Fayetteville Policies and Procedures  305.0 

Bond Compliance

As an issuer of tax-exempt bonds, the Board of Trustees is responsible for satisfying all federal tax requirements for so long as such bonds remain outstanding and monitoring post-issuance compliance and maintaining adequate records to substantiate compliance. Failure to fulfill this responsibility may result in the bonds forfeiting their tax-exempt status. 

Certain bonds and certain taxable obligations are subject to continuing disclosure requirements of Securities and Exchange Commission Rule 15c2-12. Failure to comply with continuing disclosure undertakings could negatively affect the marketability of the Board’s obligations.

As stated in Board Policy 360.1, Tax-Exempt Obligations Post-Issuance Compliance, each campus appoints a Responsible Person to fulfill the procedures for compliance related to (a) record -keeping, (b) investment and arbitrage compliance, (c) expenditure and asset documentation, (d) private business use, and (e) continuing disclosure compliance. For the University of Arkansas, Fayetteville, the Campus Representative responsible for compliance is the Associate Vice Chancellor for  Financial Affairs. The Campus Representative is responsible for adhering to the Post-Issuance Compliance Policy Manual issued by the UA System consistent with Board Policy 360.1 and completing an annual certification stating his or her knowledge and understanding of the manual.

It is the responsibility of the Controller’s Office to initiate the payment process and record the appropriate accounting entries.  The procedures for which the bond payments are requested and paid are included in the linked appendix.

Revised September 9, 2024
Revised June 1, 2016
Reformatted for Web March 31, 2014
Revised August 8, 1997
March 1, 1993