Disclaimers
Website Terms of Use

IMPORTANT! THESE TERMS OF USE GOVERN YOUR USE OF THIS WEB SITE (OR SITE), WHICH IS PROVIDED BY THE MUNICIPAL ADVISORY COUNCIL OF TEXAS (“MAC”). BY ACCESSING THIS WEB SITE, OR BY CLICKING TO ACCEPT OR AGREE TO THESE TERMS OF USE WHEN THIS OPTION IS MADE AVAILABLE TO YOU, YOU INDICATE AND EXPRESS THEREBY YOUR ACKNOWLEDGMENT AND ACCEPTANCE OF AND AGREEMENT TO THESE TERMS OF USE. THESE TERMS OF USE ARE SUBJECT TO CHANGE BY MAC AT ANY TIME IN ITS DISCRETION. YOUR USE OF THIS WEB SITE AFTER SUCH CHANGES ARE IMPLEMENTED CONSTITUTES YOUR ACKNOWLEDGMENT AND ACCEPTANCE OF THE CHANGES. PLEASE CONSULT THESE TERMS OF USE REGULARLY.

1. ACCESS TO THIS WEB SITE

To access this web site or some of the resources it has to offer, you may be asked to provide certain registration details or other information. It is a condition of your use of this web site that all the information you provide on this web site will be correct, current, and complete. If MAC believes the information you provide is not correct, current, or complete, MAC has the right to refuse you access to this web site or any of its resources, and to terminate or suspend your access at any time.

2. GENERAL CONDITIONS AND RESTRICTIONS ON USE

You may use this web site for your internal business purposes and other lawful purposes expressly permitted by this web site. You may not use this web site for any other purpose, including any commercial purpose, without MAC’s express prior written consent.

Prohibited Conduct

You agree NOT to, and it is a condition of your access to and use of this web site that you do NOT:

  • Use any robot, spider, scraper, or other computerized or automated device, process, or means to access this web site for any purpose, including monitoring or copying any of the material or Content on this web site.
  • Use this web site in any manner that could disable, overburden, damage, or impair the site or interfere with any other party''s use of this web site, including their ability to engage in real time activities through this web site.
  • Use any device, software or routine that interferes with the proper working of this web site.
  • Use this web site in any way that violates any applicable federal, state, local or international law or regulation (including, without limitation, any laws regarding the export of data or software to and from the US or other countries).
  • Impersonate or attempt to impersonate another user or any other person or entity (including, without limitation, by using e-mail addresses or registration information associated with any of the foregoing).

Additionally, you agree NOT to:

  • Engage in any conduct that restricts or inhibits anyone''s use or enjoyment of this web site, or which, as determined by us, may harm MAC or users of this web site or expose them to liability.
  • Introduce any viruses, trojan horses, worms, logic bombs or other material which is malicious or technologically harmful.
  • Attempt to gain unauthorized access to, interfere with, damage or disrupt any parts of this web site, the server on which this web site is stored, or any server, computer or database connected to this web site.
  • Attack this web site via a denial-of-service attack or a distributed denial-of-service attack.
  • Otherwise attempt to interfere with the proper working of this web site.

3. PROPRIETARY INFORMATION

The material and content accessible from this web site and any other World Wide Web site owned, operated, licensed, or controlled by MAC (the “Content”) is the proprietary information of MAC or the party that provided the Content to MAC, and MAC or the party that provided the Content to MAC retains all right, title, and interest in the Content, including but not limited to all copyrights in the Content. Subject to any other applicable terms, conditions, and disclaimers stated in Section 4 below, the Content may be used, copied, reproduced, or transmitted for your internal business purposes, provided that you do not remove or alter, or cause to be removed or altered, any copyright, trademark, trade name, service mark, or any other proprietary notice or legend appearing on any of the Content; otherwise the Content may not be copied, reproduced, distributed, sold, licensed, or leased, republished, uploaded, posted, or transmitted without the prior written authorization or consent of MAC and the party that provided the Content to MAC. Modification or use of the Content except as expressly provided in these Terms of Use violates the intellectual property rights of MAC and/or the parties that provided the Content to MAC. Neither title nor intellectual property rights are transferred to you by access to this web site.

4. OTHER DATA USE AGREEMENTS AND DISCLAIMERS

Texas Municipal Report (“TMR”) . The Content includes or may include data contained in one or more Texas Municipal Reports (“TMR Data”) prepared by or for MAC. Additional terms, conditions, and disclaimers relating to the TMR Data are provided in [Exhibit A]. hereto and incorporated into these Terms of Use the same as if set forth herein.

Municipal Securities Rulemaking Board (“MSRB”) . The Content includes or may include certain data supplied by the Municipal Securities Rulemaking Board (“MSRB Data”). Your use of MSRB Data is limited to your internal business use. You have no permission or right to re-disseminate MSRB Data. Additional terms, conditions, and disclaimers relating to the MSRB Data are provided in [Exhibit B] and incorporated into these Terms of Use the same as if set forth herein.

CUSIP Global Services (“CGS”) . The Content includes or may include certain data supplied by CUSIP Global Services (“CGS Data”). Your access to the CGS Data is expressly conditioned on the effectiveness of the CUSIP Distribution Agreement between CGS and MAC effective as of June 30, 2014, and all such access rights shall automatically terminate upon termination of the license granted to MAC under the CUSIP Distribution Agreement. Additional terms, conditions, and disclaimers relating to the CGS Data are provided in [Exhibit C] and incorporated into these Terms of Use the same as if set forth herein.

