This website (including , its subdomain emma.msrb.org and the Electronic Municipal Market Access (EMMA®) system, and all other subdomains and areas of this website, hereinafter collectively referred to as the Website), is administered by the Municipal Securities Rulemaking Board (MSRB, we, us or our). Please read these Terms of Use (Terms) carefully because these Terms constitute a legally binding agreement between any person using the Website (you) and the MSRB.You may not use the Website (or Content or Services, as defined below) if you do not agree to these Terms.Your use of the Website, Content and/or Services acknowledges that you read, understand and accept these Terms and conclusively shall constitute your agreement to be bound by and comply with these Terms. These Terms apply to your use of the Website, including any or all content (including text, information, data, files, reports, materials, graphics, audio, video, content, concepts, software, user interfaces, features, functionality, navigation, look and feel, designs, trademarks, trade names, trade dress and logos) on the Website (Content), as well as any services, software and applications, if any, provided on or available through the Website (Services), regardless of how you access it (for example, through the Internet or on a mobile device).These Terms include limitations on liability of the MSRB and certain third parties, disclaimers of warranties and a submission to jurisdiction.

You may only use the Website, Content and Services solely for the purposes permitted and as is expressly permitted in these Terms and otherwise in compliance with these Terms. All rights not expressly granted to you are reserved to the MSRB, its licensors and other respective owners, if any. The Website, Content and Services are to be used solely by you for your own internal purposes. The Website is intended for use only by individuals 13 years of age and older. You are not permitted to and shall not provide us with personal information if you are under 13 years of age.

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use the Website, Content or Services in violation of any U.S. or foreign law, rule or regulation, including United States and foreign patent, trade secret, trademark, service mark and copyright laws.

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You may view, print and make copies of Content, subject to these Terms (including the provisions in this section and in the sections below relating to data and other content provided by the MSRBs licensors). You may not, and shall not copy, reproduce, download, screen scrape or otherwise programmatically collect, store, transmit, broadcast, publish, modify, create a derivative work from, display, perform, distribute, redistribute, sell, license, rent, lease or otherwise use, transfer (either in printed, electronic or other format) or exploit any such Content, in whole or in part, in any way that does not comply with these Terms without our prior written permission. To request permission to use any Content other than as expressly permitted in these Terms, please write to us at: Municipal Securities Rulemaking Board, 1300 I Street NW, Suite 1000, Washington, DC 20005, Attention: Communications, or email your request .

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All rights in the product names, company names, trade names, logos, service marks, trade dress, slogans, and designs used on the Website, whether or not appearing in large print or with the trademark symbol, belong exclusively to the MSRB or its licensors and are protected from reproduction, imitation, dilution, or confusing or misleading uses under national and international trademark and copyright laws. The use or misuse of these trademarks or any materials, except as permitted herein, is expressly prohibited, and nothing stated or implied that confers on you any license or right under such trademarks or materials or under any patent or trademark of the MSRB or any third party. You shall promptly notify the MSRB f you know or suspect that someone has infringed the intellectual property of the MSRB or its licensors.

Municipal Securities Rulemaking Board, Electronic Municipal Market Access, EMMA, MyEMMA and MuniEdPro and related logos are the trademarks, service marks or trade names of Municipal Securities Rulemaking Board. (The absence of a name, logo or other mark in the preceding list does not constitute a waiver of any and all intellectual property rights that the MSRB has established in any of its products, services, programs, features, service marks, service names or logos.) Other trademarks, names or logos used on the Website are property of their respective owners. You are not authorized to use any of the foregoing.

You acknowledge that the Website is Copyright © 2019 by the Municipal Securities Rulemaking Board and that the MSRB or its licensors own the copyright in the Content under the laws of the United States and other countries, and have reserved all rights in that work, other than to licensors IP.

Copyright © 2019 Municipal Securities Rulemaking Board.

Some information available on the Website is provided by Standard & Poors SECURITIES DATAMANAGER and CUSIP Global Services, managed by Standard & Poors on behalf of the American Bankers Association (ABA). Such information includes CUSIP standard numbers (CUSIP Numbers) and CUSIP standard securities descriptions. CUSIP Numbers and CUSIP standard securities descriptions are provided to the MSRB by the CUSIP Global Services. CUSIP Global Services and the ABA assert that the CUSIP Numbers and CUSIP standard securities descriptions are and shall remain valuable intellectual property of CUSIP Global Services and the ABA, and you acknowledge and agree that no proprietary rights are being transferred to you in such information. In addition, some information relating to CUSIP standard securities descriptions is being supplemented or provided in full from SECURITIES DATAMANAGER. Such CUSIP standard securities description, as supplemented or otherwise provided, is referred to herein as the Securities Descriptions.

