About the MAC
What We Do
Almost everything we do is posted on www.mactexas.com
in one form or another. From the products and services described below to
our membership directory and query capabilities, we strive to improve the features
and content of the website on a continuing basis. The information you need to conduct
business is a click away.
DisclosureUSA, the website created to serve as the Central Post Office for secondary market disclosure, was launched on September 7, 2004. The same day, Martha
Haines, Chief of the Office of Municipal Securities at the Securities and Exchange Commission, issued a press release and an interpretative letter authorizing the use
of DisclosureUSA by issuers and others who make disclosure filings pursuant to SEC Rule 15c2-12.
DisclosureUSA is a result of the efforts of the Muni Council to improve secondary market disclosure. 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. The Municipal Advisory Council was recognized for its contribution to developing and operating the site by the National Association of State Treasurers, State Debt Management Network with the Tanya Gritz Award for Excellence in Public Finance for 2004.
DisclosureUSA is a result of the efforts of the Muni Council to improve secondary market disclosure. 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. The Municipal Advisory Council was recognized for its contribution to developing and operating the site by the National Association of State Treasurers, State Debt Management Network with the Tanya Gritz Award for Excellence in Public Finance for 2004.
DisclosureUSA accepted continuing disclosure filings from September 7, 2004 until June 30, 2009
Effective July 1, 2009, the need for DisclosureUSA to serve as the Central Post Office (CPO) no longer exists. DisclosureUSA no longer accepts filings. However,
filers will still be able to access the website and use “Find a Filing” to search for previous submissions. Users with existing accounts are still able to login and
view information about their past filings.
Filers should to go to the MSRB's Electronic Municipal Market Access (EMMA) site to make their secondary market disclosure filings.
Filers should to go to the MSRB's Electronic Municipal Market Access (EMMA) site to make their secondary market disclosure filings.
Whenever a public entity issues debt or sends the MAC its latest annual financial
report, our analysts promptly begin to update the corresponding Texas Municipal Report (TMR). These TMRs provide the municipal bond community with current
financial and economic data on more than 5,000 issuers in Texas, including state agencies, cities, counties, school districts, water and municipal utility districts,
universities and junior colleges, river authorities, hospital districts, and housing authorities. Each TMR includes, at a minimum, an issuer's outstanding debt
and debt service schedule, its basic operating statements, its economic background, and a list of its finance-related officials. Our TMRs also include vital tax information
for all tax-supported debt. To facilitate TMR production, our analysts utilize data from audits, SID documents, official statements, county appraisal districts, the
State Comptroller's office, and various websites. TMRs are available on-line. They can be accessed with a CUSIP, by issuer name or by the MAC 4 digit code.
Additional information, such as bond ratings and associated documents, are a click away. Updated TMRs are sent to the web on a daily basis.
The Texas Bond Reporter, published weekly, gives an overview of current bond issues. Each bond issue is tracked from the election stage through the Attorney
General's approval. Each Thursday morning the electronic version of The Texas Bond Reporter is emailed to subscribers. The printed version is
mailed Thursday and is usually received by the next day.
Information Reported in The Texas Bond Reporter
Information Reported in The Texas Bond Reporter
- Bond Elections Results
- Competitive & Negotiated Calendar
- Legal Notices
- Conditions of Upcoming Sales
- Ratings
- Sale Results
- Bonds Approved by AG’s Office
- Material Events
- Notices of Redemptions
The MAC’s On-line Bond Calendar and Bond Sales Results help industry
participants get the information and documents they need to stay on top of scheduled bond sales. Descriptive bond information is keyed into our database and exported
to the website, along with associated documents, within minutes of receipt to the website.
On-line Documents
Since the MAC has served as an unofficial depository of documents since 1954, we have accumulated audited annual financial reports, official statements, escrow agreements
and verification reports on over 5,000 issuers in the state. Official Statements, Material Event Notices, Annual Financial Reports and Continuing Disclosure Reports
are now available on-line. Any document not currently on the web only requires a phone call, and we will have it available within minutes.
State Information Depository
The MAC’s designation as a SID places it in a unique position. The MAC receives the audited financial statements, annual financial information and operating data and material events of all municipal debt issuers in the state, as required by Rule 15c2-12 in undertakings prior to July 1, 2009. The MAC was the first organization in the nation to be designated a State Information Depository.
Annual Conference and Roundtables
The MAC hosts an annual conference on industry topics. These topics have included derivatives, secondary disclosure, tax reform and legislative changes. In
addition, the MAC hosts Roundtables to encourage discussion, to educate and to keep members informed about important issues facing the industry.
MAC Training Day
The MAC also hosts “MAC Training Day” designed to educate members about MAC products
and services.