Moody’s Analytics (“Moody’s Analytics”) . The Content includes or may include certain data supplied by Moody’s Analytics, Inc. (“Moody’s Analytics Data”). Your use of Moody’s Analytics Data is limited to your own internal business purposes. You are authorized to access and use the Moody’s Analytics Data in Electronic Display format, meaning the display of data via a password protected portion of this web site, but excluding any distribution via off-line downloading tapes, bulk download capability, discs, optical media, CD-ROM, or hard-copy formats, or as part of a searchable database, or digital data feed. Additional terms, conditions, and disclaimers relating to the Moody’s Analytics Data are provided in [Exhibit D] and incorporated into these Terms of Use the same as if set forth herein.

Private Placement Purchases The Content on this page lists entities known to the MAC to have previously purchased bonds and similar obligations from Texas municipal issuers in private placements and how often they have done so in relevant periods and sectors. Additional terms, conditions, and disclaimers relating to the Content on the page are provided in [Exhibit G] hereto and incorporated into these Terms of Use the same as if set forth herein.

5. HYPER-LINKS

This web site may be hyper-linked to other sites which are not maintained by, or related to, MAC. Hyper-links to such sites are provided as a service to users and are not sponsored by or affiliated with this web site or MAC. MAC has not reviewed any or all of such sites and is not responsible for the content of those sites. Hyper-links are to be accessed at the user’s own risk, and MAC makes no representations or warranties about the content, completeness, or accuracy of these hyper-links or the sites hyper-linked to this web site. Further, the inclusion of any hyper-link to a third-party site does not necessarily imply endorsement by MAC of that site.

6. LINKING TO THE SITE

You may link to the home page of this web site, provided you do so in a way that is fair and legal and does not damage our reputation or take advantage of it, but you must not establish a link in such a way as to suggest any form of association, approval, or endorsement on our part without our written consent. For example, you may not (and may not authorize any other party to) (i) co-brand this web site or (ii) frame this web site without the express prior written permission of an authorized representative of MAC. For purposes of these Terms of Use, “co-branding” means to display a name, logo, trademark, or other means of attribution or identification of any party in such a manner as is reasonably likely to give a user the impression that such other party has the right to display, publish, or distribute this web site or content accessible within this web site. You agree to cooperate with MAC in causing any unauthorized co-branding, framing or hyper-linking immediately to cease.

7. SUBMISSIONS

You hereby grant to MAC the royalty-free, perpetual, irrevocable, worldwide, non-exclusive right and license to use, reproduce, modify, adapt, publish, translate, create derivative works from, distribute, perform, and display all content, remarks, suggestions, ideas, graphics, or other information communicated to MAC through this web site (together, the “Submission”), and to incorporate any Submission in other works in any form, media, or technology now known or later developed. MAC will not be required to treat any Submission as confidential, and may use any Submission in its business (including without limitation, for products or advertising) without incurring any liability for royalties or any other consideration of any kind, and will not incur any liability as a result of any similarities that may appear in future MAC operations.

MAC will treat any personal information that you submit through this web site in accordance with its Privacy Policy[Exhibit F].

8. DISCLAIMERS

The information on this website is provided by MAC for informational purposes only, and is not intended to be, and should not be considered as, a recommendation, endorsement or solicitation to buy or sell any security. This web site and the information contained hereon is not intended for use in making an investment decision, and MAC does not intend to provide investment, legal or tax advice. Investors should consult their own investment, legal or tax advisers regarding the appropriateness of investing in the securities of issuers described on this web site. Nothing herein should be construed to be an endorsement by MAC of any issuer or as an offer to sell or a solicitation to buy any security or other financial instrument. MAC expressly disclaims any liability for the accuracy, timeliness or completeness of data on this web site. The information on this web site may be updated from time to time, but MAC specifically disclaims any responsibility to update such information. The information on this web site has been obtained by MAC from sources believed by the MAC to be reliable, but MAC has not independently verified the accuracy or the currency of such information. The information on this web site is not intended for use in any regulatory, judicial, quasi-judicial, administrative or other similar proceeding, and should not be used or relied upon for evidentiary purposes or as proof of or corroboration for any fact or circumstance. The Municipal Advisory Council of Texas is not an agency of the State of Texas or any other government entity.

The Content is not necessarily complete and up-to-date and should not be used to replace any written reports, statements, or notices provided by MAC. Investors, borrowers, and other persons should use the Content in the same manner as any other educational medium and should not rely on the Content to the exclusion of their own professional judgment. Information obtained by using this web site is not exhaustive and does not cover all issues, topics, or facts that may be relevant to your goals.

You understand that MAC cannot and does not guarantee or warrant that files available for downloading from the Internet will be free of viruses, worms, Trojan horses, or other code that may manifest contaminating or destructive properties. You are responsible for implementing sufficient procedures and checkpoints to satisfy your particular requirements for accuracy of data input and output, and for maintaining a means external to this web site for the reconstruction of any lost data. MAC does not assume any responsibility or risk for your use of the Internet.

