All of the following statements are true regarding negotiated underwritings EXCEPT the:

• A. The initial offering price of each maturity must be disclosed
• B. The spread must be disclosed
• C. The participation amount of each underwriter must be disclosed
• D. The customer must be sent the Official Statement, if available

Answer: (D)

Disclosures in negotiated municipal offerings focus on communicating pricing and underwriting details to investors. The Official Statement must reveal the initial offering price for each maturity, the underwriting spread, and the participation amount of each underwriter to ensure transparency about pricing and who is taking part in the deal. This information helps investors understand how the issue is being marketed and distributed. However, sending the Official Statement to every customer is not a requirement; the OS is made publicly available (often through EMMA) and can be provided to customers upon request.