The recent MSRB rule change is going to



The data elements listed represent what is required for DTC to mark a municipal issue as “trade eligible.” These data elements are required as part of DTC’s New Issue Information Dissemination Service (NIIDS).

This list of nine data elements represents the minimum required data elements needed to set up an Offering in the new underwriting system. In order to begin the dissemination process DTC must have these nine data elements, at least one CUSIP number and the dissemination agent must have the dissemination flag turned on.

|Offering Type |Describes whether an Offer is for a New Issue, or to make an Older Issue DTC |

| |Eligible or as the result of a Corporate Action |

|Distribution Type |Describes whether this is a Primary Offering or Secondary Offering |

|Sub-Issue Type |Additional level of security classification as used by DTCC. For Municipal |

| |issues the values are: |

| | |

| |Municipal Bond |

| |Municipal Note |

| |Municipal Insured Custodial Receipt |

| |Municipal VRDO |

|Base CUSIP # |First 6 digits of a CUSIP number and is used to identify the Issuer as assigned |

| |by the CUSIP Service Bureau |

|Certificate Type |Identifies the certificate type in which the security can be held. (ex: |

| |Registered, Book Entry Only) |

|Offer Legal Description |The legal description of the Offering or Issue as stated in the Prospectus or |

| |Offering Statement or another applicable document |

|Underwriter |The name of the firm underwriting the issue. |

|Underwriter Contact Name |The name of the primary contact at the lead Underwriter for this deal. |

|Underwriter Contact Phone |The phone number of the primary contact at the lead Underwriter for this deal. |

|number | |

|Underwriter |The e-mail address of the primary contact at the lead Underwriter for this deal. |

|Contact e-mail | |

The following data elements have been defined as those elements needed to report, compare and confirm a municipal issue and must be populated for DTC to mark the issue as “trade eligible”.

|Manual Calculation |Identifies whether Pricing can be calculated using a standard methodology or |

| |manual calculation is needed. |

| | |

| |Values: Yes or No |

|Day Type or Interest |Identifies the interest Calculation period |

|Calculation Method | |

| |Values: |

| |1 = Actual/Actual |

| |3 = MSRB 360 (Strict interpretation) |

| |7 = Act/360 |

| |10 = Currently used (1992) SIA standard 30/360 |

| |12 = Act/365 - for periodic securities |

| |Unknown or other |

| | |

| |DTCC currently supports the following: |

| | |

| |Actual/360 |

| |30/360 |

| |Actual/365 |

| |Actual/Actual |

|Interest Classification |Identifies whether interest is paid: |

| |->     Periodic |

| |->     At Maturity |

| |->     Discounted |

| |->     None of the Above |

|End of Month Adjustment |End of month payment adjustment rule flag |

| | |

| |0 = Don't adjust the associated date for the end of month condition |

| | |

| |1 = Adjust the associated date for the end of month condition |

| | |

| |28 = All coupon dates fall on the 28th of the month |

| | |

| |29 = All coupon dates fall on the 29th of the month |

| | |

| |30 = All coupon dates fall on the 30th of the month |

|Payment frequency Type |Identifier for coupon payment frequency |

| | |

| |DTCC values are: |

| |- Every N Years |

| |- Every N Half-years |

| |- Every N Quarters |

| |- Every N Months |

| |- Every N Fortnights |

| |- Every N Weeks |

| |- Every N Days |

| |- Other |

|Payment Frequency number |The actual number value of the frequency |

|Payment Date Business or |Identifies whether a business calendar or an actual calendar is used for Payment |

|Calendar indicator |date calculations |

|Coupon rate (aka Interest |The coupon or interest rate. |

|Rate) | |

| |Original annual rate of interest payable to the lender as expressed as a |

| |percentage of principal as stated in the bond's offering documents. |

|First Trade Settlement |The first trade settlement date is the date the Issuer and |

|Date |Underwriter exchange money for bonds |

|Maturity Date |The original maturity date of the issue or the original date on which an interest|

| |bearing security becomes due and assets are to be repaid, as stated in the bond's|

| |offering documents. |

|Dated Date |The official 'Dated Date' as stated in the Prospectus or Offering Statement or |

| |another applicable document. |

|First Coupon Date aka: |Date the first interest payment is due to the holders of the security |

|First Interest Payment | |

|Date | |

|Last Coupon Date |Date the last interest payment is due to the holders of the security |