YOUR USE OF THIS WEB SITE IS AT YOUR OWN RISK. THE CONTENT IS PROVIDED “AS IS” AND WITHOUT WARRANTIES OF ANY KIND, EITHER EXPRESSED OR IMPLIED. MAC DISCLAIMS ALL WARRANTIES, INCLUDING ANY IMPLIED WARRANTIES OF MERCHANTABILITY, FITNESS FOR A PARTICULAR PURPOSE, TITLE, OR NON-INFRINGEMENT. MAC DOES NOT WARRANT THAT THE FUNCTIONS OR CONTENT CONTAINED IN THIS WEB SITE WILL BE UNINTERRUPTED OR ERROR-FREE, THAT DEFECTS WILL BE CORRECTED, OR THAT THIS WEB SITE OR THE SERVER THAT MAKES IT AVAILABLE IS FREE OF VIRUSES OR OTHER HARMFUL COMPONENTS. MAC DOES NOT WARRANT OR MAKE ANY REPRESENTATION REGARDING USE, OR THE RESULT OF USE, OF THE CONTENT IN TERMS OF ACCURACY, RELIABILITY, OR OTHERWISE. THE CONTENT MAY INCLUDE TECHNICAL INACCURACIES OR TYPOGRAPHICAL ERRORS, AND MAC MAY MAKE CHANGES OR IMPROVEMENTS AT ANY TIME. YOU, AND NOT MAC, ASSUME THE ENTIRE COST OF ALL NECESSARY SERVICING, REPAIR OR CORRECTION IN THE EVENT OF ANY LOSS OR DAMAGE ARISING FROM THE USE OF THIS WEB SITE OR ITS CONTENT. MAC MAKES NO WARRANTIES THAT YOUR USE OF THE CONTENT WILL NOT INFRINGE THE RIGHTS OF OTHERS AND ASSUMES NO LIABILITY OR RESPONSIBILITY FOR ERRORS OR OMISSIONS IN SUCH CONTENT.

All of the information in this web site, whether historical in nature or forward-looking, speaks only as of the date the information is posted on this web site, and MAC does not undertake any obligation to update such information after it is posted or to remove such information from this web site if it is not, or is no longer, accurate or complete.

9. LIMITATION ON LIABILITY

MAC, ITS SUBSIDIARIES, AFFILIATES, LICENSORS, SERVICE PROVIDERS, CONTENT PROVIDERS, EMPLOYEES, AGENTS, OFFICERS, AND DIRECTORS WILL NOT BE LIABLE FOR ANY INCIDENTAL, DIRECT, INDIRECT, PUNITIVE, ACTUAL, CONSEQUENTIAL, SPECIAL, EXEMPLARY, OR OTHER DAMAGES, INCLUDING LOSS OF REVENUE OR INCOME, PAIN AND SUFFERING, EMOTIONAL DISTRESS, OR SIMILAR DAMAGES, EVEN IF MAC HAS BEEN ADVISED OF THE POSSIBILITY OF SUCH DAMAGES. IN NO EVENT WILL THE COLLECTIVE LIABILITY OF MAC AND ITS SUBSIDIARIES, AFFILIATES, LICENSORS, SERVICE PROVIDERS, CONTENT PROVIDERS, EMPLOYEES, AGENTS, OFFICERS, AND DIRECTORS TO ANY PARTY (REGARDLESS OF THE FORM OF ACTION, WHETHER IN CONTRACT, TORT, OR OTHERWISE) EXCEED THE GREATER OF $100 OR THE AMOUNT YOU HAVE PAID TO MAC FOR THE APPLICABLE CONTENT OR SERVICE OUT OF WHICH LIABILITY AROSE.

10. INDEMNITY

You will indemnify and hold MAC, its subsidiaries, affiliates, licensors, content providers, service providers, employees, agents, officers, directors, and contractors (the “Indemnified Parties”) harmless from any breach of these Terms of Use by you, including any use of Content other than as expressly authorized in these Terms of Use. You agree that the Indemnified Parties will have no liability in connection with any such breach or unauthorized use, and you agree to indemnify any and all resulting loss, damages, judgments, awards, costs, expenses, and attorneys’ fees of the Indemnified Parties in connection therewith. You will also indemnify and hold the Indemnified Parties harmless from and against any claims brought by third parties arising out of your use of the information accessed from this web site.

11. TRADEMARKS

Trademarks, service marks, and logos appearing in this web site are the property of MAC or the party that provided the trademarks, service marks, and logos to MAC. MAC and any party that provided trademarks, service marks, and logos to MAC retain all rights with respect to any of their respective trademarks, service marks, and logos appearing in this web site.

12. COPYRIGHT INFRINGEMENT

If you believe that any Content or other material on this web site violates your copyright, please see our Copyright Policy[Exhibit E] for instructions on sending us a notice of copyright infringement. It is the policy of MAC to terminate the user accounts of repeat infringers.

13. INFORMATION YOU PROVIDE

MAC reserves the right to monitor use of this web site to determine compliance with these Terms of Use, as well the right to remove or refuse any information for any reason. Notwithstanding these rights, you remain solely responsible for the content of any Submission or other material that you post, send, submit, publish, or transmit in connection with this web site. You acknowledge and agree that neither MAC nor any third party that provides Content to MAC will assume or have any liability for any action or inaction by MAC or such third party with respect to any such Submission or other material.

