,i  #aad? ,,congress  #b;d ,session  ,h4
 ,r4 #fdhh  ,,9 ,,! ,,h\se ,,(          
,,repres5tatives  ,decemb] #h1 #bjaf,ms4
 ,moore introduc$ ! foll[+ bill2 :i* 0  
ref]r$ to ! ,committee on ,f9ancial     
,s]vices  ,a ,,bill  ,to am5d !         
,securities ,act ( #aicc & ! ,securities
 ,ex*ange ,act ( #aicd to remove !      
exemption f regi/ration = c]ta9 private 
activity bonds1 to au?orize !           
,securities & ,ex*ange ,commission to   
require ! prep>ation ( p]iodic reports  
by issu]s ( municipal securities1 to    
au?orize ! ,securities & ,ex*ange       
,commission to e/abli% basel9e m&atory  
disclosure 9 prim>y (f]+s ( su*         
securities1 & = o!r purposes4  #a4 ,%ort
 title ,?is ,act may be cit$ z !        
,municipal ,securities ,disclosure ,act 
( #bjaf4  #b4 ,c]ta9 private activity   
bonds subject to regi/ration ,section   
#c7;a77#b7 ( ! ,securities ,act ( #aicc 
7#ae ,u4,s4,c4 #gg;c7a77#b77 is am5d$ by
 /rik+ or any security :i* is an        
indu/rial developm5t bond & all t foll[s

 ?r\gh section #ajc7;c7 does n apply to 
su* security24  #c4 ,municipal          
securities disclosure  7a7 ,9 g5]al     
,section #ae;,b ( ! ,securities ,ex*ange
 ,act ( #aicd 7#ae ,u4,s4,c4 #gho-#d7 is
 am5d$-- 7#a7 9 subsection 7e77#h71 by  
ins]t+ aft] municipal corporate         
in/rum5tality ( a ,/ate ! foll[+3 or ( a
 political subdivision ( a ,/ate2 &     
7#b7 by add+ at ! end ! foll[+3  7f7    
,municipal securities disclosure  7#a7  
,p]iodic reports & reports ( c]ta9      
enum]at$ ev5ts  7,a7 ,9 g5]al ,any issu]
 (1 or obligat$ p]son ) respect to1     
municipal securities :i* has out/&+ dur+
 any portion ( a fiscal ye> an aggregate
 pr9cipal am\nt ( municipal securities  
exce$+ su* sums z det]m9$ by !          
,commission %all prep>e annual p]iodic  
reports &1 9 a timely mann]1 reports (  
c]ta9 enum]at$ ev5ts1 z def9$ by rule or
 regulation ( ! ,commission1 9 su* =m & 
9 su* "t p]iods z ! ,commission may     
prescribe z be+ necess>y or appropriate 
9 ! public int]e/ or = ! protection (   

inve/ors4  7,b7 ,deadl9e ,! ,commission 
%all det]m9e ! deadl9e = :5 a p]iodic   
report describ$ "u subp>agraph 7,a7 %all
 be prep>$4  7,c7 ,au?ority to scale    
requirem5ts ,9 issu+ rules to c>ry out  
subp>agraphs 7,a7 & 7,b71 ! ,commission 
may set diff]5t requirem5ts = diff]5t   
classes ( issu]s or o!r obligat$ p]sons1
 includ+ = issu]s or o!r obligat$ p]sons
 ( diff]5t sizes1 z appropriate4  7#b7  
,(ficial /atem5ts = prim>y (f]+s  7,a7  
,9 g5]al ,x %all be unlawful = any issu]
 (1 or obligat$ p]son ) respect to1     
municipal securities t (f]s or sells an 
issue ( municipal securities 9 a public 
(f]+1 ! aggregate pr9cipal am\nt ( :i*  
exce$s an am\nt to be det]m9$ by !      
,commission1 to make use ( ! mails or   
any means or in/rum5tality ( int]/ate   
comm]ce to effect any transaction 91 or 
to induce or attempt to induce ! pur*ase
 or sale (1 any municipal security      
unless su* issu] or o!r obligat$ p]son1 
prior to ! (f] or sale1 prep>es &       
dissem9ates an (ficial /atem5t 9        

accordance ) su* rules & regulations z !
 ,commission may prescribe z be+        
necess>y or appropriate 9 ! public      
int]e/ or = ! protection ( inve/ors4    
7,b7 ,cont5ts ,! (ficial /atem5t        
describ$ 9 subp>agraph 7,a7 %all conta9 
su* in=mation z ! ,commission may1 9 its
 discretion1 by rule or regulation      
prescribe1 includ+--  7i7 an            
id5tification & description ( ! issu] (1
 or any o!r obligat$ p]son ) respect to1
 ! securities be+ (f]$2  7ii7 a         
description ( any legal limitation on ! 
incurr5ce ( indebt$ness by ! issu]1 o!r 
obligat$ p]son1 or ! tax+ au?ority ( !  
issu]2  7iii7 a description ( ! issu]'s 
or o!r obligat$ p]son's debt /ructure1  
includ+ in=mation ) respect to am\nts ( 
au?oriz$ & out/&+ debt1 e/imat$ am\nt ( 
%ort-t]m debt1 "* ( amortization        
provisions ( debt1 s9k+ fund            
requirem5ts1 security = debt1 nature &  
ext5t ( gu>ante$ debt1 & debt s]vice    
requirem5ts2  7iv7 a description ( !    
nature & ext5t ( o!r mat]ial cont+5t    

