Rules and regulations issued under the Securities and Exchange Act of 1934 require that certain information about DASNY’s clients must be provided annually to required information repositories, as listed below, for the benefit of holders of DASNY bonds issued after July 3, 1995. As part of each financing, DASNY clients agree, in a Continuing Disclosure Agreement, to provide the necessary annual information for filing with the Municipal Securities Rulemaking Board (MSRB)’s Electronic Municipal Market Access (EMMA) System in a timely manner.
On January 31, 2005, DASNY and Digital Assurance Certification LLC (DAC) entered into an agreement pursuant to which DAC serves as DASNY’s disclosure dissemination agent for collection, dissemination and storage of continuing disclosure information for DASNY's private, not-for-profit clients. Annual Information and Audited Financial Statements provided by DASNY’s private, not-for-profit clients for the most recent year as well as up to five years of prior Annual Information and Audited Financial Statements of existing borrowers is available electronically free of charge to investors and other interested parties on the DAC website. Annual information and Audited Financial Statements for DASNY's other clients is filed and available to investors on the EMMA system.
In addition, each Continuing Disclosure Agreement requires that DASNY file a notice with the Municipal Securities Rulemaking Board, upon the occurrence of certain material events relating to the bonds. Material events include: (1) principal and interest payment delinquencies; (2) non-payment related defaults, if material; (3) unscheduled draws on debt service reserves reflecting financial difficulties; (4) unscheduled draws on credit enhancements reflecting financial difficulties; (5) substitution of credit or liquidity providers, or their failure to perform; (6) adverse tax opinions - Internal Revenue Service (IRS) notices or events affecting the tax status of the security; (7) modifications to rights of security holders, if material; (8) bond calls, if material; (9) defeasances; (10) release, substitution or sale of property securing repayment of the securities, if material; (11) rating changes; (12) Tender Offers; (13) bankruptcy, insolvency, receivership or similar event of the Obligated Person; (14) merger, consolidation or acquisition of the Obligated Person, if material; (15) appointment of a successor or additional trustee, or the change of name of a trustee, if material; and (16) failure to provide annual financial information as required . Such material event notices will be filed with the EMMA System and, if applicable, will be posted on the DAC website.
As an additional source of information to DASNY’s bondholders and prospective bondholders, new Official Statements may be available on the DAC website. In addition to Annual Information, Audited Financial Statements, Material Event Notices and Official Statements, information that can be accessed through the DAC website includes quarterly reporting information, when required by a borrower’s Loan Agreement with DASNY.
To access the EMMA website, please log on to emma.msrb.org and follow the directions on the website.
To access the DAC website, please log on to www.dacbond.com and follow the directions on the website.