14. SECURITY

Any passwords used for this web site are for individual use only. You will be responsible for the security of your password. MAC will be entitled to monitor your password and, at its discretion, require you to change it. If you use a password that MAC considers insecure, MAC will be entitled to require the password to be changed and/or terminate your account.

You are prohibited from using any services or facilities provided in connection with this web site to compromise security or tamper with system resources and/or accounts. The use or distribution of tools designed for compromising security (e.g., password guessing programs, cracking tools, or network probing tools) is strictly prohibited. If you become involved in any violation of system security, MAC reserves the right to release your details to system administrators at other sites in order to assist them in resolving security incidents. MAC reserves the right to investigate suspected violations of these Terms of Use.

MAC reserves the right to fully cooperate with any law enforcement authorities or court order requesting or directing MAC to disclose the identity of anyone posting any e-mail messages, or publishing or otherwise making available any materials that are believed to violate these Terms of Use. BY ACCEPTING THIS AGREEMENT YOU WAIVE AND HOLD HARMLESS MAC FROM ANY CLAIMS RESULTING FROM ANY ACTION TAKEN BY MAC DURING OR AS A RESULT OF ITS INVESTIGATIONS AND/OR FROM ANY ACTIONS TAKEN AS A CONSEQUENCE OF INVESTIGATIONS BY EITHER MAC OR LAW ENFORCEMENT AUTHORITIES.

15. MISCELLANEOUS

These Terms of Use will be governed and interpreted pursuant to the laws of Texas, United States of America, notwithstanding any principles of conflicts of law.

You specifically consent to personal jurisdiction in Texas in connection with any dispute between you and MAC arising out of these Terms of Use or pertaining to the subject matter hereof.

The parties to these Terms of Use each agree that the exclusive venue for any dispute between the parties arising out of these Terms of Use or pertaining to the subject matter of these Terms of Use will be in the state and federal courts in Austin, Travis County, Texas.

If any part of these Terms of Use is unlawful, void, or unenforceable, that part will be deemed severable and will not affect the validity and enforceability of any remaining provisions.

No waiver by MAC of any term or condition set forth in these Terms of Use shall be deemed a further or continuing waiver of such term or condition or a waiver of any other term or condition, and any failure of MAC to assert a right or provision under these Terms of Use shall not constitute a waiver of such right or provision.

These Terms of Use, and the terms and conditions of any Data Use Agreements or Disclaimers incorporated herein by reference, constitute the entire agreement among the parties with respect to this web site and supersede all prior and contemporaneous understandings, agreements, representations and warranties, both written and oral, with respect to the site. Notwithstanding the foregoing, any additional terms and conditions on this web site will govern the items to which they pertain.

MAC may revise these Terms of Use at any time by updating this posting and/or any Data Use Agreements or Disclaimers incorporated herein by reference.

16. YOUR COMMENTS AND CONCERNS

This web site is operated by Municipal Advisory Council of Texas, 600 West 8th St., Suite 200, Austin, Texas 78701.

All notices of copyright infringement claims should be sent to the copyright agent designated in our Copyright Policy[Exhibit E] in the manner and by the means set forth therein.

All other feedback, comments, requests for technical support and other communications relating to this web site should be directed to: [email protected].

Thank you for visiting the Website.

© 2024 Municipal Advisory Council of Texas


EXHIBIT A

MAC Disclaimer

DISCLAIMER. The Content includes or may include data contained in one or more Texas Municipal Reports (“TMR”). Each TMR has been prepared or for MAC for informational purposes only, and is not intended to be, and should not be considered as, a recommendation, endorsement or solicitation to buy or sell any security of the issuer to which it applies. The information set forth in the TMR has been obtained from the issuer and from sources believed to be reliable, but the MAC has not independently verified such information. The MAC specifically disclaims any responsibility for, and makes no representations, warranties or guarantees about, the completeness or accuracy of such information. In this connection, the TMR reflects information as of the date referred to in the TMR, as derived from filings received by the MAC from the issuer. The TMR will be updated in the ordinary course as filings are received from the issuer, but the MAC specifically disclaims any responsibility for doing so. The reader of the TMR is advised to obtain current information from other sources before making any investment decision respecting the securities of this issuer.


EXHIBIT B

Municipal Securities Rulemaking Board (“MSRB”)

MAC IS PROVIDING CERTAIN DATA SUPPLIED TO MAC BY THE MUNICIPAL SECURITIES RULEMAKING BOARD ("THE SERVICE") WITHOUT WARRANTIES OR REPRESENTATIONS AND ON AN "AS IS" BASIS. MAC HEREBY DISCLAIMS ALL REPRESENTATIONS AND WARRANTIES (EXPRESS OR IMPLIED), INCLUDING, BUT NOT LIMITED TO, WARRANTIES OF MERCHANTABILITY AND FITNESS FOR A PARTICULAR PURPOSE REGARDING THE SERVICE. YOU SHALL BEAR ALL RISK, RELATED COSTS AND LIABILITY AND BE RESPONSIBLE FOR YOUR USE OF THE SERVICE. MAC ASSUMES NO RESPONSIBILITY FOR THE CONSEQUENCES OF ANY INTENTIONAL OR UNINTENTIONAL ERROR, OMISSION, INACCURACY, INCOMPLETENESS OR UNTIMELINESS IN OR WITH RESPECT TO THE SERVICE.

