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Discusses prudent management of funds as an important issue for municipal finance officials. Federal government's obligation to encourage implementation of sound measures to assure proper management at the local government level; Management basics; Local official oversight.

Explains the amendments to Rule 15c2-12, to deter fraud and facilitate better disclosure of financial and material event information, a major step taken by the Securities and Exchange Commission to improve the integrity of the municipal markets. Primary market transactions; After the closing; Central information repositories; `Small issuer' exemption.

Presents an open letter to issuers of municipal securities from the chairman of the Securities and Exchange Commission. Commission's efforts in improving the municipal markets; Improvement of disclosure and the prudent management of public funds.