Disclosures & Regulatory Information
Governmental Debt Management Best Practices:
Best Practices as described by the Government Finance Officers Association
Municipal Securities Rule Making Board (MSRB) furnishes a free to the public information site called the Electronic Municipal Market Access (EMMA) Website.
Municipal Advisory Council of Texas (MAC) is the State Information Depository (SID).
Texas Bond Review Board (BRB)
Filing Annual Financial Information & Material Event Disclosures in reference to SEC Rule 15c2-12:
- Annual Financial Information Disclosure:
- File annually with EMMA Texas Tech University System Consolidated financial and operating information for each fiscal year ending August 31, 20XX by the following February 28, 20XX. Since TTUS files with EMMA, Texas MAC has subscribed to instantaneously feed all filings made with EMMA for Texas Issues.
- File semiannually with the Texas BRB Texas Tech University System RFS debt reports. Reports are to be submitted no later than March 15 for the six month period ending the last day of February and no later than September 15 for the six month period ending August 31.
- Issuers are also required to file event notices with EMMA and the Texas BRB in not more than 10 business days after the occurrence of the event:
- Principal and interest payment delinquencies
- Non-payment related defaults, if material
- Unscheduled draws on debt service reserves reflecting financial difficulties
- Unscheduled draws on credit enhancements reflecting financial difficulties
- Substitution of credit or liquidity providers or their failure to perform
- Adverse tax opinions, IRS notices or material events affecting the tax status of the security
- Modifications to rights of security holders, if material
- Bond calls, if material and tender offers
- Release, substitution or sale of property securing repayment of the securities, if material
- Rating changes
- Bankruptcy, insolvency, receivership or similar event of the obligated person (which is considered to occur when any of the following occur: appointment of a receiver, fiscal agent or similar officer for an obligated person in a proceeding under the U.S. Bankruptcy Code or in any other proceeding under state or federal law in which a court or governmental authority has assumed jurisdiction over substantially all of the assets or business of the obligated person, or if such jurisdiction has been assumed by leaving the existing governing body and officials or officers in possession but subject to the supervision and orders of a court or governmental authority, or the entry of an order confirming a plan of reorganization, arrangement or liquidation by a court or governmental authority having supervision or jurisdiction over substantially all of the assets or business of the obligated person)
- Merger, consolidation, or acquisition of the obligated person, if material
- Appointment of a successor or additional trustee, or the change of name of a trustee, if material
- Failure of any remarketing of variable-rate debt that results in all or part of the debt becoming subject to an accelerated principal maturity date as a result of being owned by a liquidity provider for more than 90 consecutive days
- Reset rate in excess of one hundred basis points from the preceding rate on variable-rate debt