Research Requests
The MAC maintains a huge database of municipal bond information. Those interested in obtaining a specific query of the database should contact the MAC. There is a charge of $100 per hour for research requests.
The Membership Directory is a current listing of MAC Members and Subscribers. Each person in the MAC Database is listed in the on-line Membership Directory as well as the
Membership Directory App. Attaching a photo and a professional biography to the Directory information and updating or changing contact information
is done by going to “My Account” and entering the data there.
Service Fees - Effective November 1, 2008
MAC Subscription: Includes access to www.mactexas.com and a subscription to The Texas Bond Reporter.
Research Requests will be billed at $100 per hour. Documents (Official Statements, Transcripts, Audits, and Material Event Notices) may be purchased for $25 each.
| MAC Subscription | MAC Members | Non-Members | Issuer | Information Providers |
|---|---|---|---|---|
| Initial Office | $350.00 per month or Free if firm has paid underwriting assessment in previous calendar year. | $550.00 per month | $350.00 per month | Contact MAC 512-476-6947 |
| Branch Office | Free | $125.00 per month | N/A | Contact MAC 512-476-6947 |
Research Requests will be billed at $100 per hour. Documents (Official Statements, Transcripts, Audits, and Material Event Notices) may be purchased for $25 each.
Underwriting Assessment Rates, Rules and Procedures
The MAC's principal source of revenue is per bond assessments imposed on municipal securities underwritings of the MAC's voluntary broker-dealer members,
although the MAC also receives investment and other income. Under the MAC's budget policy, estimated assessment revenue may not exceed estimated expenses of collecting, maintaining and distributing
issuer information.
Underwriting Assessment Summary
Prescribed by the Board of Trustees: Effective November 1, 2020
Regular Assessment Rates
The rate of assessment on all new issues approved by the Texas Attorney General
is $0.50 per $1,000 for the first $1,000,000 of bonds purchased, plus $0.10 per
$1,000 on the remaining balance of the issue with a maximum underwriting assessment
of $15,000.
Underwriting Assessment Summary
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Maximum Annual Assessment Rate
An annual maximum underwriting assessment of $30,000 will apply to more than one
issue of securities of the same issuer, selling within the same MAC fiscal year
(November 1 - October 31). For Conduit Issuers (see definition below), the annual
maximum underwriting assessment of $30,000 will apply to each separate pledge of
income or project. Any assessment collected in excess of this maximum will be refunded
to the underwriter(s).
Short Term Assessment Rates
The rate of assessment on contractual obligations and other similar debt instruments is:
- Obligations maturing in less than one year are not assessable
- Obligations maturing in one up to two years - $0.10 per $1,000
- Obligations maturing in two up to five years - $0.25 per $1,000
Rules and Procedure
Definition of an Underwriting Assessment
Any purchase of bonds, warrants, notes or other evidences of indebtedness from the issuing municipal subdivision shall constitute an underwriting within the meaning
of this resolution. The assessment shall apply to all underwritings by a dealer who is a Council member or by a syndicate that contains one or more Council members.
Assessment of More than One Issue of Securities Payable from the Same Pledge
More than one issue of securities, payable from the same pledge of income, shall comprise a single underwriting if:
- All such issues are sold through a negotiated sale, on the same day.
- All such issues are sold through a competitive sale, on the same day and to the same dealer or dealer syndicate.
Assessment of Variable Rate Obligations
Variable rate obligations that have a final maturity greater than one year and that
have an option to be put in less than one year are not assessed if they are sold
through competitive sale, but are assessed if they are sold through negotiated sale.
Assessment of Refunding Bonds
Refunding bonds are subject to assessment as any other bonds under the following
conditions:
- When the underwriter has entered into a contract providing for the calling of outstanding bonds, including advance refundings; and
- When issued in exchange for securities representing interim financing, although if the assessment is paid on the interim securities, the refunding bonds are not assessable. Bonds issued in exchange for outstanding non-callable bonds voluntarily submitted for exchange are not subject to assessment.
Purchase of Securities as an Investment
Any purchase of an issue of securities from the issuing agency by any partner, principal
or employee of a member firm shall be considered as an ordinary underwriting for
purposes of assessment.
Private Placement
A new issue placed privately by a Council member acting for a fee paid by the issuing
agency is assessable on the same basis as an underwriting.
Definition of a Conduit Issuer
Governmental entities that issue securities for the benefit of a third party, usually qualified, nongovernmental corporations, such as not-for-profit hospitals, private
colleges, and private companies engaged in pollution-control activities. Examples of conduit issuers include, but are not limited to, Housing Finance Corporation,
Health Facility Development Corporations, Industrial Development Corporations, River Authorities, Regional Utility Districts, and Higher Education Authorities.
