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85 E. SEVENTH PLACE SUITE 100 <br />SAINT PALIL, MN 55 I01-2887 <br />651-223-3000 FAX: 651.223.3002 <br /> <br />SPRINGSTED <br />Public Finance Advisors <br /> <br />October 21, 1999 <br /> <br />Mr. James E. Norman, Administrator <br />City of Ramsey <br />15153 Nowthen Boulevard NW <br />Ramsey, MN 55303-6197 <br /> <br />Re: Continuing Disclosure Requirements <br /> <br />Continuing Market Disclosure Significantly Increases the Disclosure Responsibility of <br />Issuers. The Consequences of Non-Compliance Can Be Severe. <br /> <br />In the event of non-compliance: <br /> <br />· The issuer will have to disclose any event(s) of default on its promises in all future <br /> Official Statements for the next five years. <br /> <br />Underwriters may be unwilling or unable to bid on your future issues. <br /> <br />This may seriously increase the cost of future issues. <br /> <br />This may completely eliminate trading in the secondary market for the issue. <br /> <br />Non-compliance with continuing market disclosure may subject issuers to a class-action lawsuit <br />by investors because the bonds would have a diminished market value or the securities may be <br />unmarketable. To protect your constituents from the consequences of non-compliance, you <br />must exercise one of two options: hire professionals to prepare and disseminate the required <br />continuing disclosure material (v~hether that be Springsted or someone else) or do it yourself. <br />We have already seen instances ';,/here employee turnover may put compliance at risk when an <br />issuer relies on staff to do the work.' <br /> <br /> <br />