The Securities and Exchange Commission (SEC) amended Rule 15c2-12 to create new disclosure obligations for municipal debt issuers who incur debt outside the traditional market (i.e., bank loans or private placements).  The compliance date for the amendments was February 27, 2019.  Continuing disclosure agreements entered into after that date must contain the new disclosure provisions.

The amendments to the Rule are intended to facilitate investors' and other market participants' access to important issuer financial information in a timely manner, enhance transparency in the bond market and improve investor protection.

To provide for future compliance with the Rule, the City has prepared a Bond Disclosure Policy outlining procedures related to the preparation of its primary and secondary disclosures for existing and future municipal securities issued by the City.