We are providing CUSIP Numbers and Securities Descriptions on the Website solely for the purpose of identifying municipal securities as an integral part of the trade price information provided on the Website and to which the official statements and advance refunding documents provided on the Website are related. No other use of CUSIP Numbers and Securities Descriptions is granted by us, Standard & Poors, CUSIP Global Services or the ABA. You agree that you will not use the CUSIP Numbers and Securities Descriptions contained on the Website for any other purpose. You may not download CUSIP Numbers and Securities Descriptions from the Website. Such information obtained from the Website shall not be re-disseminated other than as provided in these Terms and, to the extent such information is re-disseminated by you to other parties, you will take all necessary and reasonable precautions to ensure that recipients who obtain the information directly or indirectly from you do not use CUSIP Numbers or Securities Descriptions for any other purpose.

THE MSRB IS NOT GRANTING TO ANY USER OR ANY OTHER RECIPIENTS OF CUSIP NUMBERS OR SECURITIES DESCRIPTIONS ANY RIGHTS OR LICENSE TO CUSIP GLOBAL SERVICES DATABASE OTHER THAN THE RIGHT TO USE SECURITIES DESCRIPTIONS, CUSIP NUMBERS AND CUSIP STANDARD SECURITIES DESCRIPTIONS FOR THE LIMITED USE NOTED IN THE FIRST TWO SENTENCES OF THE PRECEDING PARAGRAPH. You specifically agree that the use of the CUSIP Numbers and Securities Descriptions is not intended to create or maintain, and does not serve the purpose of the creation or maintenance of, a file of CUSIP Numbers or standard securities descriptions for yourself or any other third-party recipient of such information, and is not intended to create and does not serve in any way as a substitute for any CUSIP subscription services now or in the future offered by CUSIP Global Services or any SECURITIES DATAMANAGER.

The Website at emma.msrb.org displays ratings for municipal securities currently assigned by Fitch Ratings, Kroll Bond Rating Agency, Inc., Moodys (as defined below) and Standard and Poors (S&P) based on their agreement with the MSRB to make them available to the public through the Website. WEBSITE USERS SHOULD BE AWARE THAT RATINGS INFORMATION APPEARING ON THE WEBSITE IS CURRENT AS OF THE LAST UPDATED DATE AND TIME INDICATED ON THE WEBSITE, AND THE MSRB TAKES NO RESPONSIBILITY FOR INDEPENDENTLY VERIFYING THE ACCURACY OR TIMELINESS OF THE RATINGS INFORMATION PROVIDED BY THE RATING AGENCIES THROUGH THEIR DATA FEEDS. THE WEBSITE DISPLAYS ONLY THE CURRENT RATINGS INFORMATION FOR ANY SECURITY AND DOES NOT DISPLAY HISTORICAL RATINGS INFORMATION. Thus, if the rating for a municipal security has been changed by a rating agency, the prior rating will no longer be accessible through the Website. At times, rating agencies may take rating actions that are not immediately included in the data feeds but may instead be released initially through other means, such as a press release or spreadsheet posted on their websites. To view any potential rating action that may have been taken by a rating agency on a municipal security since the last update received by the Website, or to understand the meaning of the ratings and other information provided by each rating agency, please refer to the information available on those agencies websites.

Copyright © 2019, Kroll Bond Rating Agency, Inc., and/or its licensors and affiliates (together, KBRA). All rights reserved.

