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<p class="MsoNormal"><span style="color:#1F497D">Please see the information attached as it may pertain to certain bond issuances at your campus. Please take the time to review and take action if required.<o:p></o:p></span></p>
<p class="MsoNormal"><span style="color:#1F497D"><o:p> </o:p></span></p>
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<p class="MsoNormal"><b><span style="font-size:10.0pt;font-family:"Tahoma","sans-serif"">From:</span></b><span style="font-size:10.0pt;font-family:"Tahoma","sans-serif""> James Joseph [mailto:jjoseph@oksba.org]
<br>
<b>Sent:</b> Friday, August 01, 2014 9:05 AM<br>
<b>To:</b> Mauck, Sheri<br>
<b>Subject:</b> SEC notice<o:p></o:p></span></p>
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<p class="MsoNormal"><o:p> </o:p></p>
<p class="MsoNormal"><span style="font-size:14.0pt;font-family:"Arial","sans-serif";color:black">Sheri –<o:p></o:p></span></p>
<p class="MsoNormal"><span style="font-size:14.0pt;font-family:"Arial","sans-serif";color:black"><o:p> </o:p></span></p>
<p class="MsoNormal"><span style="font-size:14.0pt;font-family:"Arial","sans-serif";color:black">Attached is an announcement from the SEC that extends the deadline for filing of missed disclosure notices. Please circulate to the campus business officers or
others, as you deem appropriate.<o:p></o:p></span></p>
<p class="MsoNormal"><span style="font-size:14.0pt;font-family:"Arial","sans-serif";color:black"><o:p> </o:p></span></p>
<p class="MsoNormal"><span style="font-size:14.0pt;font-family:"Arial","sans-serif";color:black">Jim<o:p></o:p></span></p>
<p class="MsoNormal"><span style="font-size:14.0pt;font-family:"Arial","sans-serif";color:black"><o:p> </o:p></span></p>
<p class="MsoNormal"><span style="font-size:14.0pt;font-family:"Arial","sans-serif";color:black"><o:p> </o:p></span></p>
<p class="MsoNormal"><b><i><span style="color:black">James C. Joseph<o:p></o:p></span></i></b></p>
<p class="MsoNormal"><b><i><span style="color:black">Oklahoma State Bond Advisor<o:p></o:p></span></i></b></p>
<p class="MsoNormal"><b><i><span style="color:black">405-602-3100<o:p></o:p></span></i></b></p>
<p class="MsoNormal"><b><i><span style="color:black"><a href="mailto:jjoseph@oksba.org">jjoseph@oksba.org</a><o:p></o:p></span></i></b></p>
<p class="MsoNormal"><span style="color:#1F497D"><o:p> </o:p></span></p>
<p class="MsoNormal"><span style="font-size:14.0pt;font-family:"Arial","sans-serif";color:black">Sheri –<o:p></o:p></span></p>
<p class="MsoNormal"><span style="font-size:14.0pt;font-family:"Arial","sans-serif";color:black"><o:p> </o:p></span></p>
<p class="MsoNormal"><span style="font-size:14.0pt;font-family:"Arial","sans-serif";color:black">Attached is some information on the SEC’s Municipalities Continuing Disclosure Cooperation Initiative (MCDC). This is an enforcement program related to issuer’s
failure to fully comply with the notice requirements contained in their Continuing Disclosure Agreements (CDAs). The question is whether, under Rule 15-c2-12, issuers have accurately disclosed whether they are in compliance with all of the filing/notice requirements
under past CDAs.<o:p></o:p></span></p>
<p class="MsoNormal"><span style="font-size:14.0pt;font-family:"Arial","sans-serif";color:black"><o:p> </o:p></span></p>
<p class="MsoNormal"><span style="font-size:14.0pt;font-family:"Arial","sans-serif";color:black">The most common violation that has been identified is the failure by issuers of insured bonds to post the required notice of a rating downgrade of the bond insurance
company (there were multiple downgrades of these companies, as you know). This is just an example and the initiative is much broader in its scope, encompassing any failure to post a require notice.<o:p></o:p></span></p>
<p class="MsoNormal"><span style="font-size:14.0pt;font-family:"Arial","sans-serif";color:black"><o:p> </o:p></span></p>
<p class="MsoNormal"><span style="font-size:14.0pt;font-family:"Arial","sans-serif";color:black">For those issuers who self-report prior non-compliance, a settlement option does exist that will protect the entity from charges or fines. As noted in the attachment,
that option is available until September 10, 2014.<o:p></o:p></span></p>
<p class="MsoNormal"><span style="font-size:14.0pt;font-family:"Arial","sans-serif";color:black"><o:p> </o:p></span></p>
<p class="MsoNormal"><span style="font-size:14.0pt;font-family:"Arial","sans-serif";color:black">I don’t know how much the State’s colleges and universities know about this program, but it might be helpful if you could share this attachment with all of the
business officers<span style="background:yellow;mso-highlight:yellow">. For most, there is probably little exposure. However, some may need to do substantial research to ensure that their bond issues are not subject to this enforcement action.</span><o:p></o:p></span></p>
<p class="MsoNormal"><span style="font-size:14.0pt;font-family:"Arial","sans-serif";color:black"><o:p> </o:p></span></p>
<p class="MsoNormal"><span style="font-size:14.0pt;font-family:"Arial","sans-serif";color:black">Please let me know if you have any questions. Thanks.<o:p></o:p></span></p>
<p class="MsoNormal"><span style="font-size:14.0pt;font-family:"Arial","sans-serif";color:black"><o:p> </o:p></span></p>
<p class="MsoNormal"><span style="font-size:14.0pt;font-family:"Arial","sans-serif";color:black">Jim<o:p></o:p></span></p>
<p class="MsoNormal"><span style="font-size:14.0pt;font-family:"Arial","sans-serif";color:black"><o:p> </o:p></span></p>
<p class="MsoNormal"><span style="font-size:14.0pt;font-family:"Arial","sans-serif";color:black"><o:p> </o:p></span></p>
<p class="MsoNormal"><b><i><span style="color:black">James C. Joseph<o:p></o:p></span></i></b></p>
<p class="MsoNormal"><b><i><span style="color:black">Oklahoma State Bond Advisor<o:p></o:p></span></i></b></p>
<p class="MsoNormal"><b><i><span style="color:black">405-602-3100<o:p></o:p></span></i></b></p>
<p class="MsoNormal"><b><i><span style="color:black"><a href="mailto:jjoseph@oksba.org">jjoseph@oksba.org</a><o:p></o:p></span></i></b></p>
<p class="MsoNormal"><span style="color:#1F497D"><o:p> </o:p></span></p>
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