Continuing Disclosure Subscription Service: The continuing disclosure documents and other information provided through the continuing disclosure service are submitted to the MSRB by issuers, obligated persons and their agents. Such documents are not required to be submitted to the MSRB for certain types of offerings. There is the possibility of failures by submitters to submit required documents to the MSRB, or of errors or delays in the processing of such documents by submitters or the MSRB. The MSRB does not review information contained in such documents for accuracy, completeness or any other purpose, and does not warrant or guarantee the accuracy of any information contained in such documents.

Primary Market Subscription Service: The official statements, preliminary official statements, advance refunding documents and other documents and information provided through the primary market disclosure service are submitted to the MSRB by broker-dealers and banks that underwrite offerings of municipal securities. Such documents may not exist for all offerings of municipal securities and such documents are not required to be submitted to the MSRB for certain types of offerings. There is the possibility of failures by underwriters to submit required documents to the MSRB, or of errors or delays in the processing of such documents by underwriters or the MSRB. The MSRB does not review information contained in such documents for accuracy, completeness or any other purpose, and does not warrant or guarantee the accuracy of any information contained in such documents.

Real-Time Transaction Data Subscription Service: The transaction data provided through the Real-Time Transaction Data Subscription Service represents municipal securities transaction data made available by brokers, dealers and municipal securities dealers to the MSRB and related information. Such transaction data and/or related information may not exist for all municipal securities and may not be required to be submitted to the MSRB for certain types of municipal securities transactions. The MSRB does not review transaction data submitted by submitters for accuracy, completeness or any other purpose, and does not warrant or guarantee the accuracy of any such transaction data and/or related information.

The MSRB, its officers, directors, employees, agents, consultants and licensors shall not be liable or responsible to you or anyone else for any losses, injuries, damages, costs, expenses or claims caused by, arising out of or relating to the following: (a) acts, omissions, occurrences or contingencies beyond their control; (b) service interruptions or performance failures, such as those that result from the use of telecommunications facilities that are outside their control, including the Internet; (c) negligence, gross negligence or willful misconduct in procuring, compiling, interpreting, editing, writing, reporting or delivering any of the content and material; (d) lost, stolen, late, corrupted, misdirected, failed, incomplete or delayed transmissions by anyone using the Service, including, but not limited to, any technical malfunctions, human error, computer viruses, lost data transmissions, omissions, interruptions, deletions, defects, hyperlink failures or line failures of any telephone network, computer equipment, software or any combination thereof; (e) damage to your computer systems, equipment, software, data or other tangible or intangible property resulting from or sustained in connection with your use of the Service; and/or (f) any disruption of business, lost sales or lost profits or any punitive, exemplary, indirect, special, incidental or consequential damages associated or in connection with, resulting from or arising out of any use of the Service or the content and material in the Service.

The Service is reproduced by permission of the MSRB under a non-exclusive limited license. The MSRB accepts no responsibility or liability for the accuracy of the reproduction of the Service or that such Service is current.


EXHIBIT C

CUSIP Global Services (“CGS”)

“Subscriber,” meaning You and the Member of MAC who has accepted this Agreement, agrees and acknowledges that the CUSIP Database and the information contained therein is and shall remain valuable intellectual property owned by, or licensed to, Standard & Poor''s CUSIP Service Bureau ("CSB") and the American Bankers Association ("ABA"), and that no proprietary rights are being transferred to Subscriber in such materials or in any of the information contained therein.

Any use by Subscriber outside of the clearing and settlement of transactions requires a license from CSB, along with an associated fee based on usage. Subscriber agrees that misappropriation or misuse of such materials will cause serious damage to CSB and ABA, and that in such event money damages may not constitute sufficient compensation to CSB and ABA; consequently, Subscriber agrees that in the event of any misappropriation or misuse, CSB and ABA shall have the right to obtain injunctive relief in addition to any other legal or financial remedies to which CSB and ABA may be entitled. Subscriber agrees that Subscriber shall not publish or distribute in any medium the CUSIP Database or any information contained therein or summaries or subsets thereof to any person or entity except in connection with the normal clearing and settlement of security transactions.

Subscriber further agrees that the use of CUSIP numbers and descriptions is not intended to create or maintain, and does not serve the purpose of the creation or maintenance of, a master file or database of CUSIP descriptions or numbers for itself or any third party recipient of such service and is not intended to create and does not serve in any way as a substitute for the CUSIP MASTER TAPE, PRINT, DB, INTERNET, ELECTRONIC, CD-ROM Services and/or any other future services developed by the CSB.

