Forward-Looking Statements in Municipal Disclosures

by William C. Rhodes and Kimberly D. Magrini
August 26, 2020

While the majority of information in municipal primary offering documents is historical in nature and based on actual results of operation, projections of future operating results–and the capacity to pay future debt service–may be material, particularly for revenue bond offerings, and therefore may be included in primary offering documents and secondary market disclosure. Due to recent events related to COVID-19, the SEC released a public statement on May 4, 2020 (SEC Public Statement) encouraging municipal issuers and obligated persons (collectively, “issuers”) to consider voluntary disclosures of forward-looking information regarding the potential future impacts of COVID-19 on current financial and operating conditions and future results of operation.

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