Some ratings information available on the Website is provided by Kroll Bond Rating Agency, Inc. and/or its licensors and affiliates (together, KBRA). All such information is proprietary to KBRA and is protected by copyright and other intellectual property law, and none of such information may be copied or otherwise reproduced, further transmitted, redistributed, repackaged or resold, in whole or in part, by any person, without KBRAs prior express written consent. KBRA ratings are licensed by KBRA under these conditions. Misappropriation or misuse of KBRA ratings may cause serious damage to KBRA for which money damages may not constitute a sufficient remedy; KBRA shall have the right to obtain an injunction or other equitable relief in addition to any other remedies. The statements contained in any KBRA ratings report are based solely upon the opinions of KBRA and the data and information available to the authors at the time of publication of such report. All information contained in the KBRA ratings reports is obtained by KBRA from sources believed by KBRA to be accurate and reliable; however, KBRA ratings are provided AS IS. No warranty, express or implied, as to the accuracy, timeliness, completeness, merchantability, or fitness for any particular purpose of any rating or other opinion or information is given or made by KBRA. Under no circumstances shall KBRA have any liability resulting from the use of any such information, including without limitation, for any indirect, special, consequential, incidental or compensatory damages whatsoever (including without limitation, loss of profits, revenue or goodwill), even if KBRA is advised of the possibility of such damages. The credit ratings, if any, and analysis constituting part of the information contained in any KBRA ratings are, and must be construed solely as, statements of opinion and not statements of fact or recommendations to purchase, sell or hold any securities. KBRA receives compensation for its rating activities from issuers, insurers, guarantors and/or underwriters of debt securities for assigning ratings and from subscribers to its website.

© 2019 Moodys Corporation, Moodys Investors Service, Inc., Moodys Analytics, Inc. and/or their licensors and affiliates (collectively, MOODYS). All rights reserved.

CREDIT RATINGS ISSUED BY MOODYS INVESTORS SERVICE, INC. AND ITS RATINGS AFFILIATES (MIS) ARE MOODYS CURRENT OPINIONS OF THE RELATIVE FUTURE CREDIT RISK OF ENTITIES, CREDIT COMMITMENTS, OR DEBT OR DEBT-LIKE SECURITIES, AND CREDIT RATINGS AND RESEARCH PUBLICATIONS PUBLISHED BY MOODYS (MOODYS PUBLICATIONS) MAY INCLUDE MOODYS CURRENT OPINIONS OF THE RELATIVE FUTURE CREDIT RISK OF ENTITIES, CREDIT COMMITMENTS, OR DEBT OR DEBT-LIKE SECURITIES. MOODYS DEFINES CREDIT RISK AS THE RISK THAT AN ENTITY MAY NOT MEET ITS CONTRACTUAL, FINANCIAL OBLIGATIONS AS THEY COME DUE AND ANY ESTIMATED FINANCIAL LOSS IN THE EVENT OF DEFAULT. CREDIT RATINGS DO NOT ADDRESS ANY OTHER RISK, INCLUDING BUT NOT LIMITED TO: LIQUIDITY RISK, MARKET VALUE RISK, OR PRICE VOLATILITY. CREDIT RATINGS AND MOODYS OPINIONS INCLUDED IN MOODYS PUBLICATIONS ARE NOT STATEMENTS OF CURRENT OR HISTORICAL FACT. MOODYS PUBLICATIONS MAY ALSO INCLUDE QUANTITATIVE MODEL-BASED ESTIMATES OF CREDIT RISK AND RELATED OPINIONS OR COMMENTARY PUBLISHED BY MOODYS ANALYTICS, INC. CREDIT RATINGS AND MOODYS PUBLICATIONS DO NOT CONSTITUTE OR PROVIDE INVESTMENT OR FINANCIAL ADVICE, AND CREDIT RATINGS AND MOODYS PUBLICATIONS ARE NOT AND DO NOT PROVIDE RECOMMENDATIONS TO PURCHASE, SELL, OR HOLD PARTICULAR SECURITIES. NEITHER CREDIT RATINGS NOR MOODYS PUBLICATIONS COMMENT ON THE SUITABILITY OF AN INVESTMENT FOR ANY PARTICULAR INVESTOR. MOODYS ISSUES ITS CREDIT RATINGS AND PUBLISHES MOODYS PUBLICATIONS WITH THE EXPECTATION AND UNDERSTANDING THAT EACH INVESTOR WILL, WITH DUE CARE, MAKE ITS OWN STUDY AND EVALUATION OF EACH SECURITY THAT IS UNDER CONSIDERATION FOR PURCHASE, HOLDING, OR SALE.

MOODYS CREDIT RATINGS AND MOODYS PUBLICATIONS ARE NOT INTENDED FOR USE BY RETAIL INVESTORS AND IT WOULD BE RECKLESS AND INAPPROPRIATE FOR RETAIL INVESTORS TO USE MOODYS CREDIT RATINGS OR MOODYS PUBLICATIONS WHEN MAKING AN INVESTMENT DECISION. IF IN DOUBT YOU SHOULD CONTACT YOUR FINANCIAL OR OTHER PROFESSIONAL ADVISER.

