Does your local government use Bright financial software? Could your staff use more training on its many features? Would you like to learn how to increase your own productivity when you use Bright? In response to repeated requests from our Accounting Services clients, VML/VACo Finance is bringing to Virginia a training specialist from BAI, the developer of Bright. The training will be held at the Goochland County Government Complex, June 15-18, 9:00 a.m. to approximately 4:00 p.m.
Attend one day or all four. We’ve negotiated a special price approximately two-thirds less than BAI’s regular fee. For more information and a registration form, please use this link: Bright Training Registration
RICHMOND – VML/VACo Finance closed March 15 on its Recovery Act Bond Pool, comprised of federally-subsidized Recovery Zone and Build America Bonds. Bonds were issued on behalf of 14 Virginia localities.
To learn more, use this link to access Virginia Town & City magazine.
Beginning July 1, 2009 cities and towns, their agents and other parties that are responsible for providing continuing disclosure documents pursuant to their continuing disclosure agreements, are required to begin making filings at a new, single designated location operated by the Municipal Securities Rulemaking Board (MSRB). This new web-based single filing location, the Electronic Municipal Market Access system, (EMMA), was created by the MSRB and is supported by many in the municipal securities industry, including issuer groups.
Previously, Rule 15c2-12 (SEC) mandated that issuers of municipal securities file continuing disclosure documents (annual financial information and information about a material event, which is defined by the SEC as an occurrence or development relating to outstanding securities, the issuer of the securities, or other parties) at multiple nationally recognized municipal securities information repositories (NRMSIRs). The SEC approved changes to continuing disclosure filing requirements for municipal securities issuers in December 2008 solely to create a single filing location for disclosure materials.
For the vast majority of governmental entities, it is important to note that the SEC’s actions do not place additional or new disclosure requirements on municipal securities issuers. However, for issuers and other parties with less than $10 million in municipal securities outstanding, annual financial and operating information that previously would have been provided to investors upon request will, for new issues on or after July 1, 2009, now be submitted to EMMA. Issuers are encouraged to visit the EMMA web site (www.emma.msrb.org) to become familiar with the system.
What Issuers Need to Know
The SEC’s actions to create a single filing location replaces the need for governments to make filings at the four NRMSIRs. Beginning on July 1, an issuer will meet its continuing disclosure responsibilities, as dictated by their continuing disclosure agreements, for previously issued and newly issued bonds, by filing at EMMA. Issuers are encouraged to consult with their bond or disclosure counsel about their specific continuing disclosure agreements, and ensure that all new agreements clearly state that continuing dislclosure filings will be made with EMMA. There also are no costs associated with making EMMA filings. Issuers will register with the system and identify and upload documents that will then be available to the public and investors. The format for submitting continuing disclosure documents to EMMA is as a portable document format (PDF) file.
Additionally, issuers and other parties will be able to submit past annual financial filings and material event notices to EMMA, as well as voluntary filings not contemplated under continuing disclosure agreements.
If Your Loan is Through VML/VACo Finance
VML/VACo Finance continues to coordinate disclosure for all of our participants. Moreover, if you have a loan through the Commonwealth Loan Program, Commercial Paper Program, or Direct Loan Program, no disclosure is required.
More Information
For more information, go to EMMA, a service of the Municipal Securities Rulemaking Board, or contact Jennifer A. Galloway, Chief Communications Officer at MDRB at jgalloway@msrb.org.
