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Voluntary Disclosure

Continuing disclosures consist of important information about a municipal security that arises after the initial issuance of the bond. While SEC Rule 15c2-12 requires dealers, when underwriting certain types of municipal securities, to ensure that the state or local government issuing the bonds enters into an agreement to provide certain information to the Municipal Securities Rulemaking Board about the securities on an ongoing basis, other information may be provided on a voluntary basis.

Voluntary posting of information by an issuer on EMMA provides timely access for bondholders, potential investors and other market participants to key information useful in assessing their current holdings of municipal securities or in making investment decisions regarding potential transactions in municipal securities.