WASHINGTON -- The Securities and Exchange Commission's new interpretive release on disclosure is starting to take root in the municipal market, as one issuer after another is beginning to declare in official statements whether it does or does not intend to provide ongoing disclosure.

"The state of Alaska intends to prepare and provide periodic financial reports, including an annual financial report," the state said in the preliminary official statement dated April 29 for a $48 million offering of general obligation refunding bonds.

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