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September 25, 2012
Reminder to Municipal Bond Issuers to File Annual Financial Information

September 25, 2012 - The deadline is quickly approaching for municipal bond issuers to file certain 2011 annual financial information and operating data with the Municipal Securities Rulemaking Board’s (MSRB’s) Electronic Municipal Market Access Dataport (EMMA). Each issuer’s deadline is set forth in its written Undertaking regarding continuing disclosure for purposes of Securities and Exchange Commission Rule 15c2 12. September 30, 2012 is the deadline for many Washington issuers to file. Click here to access EMMA.

Municipal issuers should review their Undertakings (which may appear in a bond ordinance/resolution, an indenture, a separate written agreement and/or the Official Statement for each bond issue) to determine what annual financial information and operating data must be submitted. In some cases, operating data that does not otherwise appear in the issuer’s financial statements may need to be compiled. Year-end (2011) financial statements should be filed regardless of whether the issuer’s audit is complete. If the audit is not complete, the final unaudited version should be filed ahead of the deadline and the audited version should be filed as soon as it becomes available.

Municipal issuers with questions about their Undertakings or about EMMA should consult with their bond counsel to comply with their annual filing deadlines.

For further information, click on the link above or contact any member of our Municipal and Public Finance Practice Group.