Page 78 - Burleson FY22 City Budget

ATTACHMENT E - SECURITIES LAW COMPLIANCE AND DISCLOSURE POLICY©

(e) Issuance of Debt Obligations. Whenever the Issuer prepares or participates in the preparation of an Offering Document,
the Disclosure Officer, in addition to any other officers selected by the Issuer, shall be responsible for making all
certifications that may be required to the effect that such Offering Document does not contain any untrue statement of
Material fact or omit to state any Material fact necessary to make the information contained in such documents, in the
light of the circumstances under which it was provided, not misleading.

Such determination by the Disclosure Officer shall only be made after coordination with the Issuer's attorney or other administrative
officer having ultimate responsibility with respect to the Issuer's operations, risks and litigation, to ensure that any current, pending
or threatened losses, investigations or litigation, and any settlement or court orders that are Material to the Issuer are properly
identified.

(f) Determination of Material Information. The Issuer understands that determining materiality requires a complete review
of facts and circumstances (which may include a review of outstanding Debt Obligations) and in some instances may
require the Disclosure Officer to discuss matters with other officers or consultants of the Issuer. Furthermore, each
determination of materiality made by the Disclosure Officer shall be made on a case-by-case basis. For purposes of this
Policy, information is "Material" if there is a substantial likelihood that the disclosure of that information would be viewed
by a reasonable investor as having significantly altered the total mix of information made available in making an informed
investment decision. 1

SECTION 3.03 RECORD RETENTION.

The Disclosure Officer will maintain or cause to be maintained all records relating to annual disclosure filings including the financial
information and operating data to be included in the Annual Report for a period of three (3) years after retirement of the related
Debt Obligations. The Disclosure Officer will additionally maintain or cause to be maintained all records relating to Event Notices
required to be filed with the MSRB under the Continuing Disclosure Undertaking. Such records shall be maintained in either paper
or electronic format, or in both formats.

SECTION 3.04 TRAINING.

The Disclosure Officer shall have at least a general familiarity with the content of Rule 15c2-12 and the SEC Municipal Markets
Report, and in furtherance thereof receive appropriate training regarding the Issuer's disclosure obligations in accordance with
federal securities laws, state regulations and Rule 15c2-12. When appropriate, the Disclosure Officer and/or other Issuer
employees and officials under the direction of the Disclosure Officer will attend training programs offered by the SEC or other
industry professionals regarding disclosure policies and procedures developed in the context of Rule 15c2-12 that are relevant to
the Issuer. Each person acting in the capacity of a Disclosure Officer shall receive such training as may be necessary for the
person to perform competently the duties and responsibilities of Disclosure Officer to ensure the Issuer's compliance with the
provisions of this Policy.

ARTICLE IV
ANNUAL DISCLOSURE FILINGS

SECTION 4.01 ANNUAL DISCLOSURE FILINGS.

1 The general materiality standard used by the United States Supreme Court. See TSC Industries,
Inc. v. Northway, Inc., 426 U.S. 438, 449 (1976).

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