133 - Bond Issuance Regulatory Checklist: What You Need to Know When You Issue Bonds
Anjali Vij, Partner, Chapman and Cutler LLP; Aaron Gold, Assistant Vice President, Speer Financial, Inc.; Kent Floros, Partner, Chapman and Cutler LLP
In this session, you will learn how to keep your district away from the regulatory crosshairs. The regulations imposed by the Securities and Exchange Commission (SEC) and Internal Revenue Service (IRS) add increasing complexity to a bond issue. We will discuss the disclosure rules under the federal securities laws that apply during the sale of bonds and after the bonds are issued. We will also discuss issues that are most likely to arise in an IRS audit, such as timely spend-down of bond proceeds, tracking investment earnings, and private use of bond-financed facilities. Finally, we will also discuss the effect of various statutory requirements on the issuance process.
Learning Outcomes:
- Identify the various federal tax rules and regulations governing bonds and the use of bond proceeds and projects funded with those bond proceeds.
- Identify the federal securities law disclosure requirements related to bonds.
- Evaluate procedures related to official statements and continuing disclosure to determine whether such procedures are sufficient to ensure ongoing compliance with federal laws related to bond issuances.