NEITHER CSB, ABA NOR ANY OF THEIR AFFILIATES MAKE ANY WARRANTIES, EXPRESS OR IMPLIED, AS TO THE ACCURACY, ADEQUACY OR COMPLETENESS OF ANY OF THE INFORMATION CONTAINED IN THE CUSIP DATABASE. ALL SUCH MATERIALS ARE PROVIDED TO SUBSCRIBER ON AN "AS IS" BASIS, WITHOUT ANY WARRANTIES AS TO MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE OR USE NOR WITH RESPECT TO THE RESULTS WHICH MAY BE OBTAINED FROM THE USE OF SUCH MATERIALS. NEITHER CSB, ABA NOR THEIR AFFILIATES SHALL HAVE ANY RESPONSIBILITY OR LIABILITY FOR ANY ERRORS OR OMISSIONS NOR SHALL THEY BE LIABLE FOR ANY DAMAGES, WHETHER DIRECT OR INDIRECT, SPECIAL OR CONSEQUENTIAL, EVEN IF THEY HAVE BEEN ADVISED OF THE POSSIBILITY OF SUCH DAMAGES. IN NO EVENT SHALL THE LIABILITY OF CSB, ABA OR ANY OF THEIR AFFILIATES PURSUANT TO ANY CAUSE OF ACTION, WHETHER IN CONTRACT, TORT, OR OTHERWISE, EXCEED THE FEE PAID BY SUBSCRIBER FOR ACCESS TO SUCH MATERIALS IN THE MONTH IN WHICH SUCH CAUSE OF ACTION IS ALLEGED TO HAVE ARISEN. FURTHERMORE, CSB AND ABA SHALL HAVE NO RESPONSIBILITY OR LIABILITY FOR DELAYS OR FAILURES DUE TO CIRCUMSTANCES BEYOND THEIR CONTROL.

Subscriber agrees that the foregoing terms and conditions shall survive any termination of its right of access to the materials identified above.


EXHIBIT D

Moody’s Analytics (“Moody’s Analytics”)

1. Proprietary Notice; Client Service provided solely for Subscriber’s internal or personal use; No Redistribution to Third Parties.

THE MOODY’S ANALYTICS DATA AND ACCOMPANYING MATERIALS AND CONTENT (“INFORMATION”) FURNISHED BY MAC (OR “CLIENT”) PURSUANT TO THIS AGREEMENT ARE PROPRIETARY TO CLIENT (OR CLIENT’S LICENSORS) AND ARE SO FURNISHED AT SUBSCRIBER''S REQUEST, “SUBSCRIBER” MEANING YOU AND THE MAC MEMBER THAT HAS ACCEPTED THIS AGREEMENT, AND FOR SUBSCRIBER''S EXCLUSIVE USE. NO INFORMATION SO FURNISHED MAY BE COPIED OR OTHERWISE REPRODUCED, REPACKAGED, FURTHER TRANSMITTED, TRANSFERRED, DISSEMINATED, DISTRIBUTED, REDISTRIBUTED, SOLD, RESOLD LEASED, RENTED, LICENSED, SUBLICENSED, ALTERED, MODIFIED, ADAPTED, OR STORED FOR SUBSEQUENT USE FOR ANY SUCH PURPOSE, IN WHOLE OR IN PART, IN ANY FORM OR MANNER OR BY ANY MEANS WHATSOEVER, BY SUBSCRIBER OR ANY OTHER PERSON OR ENTITY, WITHOUT CLIENT’S PRIOR WRITTEN CONSENT.

2. No Warranties; Limitation on Liability; Liability Cap.

All INFORMATION furnished pursuant to this Agreement is obtained by Client from sources believed by it to be accurate and reliable. Because of the possibility of human and mechanical error as well as other factors, however, all INFORMATION is provided "AS IS” without warranty of any kind, and CLIENT (AND CLIENT’S LICENSORS), IN PARTICULAR, MAKE NO REPRESENTATION OR WARRANTY, EXPRESS OR IMPLIED, TO SUBSCRIBER OR ANY OTHER PERSON OR ENTITY AS TO THE ACCURACY, TIMELINESS, COMPLETENESS, MERCHANTABILITY OR FITNESS FOR ANY PARTICULAR PURPOSE OF ANY SUCH INFORMATION.

Under no circumstance shall CLIENT (or CLIENT’S Licensors) have any liability to Subscriber or any other person or entity for (a) any loss, damage or other injury in whole or in part caused by, resulting from or relating to, any error (negligent or otherwise), or any other circumstance or contingency within or outside the control of Client or any of its directors, officers, employees or agents, or Licensors, in connection with the procurement, collection, compilation, analysis, interpretation, communication, publication or delivery of any INFORMATION, or (b) ANY INDIRECT, SPECIAL, CONSEQUENTIAL, INCIDENTAL OR COMPENSATORY DAMAGES WHATSOEVER (INCLUDING, WITHOUT LIMITATION, LOST PROFITS) EVEN IF CLIENT SHALL HAVE BEEN ADVISED IN ADVANCE OF THE POSSIBILITY OF SUCH DAMAGES, IN EITHER CASE CAUSED BY, RESULTING FROM OR RELATING TO THE USE OF, OR

INABILITY TO USE, ANY INFORMATION. Without limiting the foregoing, in no event shall the total liability of CLIENT or CLIENT’S licensors in the aggregate to Subscriber arising from this Agreement (based on any cause of action whatsoever) exceed the fees actually paid by Subscriber to CLIENT within the twelve (12) month period immediately preceding the date upon which the relevant claim accrued.

3. Moody’s Rights to Data.

Subscriber agrees and acknowledges that the Moody’s Analytics’ Data is and shall remain the valuable intellectual property owned by, or licensed to, Moody’s Analytics, Inc., (“Moody’s”) and that no proprietary rights are being transferred to Subscriber in such materials or in any of the information contained therein. Subscriber agrees that misappropriation or misuse of such materials shall cause serious damage to Moody’s and that in such event money damages may not constitute sufficient compensation to Moody’s; consequently, Subscriber agrees that in the event of any misappropriation or misuse, Moody’s shall have the right to obtain injunctive relief in addition to any other legal or financial remedies to which Moody’s may be entitled.

