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What happens if a LEA/LGU fails to comply? Are all LEAs/LGUs subject to the penalties or consequences?

April 26, 2017comply consequences fails happens LEA LEAs LGU LGUs penalties Subject

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What happens if a LEA/LGU fails to comply? Are all LEAs/LGUs subject to the penalties or consequences?

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The IRS has not provided guidance. As of right now, the range of penalties could be (a) everyone could be assessed an additional coupon payment for the rest of the life of the bonds (b) all of LEAs/LGUs bond issue is due and payable and (c) the whole bond issue may immediately become due and payable.