ALL MOODYS INFORMATION DISPLAYED ON THE WEBSITE IS PROTECTED BY LAW, INCLUDING BUT NOT LIMITED TO, COPYRIGHT LAW, AND NONE OF SUCH INFORMATION MAY BE COPIED OR OTHERWISE REPRODUCED, REPACKAGED, FURTHER TRANSMITTED, TRANSFERRED, DISSEMINATED, REDISTRIBUTED OR RESOLD, 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 ANY PERSON WITHOUT MOODYS PRIOR WRITTEN CONSENT.

All information used in connection with MOODYs credit ratings is obtained by MOODYS from sources believed by it to be accurate and reliable. Because of the possibility of human or mechanical error as well as other factors, however, all information displayed on the Website is provided AS IS without warranty of any kind. MOODYS adopts all necessary measures so that the information it uses in assigning a credit rating is of sufficient quality and from sources MOODYS considers to be reliable including, when appropriate, independent third-party sources. However, Moodys is not an auditor and cannot in every instance independently verify or validate information received in the rating process or in preparing the Moodys Publications.

To the extent permitted by law, MOODYS and its directors, officers, employees, agents, representatives, licensors and suppliers disclaim liability to any person or entity for any indirect, special, consequential, or incidental losses or damages whatsoever arising from or in connection with the information displayed on the Website or the use of or inability to use any such information, even if MOODYS or any of its directors, officers, employees, agents, representatives, licensors or suppliers is advised in advance of the possibility of such losses or damages, including but not limited to: (a) any loss of present or prospective profits or (b) any loss or damage arising where the relevant financial instrument is not the subject of a particular credit rating assigned by MOODYS.

To the extent permitted by law, MOODYS and its directors, officers, employees, agents, representatives, licensors and suppliers disclaim liability for any direct or compensatory losses or damages caused to any person or entity, including but not limited to by any negligence (but excluding fraud, willful misconduct or any other type of liability that, for the avoidance of doubt, by law cannot be excluded) on the part of, or any contingency within or beyond the control of, MOODYS or any of its directors, officers, employees, agents, representatives, licensors or suppliers, arising from or in connection with the information displayed on the Website or the use of or inability to use any such information.

NO WARRANTY, EXPRESS OR IMPLIED, AS TO THE ACCURACY, TIMELINESS, COMPLETENESS, MERCHANTABILITY OR FITNESS FOR ANY PARTICULAR PURPOSE OF ANY SUCH RATING OR OTHER OPINION OR INFORMATION IS GIVEN OR MADE BY Moodys IN ANY FORM OR MANNER WHATSOEVER.

Moodys Investors Service, Inc., a wholly-owned credit rating agency subsidiary of Moodys Corporation (MCO), hereby discloses that most issuers of debt securities (including corporate and municipal bonds, debentures, notes and commercial paper) and preferred stock rated by Moodys Investors Service, Inc. have, prior to assignment of any rating, agreed to pay to Moodys Investors Service, Inc. for appraisal and rating services rendered by it fees ranging from $1,500 to approximately $2,500,000. MCO and MIS also maintain policies and procedures to address the independence of MISs 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 at under the heading Investor Relations Corporate Governance Director and Shareholder Affiliation Policy.

Additional terms for Australia only: Any publication into Australia of MOODYS credit ratings and MOODYS publications is pursuant to the Australian Financial Services License of MOODYS affiliate, Moodys Investors Service Pty Limited ABN 61 003 399 657AFSL 336969 and/or Moodys Analytics Australia Pty Ltd ABN 94 105 136 972 AFSL 383569 (as applicable). MOODYS credit ratings and MOODYS publications are intended to be provided only to wholesale clients within the meaning of section 761G of the Corporations Act 2001. By continuing to access MOODYS information displayed on the Website from within Australia, you represent to MOODYS that you are, or are accessing this information as a representative of, a wholesale client and that neither you nor the entity you represent will directly or indirectly disseminate this information or its contents to retail clients within the meaning of section 761G of the Corporations Act 2001. MOODYS credit rating is an opinion as to the creditworthiness of a debt obligation of the issuer, not on the equity securities of the issuer or any form of security that is available to retail investors. It would be reckless and inappropriate for retail investors to use MOODYS credit ratings or publications when making an investment decision. If in doubt you should contact your financial or other professional adviser.

