Disclosure Guidance for Issuers of Municipal Bonds Insured by AGC or AGM

Issuers of securities insured by Assured Guaranty Corp. (AGC) or Assured Guaranty Municipal Corp. (AGM, formerly FSA) are expected to provide to the Assured Guaranty surveillance department annual information including audits, operational data and demographic information, as required by SEC Rule 15c2-12 and according to the bond documents. Certain obligors may be required by the bond documents to provide more frequent reports or additional data.

Please select the appropriate link from the list of bond types at the right for specific instructions about providing disclosure information to Assured Guaranty. If you have questions, you may call the person identified in the appropriate bond type section. If your bonds do not fit any of these types, please contact Karen Hofstein at khofstein@agltd.com or call 212.339.3419.

Tax-Backed/Lease Bonds

Generally, if the required information is provided to a NRMSIR or on a website and Assured Guaranty can access the information, then the obligor may satisfy the information requirements by providing us with the link to the information website.

Please see Tax Allocation Bonds or Special Assessment Bonds below if your bonds are of those types.

Alternatively, the obligor may deliver the information by e-mail at munidisclosure@agltd.com. Please include the AGC or AGM Policy number in the subject line of the e-mail. If you have any questions, please contact Karen Hofstein at khofstein@agltd.com or call 212.339.3419.

If the information cannot be delivered through e-mail, please fax to 212.339.3556 or mail it to the appropriate address below.

Assured Guaranty - Municipal Surveillance (muni tax)

1633 Broadway

New York, NY 10019

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Tax Allocation or Special Assessment Bonds (including Mello-Roos bonds)

Please deliver your disclosure information to munidisclosure@agltd.com.

The information should include, at a minimum:

• the annual audit
• property value data: assessed valuation of developed and undeveloped property
• tax collections: amounts of special tax levied and actual collections, including special taxes received under the County's Teeter Plan

Please include the AGC or AGM Policy number in the subject line of the e-mail. If you have any questions, please contact Karen Hofstein at khofstein@agltd.com or 212.339.3419 or Jean Dulskey at jdulskey@agltd.com or 212.339.3456.

If the information cannot be delivered through e-mail, please fax it to 212.339.3556 or mail it to the appropriate address below.

Assured Guaranty - Municipal Surveillance (special tax)

1633 Broadway

New York, NY 10019

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Water and Sewer Bonds

Generally, if the required information is provided to a NRMSIR or on a website and Assured Guaranty can access the information, then the obligor may satisfy the information requirements by providing us with the link to the information website.

Alternatively, the obligor may deliver the information  by e-mail at munidisclosure@agltd.com. Please include the AGC or AGM Policy number in the subject line of the e-mail. If you have any questions, please contact Barbara Boulle at bboulle@agltd.com or call 212.339.3504.

If the information cannot be delivered through e-mail, please fax to 212.339.3556 or mail it to:

Assured Guaranty - Municipal Surveillance (water and sewer)

1633 Broadway

New York, NY 10019

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Public Power Bonds

Please deliver your disclosure information to munidisclosure@agltd.com.

The information should include, at a minimum:

•  the annual audit
• operational and other data as requested on the appropriate reporting form available here in Excel or PDF format.  Please save the completed Excel form to your computer and attach it to the e-mail, or print and deliver the completed form to Assured Guaranty. The Excel file contains two worksheets. Use the tabs at the bottom of the Excel window to switch between sheets.

Please include the AGC or AGM Policy number in the subject line of the e-mail. If you have any questions, please contact Barbara Boullé at bboulle@agltd.com or call 212.339.3504.

If the information cannot be delivered through e-mail, please fax it to 212.339.3556 or mail it to:

Assured Guaranty - Municipal Surveillance (muni electric)

1633 Broadway

New York, NY 10019

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Gas & Electric Bonds

Please deliver your disclosure information to munidisclosure@agltd.com.

The information should include, at a minimum:

• the annual audit
• operational and other data as requested on the appropriate reporting form available here in Excel or PDF format. Please save the completed Excel form to your computer and attach it to the e-mail, or print and deliver the completed form to Assured Guaranty. The Excel file contains two worksheets. Use the tabs at the bottom of the Excel window to switch between sheets.

Please include the AGC or AGM Policy number in the subject line of the e-mail. If you have any questions, please contact Barbara Boullé at bboulle@agltd.com or call 212.339.3504.

If the information cannot be delivered through e-mail, please fax it to 212.339.3556 or mail it to:

Assured Guaranty - Municipal Surveillance (muni electric)

1633 Broadway

New York, NY 10019

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Resource Recovery Bonds

Please deliver your disclosure information to munidisclosure@agltd.com.

The information should include, at a minimum:

•  the annual audit
• 3 year history of tonnage processed
• Rate increase history
• commercial and residential revenues individually as a percentage of total resource recovery revenues

Please include the AGC or AGM Policy number in the subject line of the e-mail.
If you have any questions, please contact Barbara Boullé at bboulle@agltd.com or call 212.339.3504.

If the information cannot be delivered through e-mail, please fax it to 212.339.3556 or mail it to:

Assured Guaranty - Municipal Surveillance (resource recovery)

1633 Broadway

New York, NY 10019

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Airports

E-mail your disclosure information to munidisclosure@agltd.com.

The information should include, at a minimum:

• the annual audit
• operational and other data as requested on the appropriate reporting form available here in Excel or PDF format. Please save the completed Excel form to your computer and attach it to the e-mail, or print and deliver the completed form to Assured Guaranty. The Excel file contains two worksheets. Use the tabs at the bottom of the Excel window to switch between sheets.
• Officer's Certification/Covenant Compliance Certificates

Please include the AGC or AGM Policy number in the subject line of the e-mail. If you have any questions, please contact Valery Marfitsin at vmarfitsin@agltd.com or call 212.339.3531.

