ANSI ASC X9 X9.12-1991 Specifications for Fully Registered Municipal Securities.pdf

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1、Ansi X9.12-1991 Reaffirmed September 3, 1998 Financial Services Technical Publication Developed By Accredited Standards Committee X9 - Financial Services SPECIFICATIONS FOR FULLY REGISTERED MUNICIPAL SECURITIES Developed by Accredited Standards Committee X9 - Financial Services PUBLISHED BY X9 - SEC

2、RETARIAT AMERICAN BANKERS ASSOCIATION Specifications for Fully Registered Municipal Securities x9.12 Approved February 20,199l Developed by de Accredited Standards Committee, Financial Services, X9, operating under the proced of the American National Standards Institute. Published by the X9 Secretar

3、iat, American Bankers Association, 1120 Connecticut Avenue, N.W., Washington, D.C. 20036. American National Approval of an American National Standard requires verification by ANSI that the requirements for due process, consensus, and other criteria for approval have been Standard met by the standard

4、s developer. Consensus is established when, in the judgment of the ANSI Board of Standards Review, substantial agreement has been reached by diiectly and materially affected interests. Substantial agreement means much more than a simple majority, but not llWdly unanimity. Consensus requires that all

5、 views and objections be con- sidered, and that a concerted effort be made toward their resolution The use of American National Standards is completely voluntary; their existence does not in any respect preclude anyone, whether he has approved the standards or not, from manufacturing, marketing, pur

6、chasing, or using products, processes, or proce- dures not conforming to the standards. The American National Standards Institute does not develop standards and will in no circumstances give an interpretation of any American National Standard. Moreover, no person shah have the right or authority to

7、issue an interpretation of an American National Standard in the name of the American National Standards Institute. Re- quests for interpretations should be addressed to the secretariat or sponsor whose name appears on the title page of this standard CAUTION NOTICE: This American National Standard ma

8、y be revised or withdrawn at any time. The procedures of the American National Standards Institute require that actionbe taken to reaffm revise, or withdraw this standard no later than five years from the date of approval. - American National SIandard 0 1991 by the American Bankers Association All r

9、ights reserved Printed in the United States of America FOREWORD (This foreword is not a part of American National Standard Specifications for fully registered municipal securities, ANSI X9.12-199 1, revision of X9.12-1983.) The X9D Subcommittee on Securities of Accredited Standards Committee, X9, Fi

10、nancial Services was involved for over two years in the development of a standard for all municipal securities certificates-bearer, registered and interchangeable. Participants in the group included brokers, dealers, custody agent, transfer agents, municipal bond counsels, industry associations, ban

11、knote companies, depositories, and banks. With the passage of the Federal Tax Equity and Fiscal Responsibility Act of 1982, the work effort was restructured to focus on the development of a standard for registered municipal securities encompassed by that legislation. The development of this standard

12、 is intended to aid the industry by establishing uniformity among registered municipal securities while addressing the needs of all segments of the municipal securities industry. The move to strengthen printing standards for registered municipal securities came about as part of a five year review. T

13、he incorporation of steel engraved (intaglio) borders on issuances of $5,000,000 or greater value, makes it difficult to produce counterfeit securities. Additionally, it also improves the detection of fraudulent registered municipal instruments. Suggestions for the improvement or revision of this st

14、andard are welcome. They should be sent to the X9 Committee Secretariat, American Bankers Association, 1120 Connecticut Avenue, N-W., Washington, D.C. 20036. This standard was processed and approved for submittal to ANSI by the Accredited Standards Committee X9, Financial Services, . Committee appro

15、val of the standard does not necessarily imply that all committee members voted for its approval. At the time it approved the standard, the X9 Committee had the following voting members: Harold G. Deal, Chairman Alice Droogan, Vice Chairman, Administration John K. Easton, Jr., Vice Chairman, Marketi

16、ng Organization Represented Representative American Bankers Association American Express Company Applied Communications, Inc. Bank of America Canadian Bankers Association ChaseManhattanBank Chemical Bank Citibank Katherine Needham Eileen Bell Mary L. Lovitt John Coombs Tom Anderson John McKessey Fra

17、ncis J. Keenan Seymour Rosen . . . ill Continental Bank Dehtxe Data Systems Discover Card EDS, Inc. Federal Reserve Bank IBM Corporation Independent Bankers Association Manufacturers Hanover Trust MasterCard International Mellon Bank Moore Research Center National Computer Print NCNB NCR Corporation

18、 National Security Agency New York Clearing House Assn. PNC Financial Corp unisys VISA Wells Fargo Bank XEROX Corporation X9D - Securities Committee List Organization Represented American Bankers Association Bank of America Brown Brothers Harriman ChaseManhattanBank Chemical Bank Chicago Mercantile

