputation.

Learning Objectives

Discuss the purpose and components of a comprehensive post‑issuance compliance program, including written policies, monitoring procedures, and periodic updates
Identify and manage ongoing federal tax and IRS compliance requirements for tax‑exempt bonds, including monitoring private business use and arbitrage rebate
Explain continuing disclosure obligations—including annual financial filings and material event notices—and the importance of timely reporting on EMMA under SEC Rule 15c2‑12
Describe key responsibilities related to debt service payment procedures, including internal controls, communication with paying agents, and ensuring timely and accurate payments