If the information cannot be delivered through e-mail, please fax it to 212.339.3556 or mail it to:

Assured Guaranty - Municipal Surveillance (transportation)

1633 Broadway

New York, NY 10019

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Port, Mass Transit Fare Box, Parking Garage, Toll Road and Bridges

E-mail your disclosure information to munidisclosure@agltd.com

The information should include, at a minimum:

• the annual audit
• operational and other data as requested on the appropriate reporting form available here in Excel or PDF format. Please save the completed Excel form to your computer and attach it to the e-mail, or print and deliver the completed form to Assured Guaranty. The Excel file contains three worksheets. Use the tabs at the bottom of the Excel window to switch between sheets.
• Officer's Certification/Covenant Compliance Certificates

Please include the AGC or AGM Policy number in the subject line of the e-mail. If you have any questions, please contact Valery Marfitsin at vmarfitsin@agltd.com or call 212.339.3531.

If the information cannot be delivered through e-mail, please fax it to 212.339.3556 or mail it to:

Assured Guaranty - Municipal Surveillance (transportation)

1633 Broadway

New York, NY 10019

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Healthcare

E-mail your disclosure information to munihealth@agltd.com.

The information should include, at a minimum:

• the annual audit
• operational and other data as requested on the appropriate reporting form available here in Excel or PDF format. Please save the completed Excel form to your computer and attach it to the e-mail, or print and deliver the completed form to Assured Guaranty. The Excel file contains two worksheets. Use the tabs at the bottom of the Excel window to switch between sheets.
• Officer's Certification/Covenant Compliance Certificates

Please include the AGC or AGM Policy number in the subject line of the e-mail. If you have any questions, please contact Victor Chu at vchu@agltd.com or call 212.339.3528.

If the information cannot be delivered through e-mail, please fax it to 212.339.3556 or mail it to:

Assured Guaranty - Municipal Surveillance (healthcare)

1633 Broadway

New York, NY 10019

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Housing Bonds

You should deliver your disclosure information to munidisclosure@agltd.com. The information should include, at a minimum:

• The annual audit for the Authority/Agency:
• For the specific "program" related to AGC or AGM insured Bonds; and
• For the overall Authority/Agency
• Other data related to a single Master Indenture/Resolution for the Bonds insured by AGC or AGM, for each program, should be reported on the appropriate reporting form available here in Excel or PDF format. Please save the completed Excel form to your computer and attach it to the e-mail, or print and deliver to Assured Guaranty.
• Single Family in Excel or PDF format
• Multi-Family or Multi-Purpose (combined single family and multi-family) in Excel or PDF format
• FHA-Insured or HUD Guaranteed in Excel or PDF format
• Officer's Certification/Covenant Compliance Certificates, if required

Please include the AGC or AGM Policy number in the subject line of the e-mail. If you have any questions, please contact Geoff Durno at gdurno@agltd.com or call 212.339.3527.

If the information cannot be delivered through e-mail, please fax it to 212.339.3556 or mail it to:

Assured Guaranty - Municipal Surveillance (housing)

1633 Broadway

New York, NY 10019

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Private University and Other Private School Bonds

E-mail your disclosure information to munidisclosure@agltd.com.

The information should include, at a minimum:

• the annual audit
• operational and other data as requested on the appropriate reporting form available here. Please save the completed Excel form to your computer and attach it to the e-mail, or print and deliver the completed form to Assured Guaranty.

• Private Colleges and Universities in Excel or PDF format
• Private/Independent Primary and Secondary Schools in Excel or PDF format
• Officer's Certification/Covenant Compliance Certificates

Please include the AGC or AGM Policy number in the subject line of the e-mail. If you have any questions, please contact either Karen Hofstein  (khofstein@agltd.com, 212.339.3419) or Andreea Verfaillie (averfaillie@agltd.com, 212.261.5536).

If the information cannot be delivered through e-mail, please fax it to 212.339.3556 or mail it to:

Assured Guaranty - Municipal Surveillance (education)

1633 Broadway

New York, NY 10019

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Public University Bonds

E-mail your disclosure information to munidisclosure@agltd.com.

The information should include, at a minimum:

•  the annual audit
• operational and other data as requested on the reporting form available here in Excel or PDF format. Please save the completed Excel form to your computer and attach it to the e-mail, or print and deliver the completed form to Assured Guaranty.
• Officer's Certification/Covenant Compliance Certificates

Please include the AGC or AGM Policy number in the subject line of the e-mail. If you have any questions, please contact either Karen Hofstein  (khofstein@agltd.com, 212.339.3419) or Andreea Verfaillie (averfaillie@agltd.com, 212.261.5536).

If the information cannot be delivered through e-mail, please fax it to 212.339.3556 or mail it to:

Assured Guaranty - Municipal Surveillance (education)

1633 Broadway

New York, NY 10019

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Student Loan Bonds

E-mail your disclosure information to munidisclosure@agltd.com.

The information should include, at a minimum:

• the annual audit
• other data as requested on the reporting form available here in Excel or PDF format. Please save the completed Excel form to your computer and attach it to the e-mail, or print and deliver the completed form to Assured Guaranty.
• Officer's Certification/Covenant Compliance Certificates, if required

Please include the AGC or AGM Policy number in the subject line of the e-mail. If you have any questions, please contact Geoff Durno at gdurno@agltd.com or call 212.339.3527.

If the information cannot be delivered through e-mail, please fax it to 212.339.3556 or mail it to:

Assured Guaranty - Municipal Surveillance (student loan)

1633 Broadway

New York, NY 10019