On May 25, 1995, the Governor of Texas, the Honorable George Bush, designated the MAC through Executive Order GWB 95-4, as the State Information Depository (SID) for Texas.    On August 30, 1995, the MAC received a no-action letter from the United States Securities and Exchange Commission (SEC) that recognized the MAC as the SID for the purposes of Rule 15c2-12 under the Securities and Exchange Act of 1934.  The MAC was the first organization in the nation to be designated a State Information Depository.

The MAC's designation as a SID places it in a unique position. The MAC, just like the four Nationally Recognized Municipal Securities Information Repositories (NRMSIRs), will receive the audited financial statements, annual financial information and operating data and material events of all municipal debt issuers in the state, as required by SEC Rule 15c2-12.

In addition, the MAC receives information on an exempt category of issuer, those with less than $10 million of debt outstanding (known as the small issuer exemption). There are approximately 1,500 of these issuers in Texas; they represent almost 50% of Texas issuers and have over $5 billion in total outstanding debt. These issuers are not required to submit the annual financial and operating data to the NRMSIRs, but are required to submit the information to a SID. This unique position means that the MAC reports and products contain information not necessarily available to national data providers.

The Municipal Advisory Council of Texas was chosen to develop and operate a system that enables issuers to meet the filing requirements of Rule 15c2-12 by means of a single filing location. If you file through DisclosureUSA, you do not need to make a separate filing with any of the NRMSIRs or SIDs