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TECHNOLOGY <br />Online Publication <br />Effective July 1, 2009, all municipal bond issuers are required to post all Continuing Disclosure documents <br />with the Municipal Securities Rulemaking Board's (MSRB) central repository system named "EMMA ". The <br />implementation of EMMA greatly improves public access to municipal market data and Continuing <br />Disclosure filings, thereby improving transparency in the municipal marketplace. <br />Technological Expertise and the Importance of Online Disclosure <br />The Securities and Exchange Commission (SEC) has embraced internet disclosure for its ability to promote <br />transparency, liquidity, and efficiency in the capital markets. The Government Finance Off icersAssociation <br />(GFOA) also adopted recommended practices encouraging its members to use their websites for <br />disclosure purposes. The consistent and ready availability of complete and timely disclosure information <br />can enhance the secondary market liquidity of an issuer's bonds, making them more attractive to <br />investors. <br />Disclosure Track <br />Urban Futures uses a custom database to track the reporting requirements of its clients. Disclosure Track <br />was created with Continuing Disclosure in mind. This powerful management information system is used <br />to maintain all relevant data pertaining to your Continuing Disclosure Agreements, such as issue name, <br />issue description, issue purpose, reporting due date, events notices, trustee contact information and <br />issuer contact information. <br />DECADES OF PUBLIC FINANCE AND IN -DEPTH CONTINUING DISLCSOURE EXPERIENCE <br />As this proposal will demonstrate, Urban Futures has been a recognized leader in providing high quality <br />Continuing Disclosure Services. Although we're best known over the years for our creative financial <br />advisory practice, our multi - disciplinary approach makes Urban Futures a valuable member of any team <br />on any level. <br />25J -15 4 <br />