Finance Corporation Resources

Many special districts that issue tax-exempt debt are required to provide annual continuing disclosure. This article is part of a series on this important topic.

History of Continuing Disclosure

Beginning in July of 1995, the Securities Exchange Commission (the “SEC”) began requiring the issuers of more that $1 million of tax-exempt debt to provide annual information to investors. Private placements of tax-exempt debt, such as those to banks, were excluded from continuing disclosure. Prior to this time, issuers provided information to investors only through the initial Official Statement for the obligation.
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