Post-issuance compliance is a process that provides a school district with a record retention and reporting system that enables the school district to identify actions that could potentially impact the school district’s compliance with its existing finance documents, and could render the interest on the bonds it issues taxable. School districts issuing tax-exempt bonds often spend weeks, or even months, working toward the successful closing of a tax-exempt bond financing. The finance process includes, among other things, detailed analysis by bond counsel to ensure that the bonds will be in compliance with federal tax law requirements. Certain closing documents executed by school districts at the time of issuance of tax-exempt bonds include covenants by issuers that tax law requirements will be complied with throughout the life of the bonds. The opinion of bond counsel rendered in connection with a tax-exempt bond issuance (opining that interest on the bonds is excluded from the gross income of bond holders) is based upon, and qualified by, the reasonable expectation of the school district that tax law requirements will be complied with throughout the time the bonds remain outstanding. In addition, school districts may be required to comply with certain disclosure requirements, or other reporting requirements as described in the bond finance documents, throughout the life of the bonds.