19、Exchange Citibank Continental Bank CSC Partners Cytrol Deluxe Corporation Depository Trust Company Federal Reserve Bank of Chicago Fit Interstate Bank Manufacturers Hanover Trust Company Mellon Bank Midwest Clearing Corporation Joseph P. OToole Honora A. Norton James Higgins Todd Franklin Janet Absh

20、er Daniel Sundberg Owen 0. Freeman, Jr. Paul F. Mayland Alice Droogan David P. Taddeo Delmer H. Oddy Neal Keenum Harold G. Deal A. R. Daniels Gerard A. Rainville Vincent DeSantis John K. Easton, Jr. Karl sammons Patricia Greenbalgh Jack Kilhefner Glenn K. Mulligan Representative Nancy B. Wolcott Lee

21、 Harbert Irving B. Jacobs John P. Hughes William J. Kesselring Margie Najberg Melnick Ann Fondanova Robert J. Ptacek James McCauley Richard A. Fox James W. Gallup Frank Petri110 Dar-a Hunt AmruaKhan Timothy C. Crane Paul Kraus Bea Schutz * iv Morgan Stanley National Securities Clearing Corp. Norther

22、n Bank Note PNC Trust Quotron Shearson Lehman Hutton U. S. Banknote Corporation Wells Fargo Bank John Wozencroft Michael Kelleher William D. Warner Thomas Joyce Norm Rille Robert Dick Fred R. Esty Dora Chinn * chailman TABLE OF CONTENTS Page FOREWORD 1. 2. 3. 4. 5. scope . Definitions . 2.1 Legal Op

23、inion 2.2 Registered Municipal Security . 2.3 Indenture 2.4 Issue . 2.5 Issuer . 2.6 Throat . References . General Characteristics of the Certificate . 4.1 Certificate Paper Size . 4.2 Certificate Appearance Content and Layout . 5.1 Title and Description of Issue . 5.2 ItlteRate 5.3 Maturity Date 5.

24、4 Dated Date . 5.5 CUSIPNumber . 5.6 “Registered” Nomenclature 5.7 Certificate Number 5.8 Denomination 5.9 Registered Holder 5.10 Indenture Agreement . 5.11 Registration Date . . . Ill 9 9 9 9 9 9 9 9 9 9 9 10 10 10 10 10 10 10 10 10 12 12 12 12 vii 5.12 Trustees Certificate and/or Authenticating Ag

25、ent and Legal Signatures 5.13 Bond Registrar(s) and Paying Agent(s) 5.14 SeaI . 5.15 Signature(s) of the Issuer . 5.16 Legal Opinion . 5.17 Assignment 12 12 12 12 12 12 . . . vlll 1. Scope This standard defines the physical charac- teristics and format of a municipal security including certificate s

26、ize, content, and layout The specific language regarding provisions of the instrument is defined by the issuing authority and is not prescribed in the body of this standard. At a minimum, t&is standard is intended for use in the issuance of all fully registered municipal securities. 2. Definitions 2

27、.1 Legal Opinion Laxguage concerning the legality of a bond issue, usually written by a law firm that spe- cializes in the approval of public borrowings. 2.2 Registered Municipal Security A security issued by any government or authority or agency of the government, other than the federal government,

28、 including states, cities, counties, towns, villages, districts, and territories. In this document, “registered“ refers to any municipal security defined under the registration requirements in the Tax Equity and Fiscal Responsibility Act of 1982. 2.3 Indenture A contract that sets forth the terms an

29、d condi- tions of the issue, and stipulates the rights and duties of the issuer and the bondholder. 2.4 Issue Any municipal security. 2.5 Issuer The municipality whose issue is offered for sale. 2.6 Throat The area on the certificate face where the name or names of the registered holder(s) and the p

30、ar value of the certificate is imprinted. 3. References X9.6-1991 Public Law 97-248 MSRB Manual Pam. 3556, Rule G-12 (4 (xi) Securities Identification System (CUSIP) Tax Equity and Fiscal Re- sponsibility Act of 1982 Commerce Clearing House Municinal Securities Rule- making Board Manual 4. General C

31、haracteristics of the Certificate 4.1 Certificate Paper Size The perimeter of the paper on which the cer- tificate is printed shall be 8 inches by 12 inches (8” x 12”). 9 4.2 Certificate Appearance 43.1 Border - The border shall be printed on at least three (3) sides of the certificate face and shal

32、l begin no less than one-quarter (l/4) inch from the outer edges of the certificate paper. The width of the border shall be sufficient to provide noticeable depth and texture and should contain a minimum of fifteen (15) square inches of design work The border will be required to be fully engraved (i