4. Securities Disclosures

Moody’s Investors Services, Inc. (“MIS”) hereby discloses that most issuers of debt securities (including corporate and municipal bonds, debentures, notes and commercial paper) and preferred stock rated by MIS have, prior to assignment of any rating, agreed to pay to MIS for the appraisal and rating services rendered by it fees ranging from $1,500 to $2,400,000. Moody''s Corporation (MCO) and its wholly-owned credit rating agency subsidiary, MIS also maintain policies and procedures to address the independence of MIS''s ratings and rating processes. Information regarding certain affiliations that may exist between directors of MCO and rated entities, and between entities who hold ratings from MIS and have also publicly reported to the SEC an ownership interest in MCO of more than 5%, is posted annually on Moody''s website at www.moodys.com under the heading "Shareholder Relations -- Corporate Governance -- Director and Shareholder Affiliation Policy."

Subscriber expressly agrees, on behalf of itself and each other person or entity that it permits to use any Information ("User"), that (a) the credit ratings and other opinions, and valuations, quotes, statistical quantitative or other information contained in the INFORMATION are, and will be construed solely as statements of opinion and not statements of fact or recommendations to purchase, hold or sell any securities, (b) the INFORMATION will be weighed solely as one factor in any investment decision made by or on behalf of Subscriber or any User, and (c) it will accordingly make its own study and evaluation of each security, and of each issuer and guarantor of, and each provider of credit support for, each security that i may consider purchasing, holding or selling.

5. Not a Real-Time Service

Subscriber acknowledges and understands that the Moody''s Ratings Delivery Service is not a real-time service, and that it may not reflect the most recent changes to ratings and other information published by Moody’s Investors Service (“MIS”), until MIS completes its regularly scheduled updates to the service Users of this service must refer to the official MIS press release announcements of ratings and related changes available on its website to receive up to date information.


EXHIBIT E

DMCA COPYRIGHT POLICY

The Municipal Advisory Council of Texas ("MAC"), has adopted the following policy toward copyright infringement in accordance with the Digital Millennium Copyright Act (DMCA), 17 U.S.C. § 512(c), http://lcweb.loc.gov/copyright/legislation/hr2281.pdf. The address of MAC''s Designated Agent to Receive Notification of Claimed Infringement is listed at the end of this policy.

MAC will (1) block access to and/or remove any material that it believes in good faith to be copyrighted material that has been illegally copied and distributed by any of our users, whether or not they are users; and (2) permanently remove and discontinue service to any repeat offender. This policy shall cover all aspects of the Web Site services provided by MAC.

Procedure for Reporting Copyright Infringements:

If you believe that material or content residing or accessible on the MAC site or service infringes a copyright, please send a notice of copyright infringement containing the following information to the Designated Agent to Receive Notification of Claimed Infringement listed below. Note that failure to comply with all or any requirements of this section may render your report or notice invalid.

1. A physical or electronic signature of a person authorized to act on behalf of the owner of the copyright that has been allegedly infringed;

2. Identification of works or materials being infringed;

3. Identification of the material that is claimed to be infringing including information regarding the location of the infringing materials that the copyright owner seeks to have removed, with sufficient detail so that MAC is capable of finding and verifying its existence.

4. Contact information about the notifier including address, telephone number and, if available, e-mail address.

5. A statement that the notifier has a good faith belief that the material is not authorized by the copyright owner, its agent, or the law; and

6. A statement made under penalty of perjury that the information provided is accurate and the notifying party is authorized to make the complaint on behalf of the copyright owner.

Once the infringement notification is received by the Designated Agent:

1. MAC will remove or disable access to the infringing material;

2. MAC will then immediately notify the user that it has removed or disabled access to the material.

3. First time offenders will have the infringing material removed from the system.

4. Repeat offenders will have the infringing material removed from the system and MAC may immediately terminate such user''s access to Total Port.

The alleged infringing user may supply a counter-notice to the Designated Agent that must include the following:

1. A physical or electronic signature of the user;

2. Identification of the material that has been removed, or to which access to has been disabled, and the location at which the material appeared before it was removed or disabled;

3. A statement under penalty of perjury that the user has a good faith belief that the material was removed or disabled as a result of mistake or a misidentification of the material; and

4. User’s name, address and telephone number and a statement that user consents to the jurisdiction of the Federal Court for the judicial district in which the user''s address is located, or if the user''s address is located outside the United States, for any judicial district in which MAC is located, and that user will accept service of process from the person who provided notification of the alleged infringement.

If a counter-notice is received by the Designated Agent, a copy of the counter-notice will be sent to the original complaining party informing that person that it will replace the removed material or cease disabling it within 10 business days. Unless the copyright owner files an action seeking a court order against the user, the removed material will be replaced, or access to it restored, within 14 business days after receipt of the counter-notice.

