Municipal Advisor Disclosure

Effective February 7, 2023

By publicly posting the following written disclosure, the Maryland Stadium Authority intends that market participants receive and use it for purposes of the independent registered municipal advisor exemption to the SEC Municipal Advisor Rule.

Public Resources Advisory Group LLC (“PRAG”) serves the Maryland Stadium Authority (the “Authority”) as its independent registered municipal advisor (“IRMA”), as that term is used in Rule 15B of the Securities and Exchange Commission (“SEC”) rules.  The Authority will rely on PRAG to provide advice with respect to the issuance of municipal securities and financial products (including investments of bond proceeds and escrow investments if applicable).  The Authority understands that PRAG is registered as a municipal advisor with the SEC, and that PRAG’s IRMA documentation can be obtained from the SEC’s website under the name “Public Resources Advisory Group LLC”.  The Authority, in its sole discretion, may share proposals with PRAG.  The personnel of PRAG who will advise the Authority have represented that they will not have anyone working on the financial advisory team for the Authority who has been associated with a soliciting underwriter or other firms engaged in principal transactions of the Authority within the two years prior to the date of this certificate.  Please note that aside from regulatory mandated correspondence between an underwriter and municipal advisor, the underwriter should not speak directly with or send documents directly to PRAG unless specifically directed to by the Authority. 

This certificate may be relied upon until it is no longer posted on the Authority’s website.