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Urban Futures, Inc. (UFI) is a full service municipal advisory and management consulting firm that has <br />served cities, counties, agencies, schools, water districts and special districts in the State of California since <br />1972. Over the last 40 years, Urban Futures, Inc. has broadened its base of expertise with highly skilled <br />and experienced professionals expanding its consulting practice to include strategic planning, financial <br />analysis, management consulting, and special study services. Urban Futures, Inc. is the largest solely <br />owned municipal financial advisor and management consulting firm in California with offices in the cities <br />of Orange and Walnut Creek. UFI currently serves over 140 cities, school districts, successor agencies, joint <br />powers and financing authorities, and enterprise districts in California with Continuing Disclosure Services. <br />We use the latest technology to streamline operations, thereby enabling us to provide expedient and <br />affordable services. <br />BACKGROUND: Rule 15c2 -12 <br />In 1989 the Securities Exchange Commission (SEC) adopted Rule 15c2 -12 (the "Rule ") to improve <br />disclosure practices in the municipal marketplace. Amendments were subsequently made, and continue <br />to be made, to increase the amount of reliable information in the secondary market. These amendments <br />now require issuers to provide continuing disclosure throughout the life their bond issues. The Rule <br />mandates that a municipal securities broker cannot take possession or sell municipal securities unless <br />they believe that the issuer of the securities will comply with the SEC's continuing disclosure <br />requirements. <br />According to the Rule, Issuers must: <br />1. Annually: File disclosure and operating information with MSRB's <br />EMMA repository. <br />2. As significant events occur: Prepare and file announcements of the <br />events as identified in the Rule (defeasances, payment defaults, <br />rating changes, changes of liquidity provider, change of Trustee, <br />etc.). <br />25J -13 2 <br />