liabilities or commitm5ts ( ! issu] or  
o!r obligat$ p]son t c\ld affect timely 
repaym5t ( ! subject debt1 includ+ any  
loans or alt]native f9anc+s2  7v7 if any
 paym5t ( pr9cipal or int]e/ on any     
security ( ! issu] or any pr$ecessor    
!re( has be5 default$ on1 or has be5    
po/pon$ or delay$1 dur+ ! #aj ye>s      
prec$+ ! date ( ! (ficial /atem5t1 a    
description ( ! date1 am\nts1 &         
circum/ances ( su* default1 po/ponem5t1 
or delay & ( ! t]ms ( any succe$+       
arrangem5ts !re(2  7vi7 if ! securities 
are support$ by taxes 7includ+ special  
assessm5ts or paym5ts 9 lieu ( taxes7-- 
7,i7 a description ( ! issu]'s or o!r   
obligat$ p]son's tax au?ority & /ructure
 relat+ to ! specific tax or taxes t    
s]ve z security = ! debt ov] ! #e ye>s  
prec$+ ! date ( ! (ficial /atem5t1      
includ+ ! nature ( taxes levi$1 tax     
rates1 real & p]sonal prop]ty valuation 
& assessm5t proc$ures1 am\nts ( prop]ty 
valuations & assessm5ts1 am\nts ( tax   
levies1 am\nts ( tax collections1 &     

del9qu5t tax proc$ures & exp]i5ce2      
7,,ii7 if ! applicable taxes h n be5    
levi$ z ( ! date ( ! (ficial /atem5t1 an
 e/imate ( ! future tax rev5ues dur+ !  
t]m ( ! securities1 includ+ ! basis =   
su* e/imate2 &  7,,iii7 a description ( 
! issu]'s or o!r obligat$ p]son's major 
taxpay]s relat+ to ! specific tax or    
taxes t s]ve z security = ! debt2  7vii7
 if mat]ial to ! type ( debt be+ (f]$1 !
 f9ancial /atem5ts ( ! issu] or o!r     
obligat$ p]son--  7,i7 9 su* detail &   
=m1 & = su* p]iods beg9n+ n e>li] ?an ! 
#e? fiscal ye> ( ! issu] or o!r obligat$
 p]son end+ be=e ! date ( ! (ficial     
/atem5t1 z ! ,commission may prescribe2 
&  7,,ii7 = any fiscal ye> beg9n+ on or 
aft] ,decemb] #ca1 #bjae1 t are audit$ &
 report$ on by an indep5d5t public1 or  
c]tifi$ acc\ntant or exam9] f an        
indep5d5t ,/ate ag5cy au?oriz$ by law to
 p]=m su* functions1 9 su* mann] z !    
,commission may prescribe2  7viii7 a    
description ( ! (f]+1 includ+ am\nt to  
be (f]$1 price1 plan ( di/ribution1 &   

und]writ+ arrangem5ts & comp5sation2    
7ix7 a description ( ! securities to be 
(f]$1 includ+ :e!r ! securities are     
secur$ by collat]al or prop]ty1 or o!r  
cr$it enhancem5ts1 ev5ts ( default1     
paym5t ( pr9cipal & int]e/1 s9k+ fund1  
r$emption1 debt res]ve funds1 priority1 
& rights ( security hold]s to br+ suit  
aga9/ ! issu] or o!r obligat$ p]son2    
7x7 a description ( any project or      
ent]prise ( ! issu] or o!r obligat$     
p]son to be f9anc$ f ! proce$s ( !      
securities be+ (f]$1 a description ( !  
competitive environm5t = su* project or 
ent]prise1 includ+ any major *anges 9   
su* competitive environm5t 9 ! la/ #aj  
ye>s1 any eng9e]+ or f9ancial           
feasibility reports or /udies on !      
con/ruction & op]ation ( ! project or   
ent]prise1 & a description ( any        
additional f9anc+ requir$ to complete ! 
project or ent]prise1 includ+ :e!r & :5 
su* additional f9anc+ has be51 or w be1 
procur$2  7xi7 a description ( ! int5d$ 
use ( ! proce$s ( ! (f]+2  7xii7 a      

