Official Statements

What Is an Official Statement?
An official statement is a document prepared by a municipal issuer in connection with a primary offering of municipal securities. The final official statement typically includes the terms of the securities, financial information or operating data concerning the issuer and other entities material to an evaluation of the offering, and other relevant information relating to the new issue. The official statement normally includes a description of any continuing disclosures that the issuer expects to make throughout the life of the bonds.  

Learn more about official statements here.

How Can an Official Statement Be Accessed? 
The MSRB’s Electronic Municipal Market Access (EMMA^®) website provides free access to official statements.  EMMA’s database contains most official statements produced in connection with municipal securities since January 1, 1990. Users may also obtain an electronic feed of official statements, together with advance refunding documents, through an MSRB subscription.

How Can Investors Use an Official Statement?
New-issue information provided in an official statement serves as a basis for investors in newly issued securities to evaluate the credit-worthiness of a security. Disclosures of the sources of repayment, bond insurance, ratings, letters of credits and other guarantees, and other information found in an official statement are intended to assist investors in newly issued securities in determining the overall soundness of the investment.

For investors buying and selling municipal bonds in the secondary market, information included in the official statement regarding the legal terms of the bonds may continue to be useful, although any financial or operating data presented in the official statement may be outdated for purposes of the secondary market trades.