Client Alert

The annual continuing disclosure deadline to file financial information and operating data with EMMA is rapidly approaching. Each School District should check its own bond documentation, but for most Districts the annual filing deadline is 210 days after the close of the Districtʼs fiscal year. For this reporting period the deadline is on or about January 26, 2012. If you are unsure of your filing deadline or requirements, please check with us or with your underwriter or financial advisor. We have recently seen increased scrutiny by the Securities and Exchange Commission with respect to such filings, and it is important that you comply with the requirements of each of your Continuing Disclosure Undertakings.

Pursuant to Section (b)(5) of Rule 15c2-12 adopted by the Commission under the Securities Exchange Act of 1934, many School Districts (each, a “District”) that have issued bonds were required to enter into an “undertaking” in order for such Bonds to be publicly offered. The “undertaking” document is commonly referred to as a Continuing Disclosure Undertaking. The following is a summary of certain key portions of a standard Undertaking, although provisions can vary from document to document. 

Relevant Documents

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