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<b><span style="font-size:20.0pt;color:#7F7F7F">Cash Management News<o:p></o:p></span></b></p>
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<b><span style="font-size:14.0pt;color:#355C17">Rule Amendment Proposals Affecting Local Government Debt<o:p></o:p></span></b></p>
<p class="MsoNormal" style="text-align:justify;mso-line-height-alt:1.15pt">If implemented, the two rule amendment proposals discussed below are likely to have significant impacts on municipalities and their debt issuance processes, specifically for private
placements and bank loans. In addition to being reminded of existing responsibilities, we encourage learning about these possible changes.<o:p></o:p></p>
<p class="MsoNormal" style="text-align:justify;mso-line-height-alt:1.15pt"><o:p> </o:p></p>
<p class="MsoNormal" style="text-align:justify;mso-line-height-alt:1.15pt"><b><span style="font-size:12.0pt;color:#355C17">MSRB Rule G-34<o:p></o:p></span></b></p>
<p class="MsoNormal" style="text-align:justify;mso-line-height-alt:1.15pt">The Municipal Securities Rulemaking Board (MSRB) recently requested comments on proposed amendments to Rule G-34, which governs CUSIP number requirements for municipal bonds and other
privately placed/direct purchase obligations. For more information, read Nixon Peabody’s public article, “<span class="MsoHyperlink"><span style="color:#355C17"><a href="https://www.nixonpeabody.com/en/ideas/articles/2017/03/14/proposed-amendment-to-msrb-rule-g-34-clarifying-cusip-requirements-in-private-placements"><span style="color:#355C17">Proposed
Amendment to MSRB Rule G-34 Clarifying CUSIP Requirements in Private Placements</span></a></span></span>,” and the MSRB’s
<span class="MsoHyperlink"><span style="color:#355C17"><a href="http://www.msrb.org/Rules-and-Interpretations/MSRB-Rules/General/Rule-G-34.aspx?tab=1"><span style="color:#355C17">Rule G-34 Overview</span></a></span></span> and
<span class="MsoHyperlink"><span style="color:#355C17"><a href="http://www.msrb.org/Rules-and-Interpretations/MSRB-Rules/General/~/media/F90930378CD0449ABC1D5F3A4033197C.ashx"><span style="color:#355C17">Regulatory Notice</span></a></span></span>. Comments
received by the March 31 deadline are available for review <span class="MsoHyperlink">
<span style="color:#355C17"><a href="http://www.msrb.org/Rules-and-Interpretations/Regulatory-Notices/2017/2017-05.aspx?c=1"><span style="color:#355C17">here</span></a></span></span>.<o:p></o:p></p>
<p class="MsoNormal" style="text-align:justify;mso-line-height-alt:1.15pt"><o:p> </o:p></p>
<p class="MsoNormal" style="text-align:justify;mso-line-height-alt:1.15pt"><b><span style="font-size:12.0pt;color:#355C17">SEC Rule 15c2-12<o:p></o:p></span></b></p>
<p class="MsoNormal" style="text-align:justify;mso-line-height-alt:1.15pt">The Securities Exchange Commission (SEC) is requesting comments on proposed amendments to the Municipal Securities Disclosure Rule (Rule 15c2‑12) under the Securities Exchange Act of
1934. The proposed amendments would add two events to the list of Material Events. For more information, read Nixon Peabody’s public article, “<span class="MsoHyperlink"><span style="color:#355C17"><a href="https://www2.nixonpeabody.com/en/ideas/articles/2017/03/03/sec-proposes-amendments-to-rule-15c2-12-to-add-events-for-which-notice-must-be-provided"><span style="color:#355C17">SEC
Proposes Amendments to Rule 15c2-12 to Add Events for Which Notice Must Be Provided</span></a></span></span>,” and the SEC release, “<span class="MsoHyperlink"><span style="color:#355C17"><a href="https://www.sec.gov/rules/proposed/2017/34-80130.pdf"><span style="color:#355C17">Proposed
Amendments to Municipal Securities Disclosure</span></a></span></span>.” Comments are due no later than May 15 and can be submitted online
<span class="MsoHyperlink"><span style="color:#355C17"><a href="https://www.sec.gov/rules/proposed.shtml"><span style="color:#355C17">here</span></a></span></span>.<span style="color:#262626"><o:p></o:p></span></p>
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<p class="MsoNormal" align="center" style="text-align:center"><span style="font-size:9.0pt;color:white">350 Winter Street NE, Suite 100 | Salem, OR 97301-3896 | Phone (503) 378-4000 |
</span><a href="http://www.oregon.gov/treasury"><span style="font-size:9.0pt;color:white;text-decoration:none">www.oregon.gov/treasury</span></a><span style="color:white"><o:p></o:p></span></p>
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