33、ntaglio) for all registered municipal issuances equalling or exceeding $5,000,000 in value and otherwise shall be in conformance to accepted securities and printing industry practices. All printed matter required on the certificate face, as described under section 5 “Content and Layout,” shall be co

34、ntained within that border. 4.2.2 Throat - The area commonly referred to as the Throat of the certificate shall be printed with fine linage. Linage is customarily of the same color as the border. 4.23 Color - The certificate face shall be printed in at least two colors. The ink used for the border s

35、hall be a color different than that used for the descriptive printing. 5. Content and Layout 5.1 Title and Description of Issue The name, title, and purpose of the issue shall appear and be located in the center of Section A as indicated by Item 1, Figure 1. 5.2 Interest Rate The annual percentage o

36、f interest to be paid to the registered holder shall appear and be lo- cated to the far left of Section B as indicated by Item 2, Figure 1. If the rate is zero or variable, the word “zero” or “variable” shall appearinthisarea. 5.3 Maturity Date The month, date, and year that the principal amount of

37、the issue is due and payable to the registered holder shall appear and be located to the left of center of Section B as indicated by Item 3, Figure 1. 5.4 Dated Date The month, date, and year of original issue of the certificate by the issuer shall appear and be located to the right center of Sectio

38、n B as indicated by Item 4, Figure 1. 5.5 CUSIP Number The nine-character alphanumeric symbol which uniquely identifies an issue shall appear and be located to the far right of Section B as indicated by Item 5, Figure 1. 5.6 n Registered ” Nomenclature -_ The word “Registered” shall appear and be lo

39、cated on the far left and far right of Section A as indicated by Item 6, Figure 1. 5.7 Certificate Number The number assigned to each certificate within an issue shall appear and be located to the far left of Section A between Items 6 and 1 as indicated by Item 7, Figure 1. Certificate num- bers mus

40、t be unique within a CUSIP designa- tion. In this context the certificate number is defined to include any alphanumeric prefix. 10 Figure 1 5.8 Denomination The principal dollar amount (face value) of the bond shall appear and be located to the far right of Section A between Items 6 and 1 and at the

41、 bottom of Section B directly below Item 9 as indicated by Item 8, Figure 1. 5.9 Registered holder The name of the registered holder(s) of the certificate shall appear and be located in the middle of Section B as indicated by Im 9, Figure 1. 5.10 Indenture agreement The applicable excerpts of the In

42、denture Agreement, including but not limited to the issues resolutions, transferability, call provisions, interest record dates, and interest payable dates shall appear and be located be- tween Items 8 and 11 - 15 in Section C as indicated by Item 10, Figure 1, and, if neces- sary, should be continu

43、ed on the back of the certificate as indicated by Item 10, Figure 2. 5.11 Registration date The month, date, and year that the particular certificate is registered in the name of the owner or holder shall appear and be located at the lower left corner of Section C as indicated by Item 11, Figure 1.

44、5.12 Trustees certificate and/or authenticating agent and legal signatures The Trustees Certificate of Authentication and Registration with legal signatures (if re- quired by the issuer) shall appear and be lo- cated at the lower left comer of Section C between Items 11 and 13 and indicated by m 12,

45、Figul-e 1. 5.13 Bond Registrar(s) and Paying Agent(s) The name(s) of authorized agents responsible for the transfer of the certificate registration, and disbursement of interest and principal pay- ments shall appear and be located at the lower left comer of Section C to the right of Item 12 as indic

46、ated by Item 13, Figure 1. 5.14 Seal The seal of the issuer shall appear and be located at the bottom of Section C in the center between Items 13 and 15 as indicated by Item 14, Figure 1. 5.15 Signature(s) of the Issuer The legal signature(s) of the issuer shall appear and be located at the lower ri

47、ght comer of Section C as indicated by Item 15, Figure 1. 5.16 Legal Opinion The legal opinion concerning the validity of a securities issue shall appear and be located in the center of the certificate back as indicated by Item 16, Figure 2. Where inclusion of the full legal opinion is not feasible,

48、 a statement, “The legal opinion concerning the validity of this bond has been issued as a separate docu- ment,” shall appear in bold print in this area in order to foster compliance with the delivery requirements of MSRB rule G-12(e)(xi). 5.17 Assignment Language appropriate to permit the assignmen

49、t of the certifcate, when properly executed, shall appear and be located on the bottom portion of the certificate back as indicated by Item 17, Figure 2. 12 Figure 2 x 5 Accredited Standards Committee X9 - Financial Services AMERICAN BANKERS ASSOCIATION 1120 Connecticut Avenue, N.W Washington, D.C. 20036 (600) 3364626 (202) 663-5067