DISCRETION. YOUR USE OF THIS WEB SITE AFTER SUCH CHANGES ARE IMPLEMENTED CONSTITUTES YOUR ACKNOWLEDGMENT AND ACCEPTANCE OF THE CHANGES. PLEASE CONSULT
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.
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
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]
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
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
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,
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
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
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.
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
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.
You will indemnify and hold MAC, its subsidiaries, affiliates, licensors, content providers, service providers, employees, agents, officers, directors,
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.
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
13. INFORMATION YOU PROVIDE
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
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
MAC reserves the right to fully cooperate with any law enforcement authorities or court order requesting or directing MAC to disclose the identity of
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.
conflicts of law.
pertaining to the subject matter hereof.
enforceability of any remaining provisions.
such right or provision.
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.
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:
Thank you for visiting the Website.
© 2023 Municipal Advisory Council of Texas
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.
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.
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.
Moody’s Analytics (“Moody’s Analytics”)
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.
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.
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.
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.
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.
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
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
Municipal Advisory Council of Texas
600 West 8th St.
Austin, Texas 78701
Phone: (512) 476-6947
Fax: (512) 476-6403
Or via email to: [email protected]
The Municipal Advisory Council of Texas ("MAC") provides the website and content at mactexas.com and affiliated websites (collectively, the “Website”).
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
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
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
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.
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
6. Links to Other Sites
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
7. Changes to this Policy
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.
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.