|Call schedule type |Indicates the type Call Schedule |

| | |

| |0 = none |

| |1 = discrete calls with no notification |

| |2 = continuous calls with notification |

| |3 = discrete calls with notification |

|Currency |The Certificate or Settlement Currency for the security. |

|Minimum Denomination |Original minimum denomination required for transfer or change of ownership of a |

| |security (tradable) as determined in the bond indenture. |

|Multiple Denominations |Original multiple or incremental denomination, to the minimum denomination |

| |required for transfer or change of ownership of a security (tradable) as |

| |determined in the bond indenture. |

|Tail Denomination |Remaining or leftover amount not fitting within “minimum” or “multiple” |

| |denominations |

|Issue Description |The legal description of the Offering or Issue as stated in the Prospectus or |

| |Offering Statement or another applicable document. |

|Secondary Description |Any Issue Description information that was not contained in, or did not fit in |

| |the Issue (legal) Name field. |

|Base CUSIP Number |First 6 digits of a CUSIP number and is used to identify the Issuer |

|State Code |Postal code of the state or territory of the Issuer (aka State of Origin or State|

| |of Issuance) |

| |Note: May need to have multiple states for some bonds |

|Interest Accrual Date |The date of the bond issue from which the interest begins to accrue. |

|Ratings |The Credit Rating or evaluations of the credit quality of notes and bonds made by|

| |rating agencies. State “non-rated” if non-rated by that rating agency. Show both|

| |long-term and short-term for each rating agency, if appropriate. There will be |

| |at least 3 ratings, one for each rating agency. |

| | |

| |Ratings Consist of the following group of data elements: |

|Ratings Consist of the |Credit Rating Agency (Moody’s, S & P, Fitch) |

|following group of data |Short Term Credit Rating |

|elements: |Long Term Credit Rating |

| |Credit Rating Effective Date |

|Credit Enhancement |The use of the credit of an entity other than the issuer or obligor to provide |

| |additional security in a bond or note financing. |

| | |

| |This will be a Y/N field |

|Credit Enhancement Type(s)|Identification of the Credit Enhancement Type(s) for the security. The types |

| |include: letter of credit, bond insurance, credit facility, secondary insurance, |

| |and surety bond. |

| | |

| |Required but Conditional on Credit Enhancement =YES |

|Credit Enhancer Name(s) |Credit Enhancer Name(s) |

| | |

| |Required but Conditional on Credit Enhancement =YES |

|Federal Taxable |Indicates the interest income paid to the bond holder is federally taxable. |

| | |

| |Field choices will be: Y or N. |

|Federal Alternative |Indicates whether the interest income paid is taxable to the bond holder |

|Minimum Tax |according to the alternative minimum tax rules. |

| | |

| |Field choices will be: Y or N. |

|Revenue, General |Identifies whether the limitations of the resources and issuer can avail |

|Obligation, or |themselves to repay the debt are Revenue, General Obligation or Double Barreled |

|Double-Barreled | |

|Put indicator |Indicates the existence of a feature that provides the bond holder the |

| |contractual option to redeem the bond prior to the scheduled maturity date. |

| |Values: Y or N |

| | |

| |Note: Shows the existence of or the requirement for a Put Schedule/ Put Feature |

|PUT/Tender Date |Date on which securities are subject to Optional or Mandatory Redemption by the |

| |bond holder |

| | |

| |Required but Conditional on Put Indicator = YES |

|PUT/Tender Frequency |Frequency of Tender or Put period. |

| | |

| |Required but Conditional on Put Indicator = Yes |

|PUT Type |Indicates whether the redemption prior to maturity date feature is Mandatory or |

| |Optional to the bond holder. |

| | |

| |Required but Conditional on Put Indicator = YES |

|BEO / Registered |Identifies the certificate type in which the security can be held. (Registered, |

| |Book Entry Only) |

|Maturity Principal Amount |The face amount or par value of a security payable on the maturity date. |

|Callable |Indicates the existence of a feature that provides the issuer the contractual |

| |option to redeem the bonds prior to the scheduled maturity date. (excludes |

| |extraordinary calls) Values: Y or N |

| | |

| |Note: Shows the existence of or the requirement for a Call Schedule/ Call Feature|

|Call Rate Basis Type |This field is for each call event on the schedule and identifies whether the rate|

| |is expressed as a % of Par or % of CAV. Zero coupon bonds and OID bonds are |

| |callable at an accreted value. |

| | |

| |Required but Conditional on Callable = YES |

|First Par Call Date |The first date on which bonds may be called at Par for redemption. |

