Municipal Revenue Bonds | Economic Development | Affordable Housing Financing | School Financing
Post Issuance Monitoring
There are several regulatory requirements governing tax-advantaged bonds after their issuance. By tax-advantaged bonds, we mean bonds (including lease-purchase arrangements, lease certificates of participation, notes, etc.) issued by a governmental entity either as governmental bonds or bonds issued for the benefit of qualified borrowers like charitable organizations where the bonds are either exempt from federal and (usually) state income taxes or qualified for certain tax credits. Becker Stowe Partners LLC has the experience to provide issuers or borrowers with timely and accurate pre-issuance and post-issuance compliance advice and guidance.
In general, a bond issuer's post issuance responsibilities fall into three categories: tax matters, secondary or continuing market disclosure, and document/covenant issues. The Internal Revenue Service has made it clear that an issuer or borrower must not only monitor the use of bond proceeds during the construction or acquisition of the bond financed property, but also monitor any private business use of the bond financed property for the life of the bond issue to ensure that any such private business use does not render the bonds taxable.
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Post Issuance Compliance
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