In response to guidance to bond issuers and borrowers from the IRS, most municipal bond issuers and borrowers now adopt and implement post-issuance compliance policies.

These policies generally address the six areas of on-going compliance identified by the IRS:

• Due diligence review at regular intervals
• Identifying the official or employee responsible for review
• Training of the official or employee
• Retention of adequate records to substantiate compliance
• Procedures reasonably expected to identify noncompliance, and
• Procedures to correct any non-compliance in a timely manner.

Issuers and borrowers have historically been required to provide regular monitoring of their tax-exempt bonds (and direct subsidy and tax credit bonds), but these post-issuance compliance policies formalize these responsibilities and, for many, create additional administrative burdens.

We created MuniVault^® to ease these burdens and to provide a streamlined, technology-driven approach to ensuring on-going compliance with post-issuance compliance policies and procedures. Because MuniVault^® is a service of Columbia Capital, you can expect the same high-quality, excellent service we provide on our financial and investment advisory work.