Municipal Disclosure

Continuing Disclosure Report Preparation and Dissemination Services

Most issuers of municipal bonds must disclose and provide information which will enable investors to make informed decisions regarding their investments. As a continuing disclosure agent, K&G Public Finance, will provide the necessary services to satisfy the requirements of disclosure obligations and as stipulated in the Disclosure Agreement Official Statement and other related bond documents.

About Municipal Bond Disclosure:

Rule 15c2-12 was adopted by the Securities Exchange Commission (SEC) (http://www.sec.gov) in 1996 to increase reliability of disseminated information, several amendments were made which now include continuing disclosure (disclosure and operating information filed annually) and disclosure of material events.

Material events are:

  • Bond rating changes including downgraded ratings.
  • Bonds repaid or refunded prior to maturity (bond calls and defeasances)
  • Late payment of principal and interest or a default on the bonds
  • Draws on credit enhancements, substitution of credit or liquidity providers, or the release, substitution or sale of property securing repayment of the bonds
  • Changes in the tax-exempt status of the bonds
  • An unscheduled draw on a debt service reserve fund
  • Modification of bond holders’ rights
  • Any substantial change to the bond’s security
  • Incurrence of a financial obligation of the issuer or obligated person, or agreement to covenants, events of default, remedies, priority rights, if material
  • Events that reflect financial difficulties, including default, event of acceleration, termination event, or modification of terms, or similar events under the terms of the financial obligation of the issuer or obligated person

For more information on Municipal Bonds as defined by the SEC, click here.