Early in 2019, the Securities and Exchange Commission (SEC) adopted Rule 15c2-12, which requires bond underwriters and issuers to increase transparency across the municipal bond market.
The continuing disclosures required by Rule 15c2-12 includes all data related to the City’s monthly debt information, annual audits, and special event notices including, but not limited to, bond rating changes, bond defaults, adverse tax opinions on tax exempt bond issues, or any material changes reflecting financial difficulties should any occur to outstanding or new debt obligations.
The City of Manhattan is committed to complete transparency of all financial matters including the issuance of bonds and temporary notes. The continuing resolution on this webpage explains the process followed by the Finance Department to ensure complete compliance with Rule 15c2-12.