On January 21, 1999, the Municipal Securities Rulemaking Board sponsored a meeting in Chicago for issuers and analysts to discuss improving disclosure in connection with health care financings. The meeting was part of a series of discussions hosted by the Board and designed to facilitate disclosure improvements in the land-based, health care and housing financing areas. MSRB Chairman Scott C. Sollers hosted the meeting. Attending the meeting were, MSRB Vice-Chairman Dean Pope, Board member Lynn Hampton, Kit Taylor and Carolyn Walsh from the MSRB staff and representatives from the National Federation of Municipal Analysts, the National Council of Health Facilities Financing Authorities, Healthcare Financial Management Association, American Hospital Association and Van Kampen Funds. This group will be known as the Health Care Financing Steering Committee.

MSRB Chairman Scott C. Sollers stated, "We are pleased to see that in the health care financing sector issuer and investor groups already are making progress in the area of improving disclosure practices. The Steering Committee consensus was that the disclosure guidelines developed by the Healthcare Financial Management Association are a significant starting point. Representatives from the National Federation of Municipal Analysts intend to work with the Healthcare Financial Management Association, the American Hospital Association, and the National Council of Health Facilities Financing Authorities, to build upon these guidelines to develop voluntary national standards for disclosure and best practices. These groups are willing to work together to develop a consensus on the appropriate levels and types of disclosures in both the primary and secondary market."

The Steering Committee intends to monitor the developments and discuss progress in late spring. The MSRB will continue to assist the market participants in the development of these standards primarily through the hosting of discussion forums and/or education efforts. The MSRB also will work with industry participants toward the goal of achieving market-place adherence to the standards once they are developed.

January 25, 1999

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