/atem5t ( c\nsel's op9ion z to !        
legality1 validity1 & en=ceability ( !  
issuance ( ! securities to be (f]$2     
7xiii7 a description ( any mat]ial      
conflicts ( int]e/ ( ! issu] or o!r     
obligat$ p]son1 & any o!r p>ty involv$ 9
 ! (f]+2 &  7xiv7 su* o!r simil> &      
specific in=mation z ! ,commission may  
by rule or regulation require z necess>y
 or appropriate 9 ! public int]e/ or = !
 protection ( inve/ors4  7,c7 ,prelim9>y
 =m ( c]ta9 in=mation ,9 ! case ( an    
(ficial /atem5t prep>$ = an issue (     
municipal securities be=e any sale ( su*
 issue1 ! in=mation specifi$ 9 clauses  
7viii7 & 7ix7 ( subp>agraph 7,b7 may be 
set =? 9 prelim9>y =m4  7#c7 ,=m (      
in=mation & acc\nt+ me?ods ,!           
,commission may-- 7,a7 prescribe1 =     
reports & (ficial /atem5ts prep>$       
pursuant to ?is subsection1 ! =m 9 :i* !
 requir$ in=mation1 includ+ f9ancial    
/atem5ts1 %all be set =?1 & ! acc\nt+   
me?ods to be foll[$ 9 ! prep>ation (    
f9ancial /atem5ts2 or  7,b7 recognize   

=ms = su* in=mation & acc\nt+ me?ods =  
su* f9ancial /atem5ts t are e/abli%$ by 
a /&>d sett+ body recogniz$ by !        
,commission4  7#d7 ,int]nal controls &  
sy/ems = l>ge issu]s  7,a7 ,9 g5]al ,any
 issu] (1 or o!r obligat$ p]son )       
respect to1 municipal securities )      
out/&+ municipal securities ! aggregate 
pr9cipal am\nt ( :i* exce$s #aj1jjj1jjj 
%all adopt int]nal controls & sy/ems1   
includ+ writt5 policies & proc$ures t1  
at a m9imum--  7i7 cle>ly id5tify !     
(ficials responsible = ea* aspect (     
disclosure describ$ 9 p>agraph          
7#b77;,b72  7ii7 cle>ly /ate ! process  
by :i* (ficial /atem5ts describ$ by     
p>agraph 7#b77;,a7 are draft$ & review$2
 &  7iii7 provide *ecks & balances to   
ensure adequate sup]vision & reasonable 
disbursem5t ( responsibilities4  7,b7   
,/atewide sy/ems ,! ,commission may     
provide by rule t ! provisions ( ?is    
p>agraph may be satisfi$ ) respect to an
 issu] or o!r obligat$ p]son )9 a ,/ate 
by a /atewide sy/em ( disclosure        

controls & disclosure education = su*   
,/ate4  4  7b7 ,safe h>bor = =w>d-,look+
 /atem5ts ,section #ba;,e7a7 ( !        
,securities ,ex*ange ,act ( #aicd 7#ae  
,u4,s4,c4 #ghu-#e7;a77 is am5d$-- 7#a7  
by r$esignat+ p>agraphs 7#b71 7#c71 &   
7#d7 z p>agraphs 7#c71 7#d71 & 7#e71    
respectively2  7#b7 by ins]t+ aft]      
p>agraph 7#a7 ! foll[+3  7#b7 an issu]  
or o!r obligat$ p]son t is subject to & 
9 compliance ) ! requirem5ts ( section  
#ae;,b7f72  2  7#c7 9 p>agraph 7#c71 z s
 r$esignat$1 by /rik+ su* issu] & ins]t+
 an issu] or o!r obligat$ p]son describ$
 9 p>agraph 7#a7 or 7#b72  7#d7 9       
p>agraph 7#d71 z s r$esignat$1 by /rik+ 
su* issu] mak+ a /atem5t on behalf ( su*
 issu] & ins]t+ an issu] or o!r obligat$
 p]son describ$ 9 p>agraph 7#a7 or 7#b7 
mak+ a /atem5t on behalf ( su* issu] or 
o!r obligat$ p]son2 &  7#e7 9 p>agraph  
7#e71 z s r$esignat$1 by /rik+ su* issu]
 or in=mation d]iv$ f in=mation provid$ 
by su* issu] & ins]t+ an issu] or o!r   
obligat$ p]son describ$ 9 p>agraph 7#a7 

or 7#b7 or in=mation d]iv$ f in=mation  
provid$ by su* issu] or o!r obligat$    
p]son4  7c7 ,con=m+ ,am5dm5ts  7#a7     
,def9ition ( exempt$ security ,section  
#c7;a77#ab77;,b77ii7 ( ! ,securities    
,ex*ange ,act ( #aicd 7#ae ,u4,s4,c4    
#gh;c7a77#ab77;,b77ii77 is am5d$ by     
/rik+ sections #ae & #ag;,a & ins]t+    
sections #ae1 #ae;,b7f7 & #ag;,a4  7#b7 
,au?ority to exempt issu]s ,section     
#ab7;h7 ( ! ,securities ,ex*ange ,act ( 
#aicd 7#ae ,u4,s4,c4 #ghl7h77 is am5d$  
by /rik+ or #ae7;d7 & ins]t+ #ae7;d71 or
 #ae;,b7f74  #d4 ,effective date ,ea*   
am5dm5t made by ?is ,act %all take      
effect on ! date t ! ,securities &      
,ex*ange ,commission--  7#a7 det]m9es is
 appropriate 9 ! public int]e/ & = !    
protection ( inve/ors2 &  7#b7 notifies 
! ,congress ( su* det]m9ation4