Speer Financial, Inc.  Public Finance Consultants since 1954
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Speer Financial Services

What Information Must Be Disclosed?
  1. Audited financial statements;

  2. Annual financial information, which includes updated information from any offering or disclosure document prepared in connection with and used for the securities that have been issued; and

  3. Reportable Events Disclosure.
    The covenants that it will disseminate in a timely manner not more than 10 business days to the MSRB the disclosure of the occurrence of the Reportable Event (as described below) with respect to the Bonds in such manner and format and accompanied by identifying information as is prescribed by the MSRB or the Commission at the time of delivery of such information. The “”Reportable Events” which must be files by each issuer are:

    Rule 1c2-12 Event Notices
    1. Principal and interest payment delinquencies;
    2. Non-payment related defaults;
    3. Unscheduled draws on debt service reserves reflecting financial difficulties;
    4. Unscheduled draws on credit enhancements reflecting financial difficulties;
    5. Substitution of credit or liquidity providers or their failure to perform;
    6. Adverse tax opinions or events affecting the tax-exempt status of the security;
    7. Modifications to rights of security holders;
    8. Bond calls;
    9. Defeasances;
    10. Release, substitution or sale of property securing repayment of the securities; and
    11. Rating changes.
    12. Tender offers
    13. Bankruptcy, insolvency, receivership or similar event of the obligated person
    14. Merger, consolidation, or acquisition of the obligated person, if material
    15. Appointment of a successor or additional trustee, or the change of name of a trustee, if material

    Additional/Voluntary Event-Based Disclosures
    1. Amendment to continuing disclosure undertaking
    2. Change in obligated person
    3. Notice to investors pursuant to bond documents
    4. Certain communications from the Internal Revenue Service
    5. Bid for auction rate or other securities
    6. Capital or other financing plan
    7. Litigation/enforcement action
    8. Change of tender agent, remarketing agent, or other on-going party
    9. Derivative or other similar transaction
    10. Other event-based disclosures