Catherine Courtney Discusses Post-Issuance Compliance in League of Minnesota Cities Bulletin

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November 9, 2012

Catherine Courtney recently authored the article, “The Importance of Post-Issuance Compliance Policies and Procedures,” which was published in the October 2012 League of Minnesota Cities Bulletin. In the article, Ms. Courtney discusses the Internal Revenue Service’s (IRS) increased scrutiny of tax-exempt bonds, and the resulting importance of having written procedures in place to ensure compliance with the rules of the IRS Code of 1986. She explains there is no codified requirement to have such written procedures, but that the questions included on the IRS’ new version of Form 8038-G suggest the value of having them in place. By adopting and implementing post-issuance compliance procedures, issuers will show they are taking the appropriate steps to ensure their bonds remain tax-exempt. 

Courtney is a shareholder in Briggs and Morgan’s Financial Institutions and Real Estate Section. She has significant experience working with 501(c)(3) organizations, representing nonprofit, 501(c)(3) borrowers in tax-exempt and conventional financing of multifamily housing, senior housing, skilled nursing facilities and various community facilities. In addition, she works as bond counsel, underwriter’s counsel, borrower’s counsel, 501(c)(3) counsel, trustee’s counsel, and credit enhancement provider’s counsel on bond transactions that include housing, charter schools, small issue manufacturing, 501(c)(3) organizations and tribal financing. Courtney joined Briggs in 2010.