Sec. 27.1. Statement of purpose

The purpose of this Part is to establish uniform State standards for the essential content of official statements issued by municipalities, school districts and district corporations in connection with the public sale of obligations. By providing standards for the presentation of information in official statements, the regulations will assist investors, provide guidance of such municipalities, school districts and district corporations, and facilitate the creation in the State Comptroller's office of a central repository of comparable information for statistical and analytical purposes. These standards of disclosure will also enhance government accountability through increased availability of information to the public about the financial condition of their government. This Part is not intended to supersede other applicable disclosure requirements, nor to excuse an issuer from the requirement that all material information be disclosed. Issuers should in preparing an official statement consider any principles of Federal or State law that may be applicable. The information required by this Part is not required to be presented in any specific form or order in official statements and no reference need be made to inapplicable items.