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| PMA Securities, Inc. assists public entities in complying with annual continuing disclosure requirements by acting as an appointed dissemination agent. |
| Pursuant to Securities and Exchange Commission Rule 15c2-12 a
continuing disclosure undertaking is required in order to provide current
updates of a public entity's financial and economic condition as well as
reporting the occurrence of certain “material events.” Furthermore, the
continuing disclosure undertaking generally requires the filing of audited
financial statements within 30 days of their availability. This information
is used by current and potential bond investors in the secondary market
and rating agencies. |
| PMA assists in filing multiple types of material events disclosures pursuant to SEC Rule 15c2-12. These include, but are not limited to: |
- principal and interest payments delinquencies
- non-payment related defaults
- 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 or events affecting the tax-exempt status of the security
- modifications to rights of security holders
- bond calls
- defeasances
- release, substitution, or sale of property securing repayment of the securities and rating changes
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| PMA also assists in filing additional disclosures, including: |
- equalized assessed valuation
- tax rates
- top taxpayers
- top employers
- tax extensions and collections
- debt limit
- debt statement
- debt ratios
- general fund revenue and expense updates
- other fund summary
- pension and retirement fund commitments
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