Record retention and post-issuance compliance system and method for municipal bonds

A computer-implemented method for facilitating post-issuance compliance with one or more rules related to maintenance of tax-exempt status of municipal bond issues, the method being executed by one or more processors programmed to perform operations comprising:

• receiving, by one or more computer microprocessing devices programmed by one or more computer program instructions, bond issuance information that includes information to determine compliance with one or more rules, wherein the one or more rules relate to an issuer of the municipal bond issue making one or more secondary market disclosures relating to use of proceeds from the municipal bond issue, including private business use of the proceeds;
• receiving, by the one or more computer microprocessing devices, post-issuance information regarding at least the actual use of the proceeds of the municipal bond issue;
• performing, by the one or more computer microprocessing devices, one or more calculations, after the municipal bond issue has initially qualified for tax-exempt status, using:
• (i) at least one or more calculation rules for making the one or more calculations relating to compliance with the one or more rules, (ii) the bond issuance information, (iii) the information regarding the actual use of the proceeds of the municipal bond issue, and (iv) the information relating to the secondary market for the municipal bond issue;
• preparing, by the one or more computer microprocessing devices, one or more regulatory filings based at least in part on the result of the one or more calculations;
• and
• transmitting, by the one or more computer microprocessing devices, the one or more regulatory filings to a regulatory agency based on the one or more rules.

A computer-implemented system for facilitating post-issuance compliance for municipal bonds subject to one or more rules to maintain tax exempt status, the system comprising:

• at least one computer memory device configured to receive and store at least:
• (i) bond information for a tax-exempt municipal bond issue, the bond information including information to determine compliance with one or more rules relating to an actual use of proceeds from the municipal bond issue, the tax regulations relating to the private business use of the proceeds impacting the ability to maintain the tax-exempt status of the municipal bond issue,
• (ii) calculation rules for making one or more calculations relating to compliance with the one or more rules;
• and
• (iii) documents related to the actual use of the proceeds from the municipal bond issue;
• and
• one or more computer microprocessing devices programmed by one or more computer program instructions to:
• (a) receive information regarding the actual use of the proceeds of the municipal bond issue, including private business use of the proceeds,
• (b) perform the one or more calculations, after the municipal bond issue has initially qualified for the tax-exempt status, using at least the calculation rules, the bond information, and information regarding the actual use of the proceeds of the municipal bond issue,
• (c) determine that compliance with the one or more rules is maintained post-issuance based on the one or more calculations, and
• (d) generate an indication of the entitlement to maintaining tax exempt status.