| | |

| |Required but Conditional on Callable = YES |

|First Par call price |The price of the bonds on the first Par part call. Particularly relevant for CAV|

| |Bonds. |

| | |

| |Required but Conditional on Callable = YES |

|First Premium Call Date |The first date on which bonds may be called for redemption at a price above par. |

| | |

| |Required but Conditional on Callable = YES |

|First Premium call price |The price of the bonds on the first part call at a price above par. |

| | |

| |Required but Conditional on Callable = YES |

|Days to Call Notification |Number of days prior to a call date that the issuer/agent must give notice to |

| |holders |

| | |

| |Required but Conditional on Callable = YES and Call Schedule Type not = None, |

|Call Window - Business or |Identifies whether a business calendar or an actual calendar is used for the Days|

|Calendar indicator |to Call Notification |

| | |

| |Required but Conditional on Callable = YES and Call Schedule Type not = None, |

|Full In Whole Optional |The full in whole optional call schedule should be supplied using the Call |

|Call Schedule |Feature data elements |

| | |

| |Required but Conditional on Callable = YES |

| | |

| |(Note: Pricing Calls is required by MSRB rule G15a ) |

|Extraordinary Call |Indicates the existence of an Extraordinary Call provision in the bonds |

| |indenture. |

| | |

| |This is to be a Y/N field |

|Sale Method |Identifies the Sale Method for the offering as competitive or negotiated. |

|Formal Award Date & Time |Date and time the issuer formally accepts a bid for Competitive Issues or, the |

| |Date and Time the Bond Purchase Agreement is executed for Negotiated Issues. |

|First Trade Execution Date|First Date and Time a trade may be executed for this security. |

|& Time | |

|Expected Closing Date |The expected date of the bond closing with the issuer and underwriter as |

| |facilitated by DTC. |

|CUSIP | |

| |This is captured in two fields: |

| | |

| |'Primary Security ID Agency' - The identification of the National Numbering |

| |Agency assigning the Security ID (Value: CUSIP Service bureau) |

| | |

| |and |

| | |

| |'Primary Security Identifier' - Primary identifier of the security (this will |

| |contain the actual CUSIP number) |

|Initial Offering Price |Initial Syndicate offering price/yield to the public, if provided. |

|(Initial List Price) | |

|Initial Offering Yield |Initial Offering Yield, if provided (% ) |

|(Initial List Yield) | |

|OID Price |The original issuing price of a security that sold at an amount that is less than|

| |the maturity value of the bond. |

| | |

| |Original Issue Discount Price, if applicable |

|OID Yield |The yield associated with the original issuing price on a security that sold for |

| |an amount that is less than the maturity value of the bond. |

| | |

| |Original Issue Discount Yield, if applicable (%) |

|Interest Type |Identifies whether interest is fixed or variable |

|Variable Interest Basis |Represents the mechanism by which the variable interest is arrived at. |

| | |

| |Required but Conditional on Interest Type=Variable |

|Index Name |The index that will be used to calculate the interest, if it is variable and |

| |Index based. |

| | |

| |Required but Conditional on Variable Int Basis= Indexed |

|Index Date |The date on which the index should be used for computing the interest. |

| | |

| |Required but Conditional on Variable Int Basis= Indexed |

|Index Spread |Represents the interest offset to index value in percentage. |

| | |

| |Required but Conditional on Variable Int Basis= Indexed |

|First reset date |The first date that the coupon or interest rate changes. |

| | |

| |Required but Conditional on Interest Type=Variable |

|Interest Rate Reset |The frequency that Interest Rate is Reset. |

|Frequency | |

| |Required but Conditional on Interest Type=Variable |

| | |

| |DTCC values are: |

| |- Every N Years |

| |- Every N Half-years |

| |- Every N Quarters |

| |- Every N Months |

| |- Every N Fortnights |

| |- Every N Weeks |

| |- Every N Days |

| |- Other |

|Interest Rate Reset |The actual number value of the Interest Rate Reset Frequency |

|frequency number | |

| |Required but Conditional on Interest Type=Variable |

|Coupon effective date |Coupon effective date (date interest begins accruing at new rate) |

|Security Type |Security type values may equal: bond, note, strip coupon. Default should be |

| |bond. |

| | |

| |Note: The DTCC sub-issue type will be used for Security Type. |

|Step Indicator |Indicates that the coupon rate of the bond changes per a pre-determined schedule |

|(aka Step-Up Flag) | |

|Step Date (s) |Date (s) on which the Step Rate changes become effective |

| | |

| |Required but Conditional on Step Indicator=Yes |

|Step Rate (s) |The Interest Rate for the effective period as established in the Step Date |

| |schedule. |

| | |

| |Required but Conditional on Step Indicator=Yes |

|Dissemination Decision |Flag set by the Dissemination Underwriter to indicate that the Security |

|Flag |Information can be disseminated as part of the NIIDS process. |

| | |

| |Triggers the Dissemination Process |

Optional Data Elements—the following data elements are NOT required to mark the issue as trade eligible, however, if populated this information will be disseminated.

