The National Federation of municipal Analysts recently set up a program to recognize municipal bond issuers that meet, and continue to meet, high standards of disclosure. In the following letter, Robert W. Doty, chair of the NFMA's Certificate Committee, discusses the program and lists recipients of the group's Certificate of Recognition for continuing disclosure.

The National Federation of Municipal Analysts is pleased to honor the recipients of the Federation's Certificate of Recognition. The Certificate of Recognition is granted to those state and local government securities issuers who have evidenced a commitment to continuing disclosure.

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