What do GFOA recommendations suggest regarding the preparation of bond documents?

GFOA recommendations emphasize the importance of expertise when preparing bond documents, which is why they advocate for reliance on bond counsel, disclosure counsel, or municipal advisors. These professionals possess the necessary legal and financial knowledge to ensure that bond documents are accurate, compliant with regulations, and adequately protect the interests of the issuer. By involving specialized legal and financial advisors, issuers can enhance the quality of the documentation, minimize risks, and ensure that all legal requirements are met in the bond issuance process.

The involvement of these experts allows for a thorough review of the terms and conditions of the bonds, supporting transparent communication with potential investors and ensuring compliance with federal securities laws. This approach serves not just to safeguard the issuer’s interests but also to maintain trust with investors and market participants, ultimately promoting better market conditions and investor confidence.

While a collaborative approach can involve various stakeholders, the GFOA recommends relying specifically on the expertise of qualified professionals to uphold standards and ensure that all aspects of the documentation are handled appropriately.