Please contact MAC''s Designated Agent to Receive Notification of Claimed Infringement at the following address: [email protected]

Designated Agent to Receive Notification of Claimed Infringement: Laura Slaughter, Executive Director

Notification of Claimed Copyright Infringement

MAC address:
Municipal Advisory Council of Texas
600 West 8th St.
Suite 200
Austin, Texas 78701

Phone: (512) 476-6947
Fax: (512) 476-6403

Or via email to: [email protected]


EXHIBIT F

MUNICIPAL ADVISORY COUNCIL OF TEXAS PRIVACY POLICY

The Municipal Advisory Council of Texas ("MAC") provides the website and content at mactexas.com and affiliated websites (collectively, the “Website”). Your use of the Website is governed by the Web Site Terms of Use, and by your use of the Website you accept and acknowledge this privacy policy.

1. What Personal Information We Collect

You may be asked to provide information that can be used to identify you (your "Personal Information") when you respond to certain inquiries or choose to use certain sections of the Website. This information may include, but is not limited to, your name, your employer or organization, address, telephone number, and e-mail address.

Also, when you visit the Website, we or third-parties acting on our behalf may place a “cookie”—a text file containing a randomly assigned number on your computer—so that we have the ability to customize the content of the Website for you. You are always free to decline our cookies if your browser permits, although doing so may impede your use of certain of the Website''s features.

We may also collect a variety of other information regarding your usage of the Website, including your IP address, your username, your session ID, the name of the browser you are using, information regarding web pages you view, referring web pages, when you access the Website, how many times you access the Website, and similar information.

2. How We Use Your Personal Information

A. Membership Directory. We use, or may use, your identifying information, including, but is not limited to, your name, your employer or organization, address, telephone number, and e-mail address, in a Membership Directory which we make available to members of MAC.

B. Other Use of Personal Information. In addition, we also use, or may use, your Personal Information in the following ways:

1. to identify members, users, and content providers of the services and content provided via the Website, to the extent the user name contains Personal Information;

2. to customize the look and feel of the Website for you;

3. to internally monitor usage of the Website by you and others in order to enhance the products and services that we currently or will offer in the future; and

4. to provide you with technical and other support.

While we use information about our users on an aggregated basis and may share such data with unaffiliated third parties, this information, by its aggregate nature, contains none of your Personal Information. When we refer to an "unaffiliated" third party, we mean one that (i) is not controlled by us, (ii) does not control us, and (iii) is not controlled by the same party controlling us.

3. When We Disclose Your Personal Information

Except as explicitly stated in this privacy policy, we will not disclose to unaffiliated third parties any of your Personal Information without first obtaining your consent. We do, and will continue to, disclose your Personal Information to unaffiliated third parties in the following circumstances:

1. if required by law, regulatory or court order, subpoena or other legal process;

2. if we determine that doing so would be in the public interest (for example, if we were to suspect that you were using the Website in connection with the commission of a crime);

3. in connection with a sale, merger, consolidation, change in control, transfer of substantial assets, reorganization, or liquidation of our company; and

4. in the context of working with third-party contractors engaged by us in the provision of the Website or related matters.

After we disclose your Personal Information to unaffiliated third parties in such instances, we can no longer control the use or further disclosure of your Personal Information. Consequently, we will not be responsible to you for such use or further disclosure.

4. Correcting Your Information

You can ensure that your account information is correct and current by reviewing and updating it at any time. You may do so as often as necessary by sending us an e-mail, and we will assist you in updating your information.

5. Security

We take precautions involving physical, electronic, and managerial controls to protect from loss, misuse, unauthorized access or disclosure, and alteration any of your Personal Information in our possession. We will employ industry-standard Secure Sockets Layer encryption and/or other encryption or security measures for all communications with the Website. You should note that the confidentiality of any information transmitted over the Internet cannot be guaranteed.

6. Links to Other Sites

You should be aware that this privacy policy applies only to the Website. Importantly, it does not apply to any other web or other sites to which a link may be provided as part of the Website. We cannot control and are not responsible for the actions of third parties operating such sites. You should not take the existence of an affiliation with, or a link from, the Website to any such other site to mean that it has a privacy policy similar to this one. You should review the privacy policy of any such site.

7. Changes to this Policy

We reserve the right to change this privacy policy at any time. You should check this location for any updates and other changes.

8. Your California Privacy Rights

California Civil Code § 1798.83 permits our visitors who are California residents to request certain information regarding their disclosure of personal information to third parties for their direct marketing purposes. You can make such a request by email to us at [email protected].

9. Note About the Privacy of Children Under 13

Membership to and use of the Website is restricted to those over the age of eighteen (18). MAC does not permit children under thirteen (13) to register as members or to provide personal identifying information to MAC.


EXHIBIT G

Private Placement Purchases Disclaimer

DISCLAIMER. The Private Placement Purchases page merely lists entities known to the MAC to have purchased bonds and similar obligations from Texas municipal issuers in private placements and how often they have done so in relevant time periods and sectors. The page is presented for historical information only. It is not intended to be, and should not be considered as, an indication that any listed purchaser is currently interested in buying or able to buy bonds or similar obligations from Texas municipal issuers or as a recommendation or endorsement of any such purchaser or as a solicitation to buy or sell any securities. The names and data on the page have been assembled from information submitted by MAC members, purchasers, issuers and other sources believed to be reliable, but the MAC has not independently verified the accuracy or completeness of such information. The MAC specifically disclaims any responsibility for, and makes no representations, warranties or guarantees about, the completeness or accuracy of such information. The MAC intends to update the page from time to time in the ordinary course as additional names and data are received, but the MAC specifically disclaims any responsibility for doing so.