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Business office reports post‑issuance compliance for district bonds; counsel and advisors assist
Summary
Administration reported an annual post-issuance compliance review for tax-exempt general obligation bonds issued from 2010–2021; Chapman & Cutler LLP and Raymond James assisted, and Dr. Sonali Patil will serve as compliance officer for ongoing recordkeeping and arbitrage monitoring.
Assistant Superintendent for Business and Finance Dr. Sonali Patil reported that the district completed an annual post‑issuance compliance review for its tax‑exempt general obligation bond issues from 2010, 2012, 2017, 2018, 2020 and 2021. The review—assisted by bond counsel Chapman & Cutler LLP and financial advisor Raymond James—confirms that the district has adopted and is following recordkeeping practices needed to preserve the tax-exempt status of the bonds and to respond to any IRS audits.
Patil noted that the IRS may audit tax‑exempt bond issues and request records concerning post-issuance use of proceeds and bond documents; the district's compliance officer will conduct an annual review of contracts and records, monitor arbitrage rebate liabilities, and report any findings to the board. The report attached to the board packet summarizes the district's compliance with bond covenants to date.
