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Articles for April 5, 2007.
 Umbaugh's News  
WHEN DO I MAKE CONTINUING DISCLOSURE?  

On July 3, 1995, the Securities and Exchange Commission ("SEC") put into effect SEC Rule 15c2-12 (the "Rule").  This Rule requires that financial information and operating data provided in the Official Statement at the time of a bond sale be updated annually throughout the life of the issue.  Bonds are continually traded in the secondary market over the life of issue and, therefore, updated annual information helps secondary market investors make informed investment decisions. 

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THE POWER OF PARITY  

When funding a substantial improvement project or even when you are refinancing outstanding bonds, often times the single largest recurring expense is the interest on the bonds.  As financial advisors, one of our main jobs is to help clients obtain the lowest interest rates possible. 

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CIRCULAR 230 DISCLOSURE:

To ensure compliance with recently-enacted U.S. Treasury Department Regulations, we are now required to advise you that, unless otherwise expressly indicated, any federal tax advice contained in this communication, including any attachments, is not intended or written by us to be used, and cannot be used, by anyone for the purpose of avoiding federal tax penalties.

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