|Obligor Name |Free form text field for Obligor name, if appropriate |

|Credit Enhancer Level of |Credit Enhancer Level of Priority |

|Priority | |

|Credit Enhancement |Credit Enhancement Expiration Date(s) for each |

|Expiration Date(s) | |

|State Taxable |Field choices will be: Y or N. Taxable or Tax-Exempt |

| |For Bonds that are issued in multiple states it is necessary to capture Tax rules|

| |by state. |

|State Alternative Minimum |Taxation based on an alternative method of calculating federal income tax |

|Tax |intended to ensure that taxpayers are not able to avoid paying any federal income|

| |tax. |

|State Code |For Bonds that are issued in multiple states it is necessary to capture Tax rules|

| |by state. |

|Blue Sky Regulation |List of the states where issue is NOT cleared under Blue Sky Restrictions (an |

| |exception list) |

|Bank Qualified |Field is Y/N. |

| |Designation given to a public purpose bond offering by the issuer if it |

| |reasonably expects to issue in the calendar year of such offering no more than |

| |$10 million par amount of bonds of the type required to be included in making |

| |such calculation under the Internal Revenue Code.  When purchased by a commercial|

| |bank for its portfolio, the bank may receive an 80% tax deduction for the |

| |interest cost of carry for the issue.  A bond that is bank qualified is also |

| |known as a “qualified tax-exempt obligation.” |

|New Money |This is a Y/N field. Securities issued for a new project or purpose. |

|Refunding |This is a Y/N field. A procedure whereby an issuer refinances outstanding bonds |

| |by issuing new bonds. |

|Advanced Refunding |For purposes of certain tax and securities laws and regulations, a refunding in |

| |which the refunded issue remains outstanding for a period of more than 90 days |

| |after the issuance of the refunding issue. |

|Remarketing |This is a Y/N field. The process of reselling securities to the public that has |

| |been tendered for purchase by the previous owners thereof. |

|Estate or Death Put |Identifies that a security is subject to be Put upon the passing of the holder |

|Days to PUT Notification |The number of days prior to a PUT that the agent must provide notification |

|Put Window - Business or |Identifies whether a business calendar or an actual calendar is used for the Put |

|Calendar indicator |notification window |

|Issue Size |Issue Offering Amount – The amount ($) of all securities that is offered through |

| |this issue |

|Call Type |Indicates whether the call will be executed by Lottery or Pro-Rata |

|Sinking Fund Type |Indicates whether the Sinking Fund will be called by Lottery, Pro-Rata or (?) |

|Full Mandatory Sinking |The full sinking fund call scheduled will be laid out, if any. |

|Fund call schedule | |

|Senior Manager(s) |Listing of Senior Managers or Book runners of a New Issue. This list should |

| |allow for multiple senior managers. Use NASD broker symbols and possibly names as|

| |well. |

|Senior Manager (s) Contact|Contact information, including name email address and telephone number for each |

|Information |Senior Manager |

|Super Sinker |A colloquial term for a term maturity, usually from a single family mortgage |

| |revenue issue with several term maturities that will be the first to be called |

| |from a sinking fund into which all proceeds from prepayments of mortgages |

| |financed by the issue are deposited.  The maturity’s priority status under the |

| |call provisions means that it is likely to be redeemed in its entirety well |

| |before the stated maturity date. |

|Average Life Date |Average Life Date, if supplied |

|Interest Rate Reset |Interest Rate Reset Frequency values are: |

|Frequency | |

| |DTCC values are: |

| |- Every N Years |

| |- Every N Half-years |

| |- Every N Quarters |

| |- Every N Months |

| |- Every N Fortnights |

| |- Every N Weeks |

| |- Every N Days |

| |- Other |

|Interest Rate Reset |The actual number value of the frequency |

|frequency number | |

|PAC Bond (Y/N) |A mortgage-backed bond payable with a fixed sinking fund schedule structured so |

| |that mortgage repayments will be sufficient to make all sinking fund payments as |

| |scheduled. |

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