SEC Municipalities Continuing Disclosure Cooperation Initiative Update

Issuers and underwriters of municipal securities have been provided an opportunity by the U.S. Securities and Exchange Commission (the "SEC") to self-report violations of the federal securities laws relating to representations about continuing disclosures in bond offering documents in a program called the Municipalities Continuing Disclosure Cooperation Initiative (the "Initiative") announced by the SEC on March 10, 2014. Issuers may self-report by submitting the required questionnaire prior to 12:00 a.m. EST on September 10, 2014, if they may have made materially inaccurate statements in a final official statement regarding their prior compliance with their continuing obligations as described in Rule 15c2-12 under the Securities Exchange Act of 1934 (the "Exchange Act"). Underwriters may self-report by submitting the questionnaire by such date in connection with an offering they underwrote in which the final official statement contained materially