In July the Local Finance Board issued Local Finance Notice 2014-9 "Secondary Bond Market - Continuing Disclosure Commitments".  LFN 2014-9 reminds us that there are post issuance requirements with most fire district bond issues.  Typically, Official Statements have included a requirement that the issuer must file certain financial documents annually.  Failure to do the required filings can be detrimental to future bond issues.

 

Boards must file the required documents annually with the Municipal Securities Rulemaking Board (MSRB) utilizing the Electronic Municipal Market Access(EMMA) system.  Go to www.emma.msrb.org to learn more about how to use EMMA.  If you are not sure where your Official Statement is you can print it out from this site.  In the statement it will detail what the required annual disclosures are for your bond issue.  Typically it will require the annual audit, the current budget, and a financial fact sheet.

 

The Securities...