Important June 30, 2006 Deadline Approaching

As you may recall, in 2001, Article 9 of the Uniform Commercial Code (UCC) was substantially revised. All 50 states have adopted the revisions, most with a July 1, 2001 effective date. These revisions were outlined in the Client Advisory (Impact of Revised Article 9 on Municipal Bonds) that we distributed at the time and very significantly affect how, when and where UCC financing statements need to be filed in order to perfect liens on certain collateral such as gross revenues, accounts receivable, equipment and other personal property. Among the most significant changes was that financing statements now need to be filed centrally in the state where the