SEC Municipal Advisor Rule: IRMA Exception Statement
By publicly posting the following written disclosure as of May 2015, LCRA intends that market participants receive and use it for purposes of the independent registered municipal advisor exemption to the SEC Municipal Advisor Rule.
LCRA has retained an independent registered municipal advisor – Specialized Public Finance, Inc. LCRA is represented by and will rely on its municipal advisor to provide advice on proposals from financial service firms concerning the issuance of municipal securities and municipal financial products (including investments of bond proceeds and escrow investments). This representation may be relied upon until further notice. Proposals may be addressed to LCRA, attention Treasurer, but may not be sent to LCRA’s municipal advisor without prior consent of LCRA. If the proposal received will be seriously considered by LCRA, LCRA will share the document with its municipal advisor. Aside from regulatory mandated correspondence between an underwriter and municipal advisor, the underwriter should not speak directly with or send documents directly to the municipal advisor unless specifically authorized by LCRA.