Additional terms for Japan only: Moodys Japan K.K. (MJKK) is a wholly-owned credit rating agency subsidiary of Moodys Group Japan G.K., which is wholly-owned by Moodys Overseas Holdings Inc., a wholly-owned subsidiary of MCO. Moodys SF Japan K.K. (MSFJ) is a wholly-owned credit rating agency subsidiary of MJKK. MSFJ is not a Nationally Recognized Statistical Rating Organization (NRSRO). Therefore, credit ratings assigned by MSFJ are Non-NRSRO Credit Ratings. Non-NRSRO Credit Ratings are assigned by an entity that is not a NRSRO and, consequently, the rated obligation will not qualify for certain types of treatment under U.S. laws. MJKK and MSFJ are credit rating agencies registered with the Japan Financial Services Agency and their registration numbers are FSA Commissioner (Ratings) No. 2 and 3 respectively.

MJKK or MSFJ (as applicable) hereby disclose that most issuers of debt securities (including corporate and municipal bonds, debentures, notes and commercial paper) and preferred stock rated by MJKK or MSFJ (as applicable) have, prior to assignment of any rating, agreed to pay to MJKK or MSFJ (as applicable) for appraisal and rating services rendered by it fees ranging from JPY200,000 to approximately JPY350,000,000.

MJKK and MSFJ also maintain policies and procedures to address Japanese regulatory requirements.

Standard and Poors Financial Services LLC Disclaimer

Copyright © 2019 by Standard & Poors Financial Services LLC. All rights reserved.

No content (including ratings, credit-related analyses and data, model, software or other application or output therefrom) or any part thereof (as used in this Standard & Poors Financial Services LLC Disclaimer section, Content) may be modified, reverse engineered, reproduced or distributed in any form by any means, or stored in a database or retrieval system, without the prior written permission of Standard & Poors Financial Services LLC or its affiliates (collectively, S&P). The Content shall not be used for any unlawful or unauthorized purposes. S&P and any third-party providers, as well as their directors, officers, shareholders, employees or agents (collectively S&P Parties) do not guarantee the accuracy, completeness, timeliness or availability of the Content. S&P Parties are not responsible for any errors or omissions (negligent or otherwise), regardless of the cause, for the results obtained from the use of the Content, or for the security or maintenance of any data input by the user. The Content is provided on an as is basis. S&P PARTIES DISCLAIM ANY AND ALL EXPRESS OR IMPLIED WARRANTIES, INCLUDING, BUT NOT LIMITED TO, ANY WARRANTIES OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE OR USE, FREEDOM FROM BUGS, SOFTWARE ERRORS OR DEFECTS, THAT THE CONTENTS FUNCTIONING WILL BE UNINTERRUPTED OR THAT THE CONTENT WILL OPERATE WITH ANY SOFTWARE OR HARDWARE CONFIGURATION. In no event shall S&P Parties be liable to any party for any direct, indirect, incidental, exemplary, compensatory, punitive, special or consequential damages, costs, expenses, legal fees, or losses (including, without limitation, lost income or lost profits and opportunity costs or losses caused by negligence) in connection with any use of the Content even if advised of the possibility of such damages.

Credit-related and other analyses, including ratings, and statements in the Content are statements of opinion as of the date they are expressed and not statements of fact. S&Ps opinions, analyses and rating acknowledgment decisions (described below) are not recommendations to purchase, hold, or sell any securities or to make any investment decisions, and do not address the suitability of any security. S&P assumes no obligation to update the Content following publication in any form or format. The Content should not be relied on and is not a substitute for the skill, judgment and experience of the user, its management, employees, advisors and/or clients when making investment and other business decisions. S&P does not act as a fiduciary or an investment advisor except where registered as such. While S&P has obtained information from sources it believes to be reliable, S&P does not perform an audit and undertakes no duty of due diligence or independent verification of any information it receives.

To the extent that regulatory authorities allow a rating agency to acknowledge in one jurisdiction a rating issued in another jurisdiction for certain regulatory purposes, S&P reserves the right to assign, withdraw or suspend such acknowledgement at any time and in its sole discretion. S&P Parties disclaim any duty whatsoever arising out of the assignment, withdrawal or suspension of an acknowledgment as well as any liability for any damage alleged to have been suffered on account thereof.

S&P keeps certain activities of its business units separate from each other in order to preserve the independence and objectivity of their respective activities. As a result, certain business units of S&P may have information that is not available to other S&P business