A governmental entity that issues bonds has an obligation to meet certain continuing disclosure requirements. This happens with the sale and issuance of municipal securities in the market. Municipal securities are subject to the federal securities laws administered by the Securities and Exchange Commission. Governmental entities enter into a disclosure agreement with underwriters when they issue municipal securities. This agreement requires issuers to provide an annual report that contains certain updated operating and financial information to the market. Additionally, issuers must notify the market if and when certain material events occur.
Zions Bank has been preparing and submitting disclosure reports on behalf of governmental entities since 1997. Our service not only includes the annual preparation of disclosure reports, but also includes the ongoing monitoring of our clients' municipal debt for material events. When we are hired to do continuing disclosure for a client, it is our job to keep municipal issuers in compliance with their post–issuance disclosure obligations.