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This issue of municipal securities is in the "New Issue Disclosure Period" under
the rules of the MSRB. What this means is that the municipal issuer of these securities
has recently issued, or is in the process of issuing, these municipal securities.
The New Issue Disclosure Period begins with the start of marketing of this new issue
of securities by the broker-dealer or bank that is underwriting these securities
for the issuer and ends 25 days after all of the securities in the new issue have
During the New Issue Disclosure Period, the underwriter of the securities is required
by MSRB rules to submit any amendments or updates to the official statement made
by the issuer to the MSRB. Any such amendments received by the MSRB will be posted
on EMMA together with the original official statement. EMMA users should always
read the official statement in conjunction with any amendment since the information
in the amendment may materially alter the information that was originally provided
in the official statement. Failure to review an amendment may result in an incomplete
understanding of your security. EMMA offers an alert service that will let you know
if this official statement has been amended during the New Issue Disclosure Period.
Learn more about official statements
After the New Issue Disclosure Period lapses, underwriters are no longer required
to provide amendments to the official statement to the MSRB. Material developments
regarding a municipal security or the issuer of such securities occuring after the
end of the New Issue Disclosure Period generally will not be disclosed in amendments
to the official statement. If your security has been advance refunded, an advance
refunding document for the security may be available through EMMA. Other types of
after-market disclosures will often be subject to the continuing disclosure obligations
established by the Securities and Exchange Commission under its rules.
Learn more about advance refunding documents
© 2017 Municipal Securities Rulemaking Board (MSRB)
EMMA is a service of the Municipal Securities Rulemaking Board, which protects investors, state and local governments, and the public interest.
Portions of EMMA data provided by
Standard & Poor’s Securities Evaluations, Inc.,
CUSIP Global Services &
American Bankers Association.
Ratings data are provided by the following and are reprinted with permission, and copyright notices
for the respective owners are as follows:
Copyright © 2017, Fitch, Inc. All rights reserved.
Copyright © 2017, Kroll Bond Rating Agency, Inc., and/or its licensors and affiliates (together, "KBRA"). All rights reserved.
Copyright © 2017, Moody's Corporation, Moody's Investors Service, Inc., Moody's Analytics, Inc. and/or their licensors and affiliates (collectively, "MOODY'S"). All rights reserved.
Copyright © 2017, Standard and Poor’s Financial Services LLC. All rights reserved.