|
Municipal �—�= —� �~� ��U�
<br /> Advisor ���������l����� ����»�v�� C�)K� N � T
<br /> NORTH CARO-[IN.1
<br /> rxeu_S_Securities and Exchange Commission(the"SEC"')has clarified that a broKer,dealeror municipal securities dealer engaging in municipal advisory activities outside the scope ofUnderwriting a pairticular issuance of
<br /> municipal securities exnu|d be euNeo,u, municipal advisor registration- Davenport&Company //o (^oa,en»nrt'') has registered as a municipal advisor-with the SEC_As a registered municipal advisor Davenport may
<br /> provide advice to a municipal entity orobilgated person-An obligated person is an entity otherthan a municipal entity,sUch as a notfor profit corporation,that has commenced an application or negotiation-with an entity to
<br /> |eeuemun|o|»a|eeour|ueenn|�uexa|ran�rnrwx|ox|,w|||»m,|�eeu»»n��|ran�wxenan|eeueren�as$eoa,en»n�u,»m,|�ennano|a|a�,|en�nronneu|�n,ee�|oeew|,x �e»eo,u,,xe|eeuanoenrmun|o|»a|eeour|uee.
<br /> Davenport|enunea,ed,n evidence euox annano|a|advisory re|aunnex|»w|,x a-written agreement-
<br /> When acting as a registered municipal advisor Davenport is a fiduclary required by federal la-vv to act in the best interest of a municipal entity-withoUt regard to its o-wn financial or other interests-Davenport is not a fiduclary
<br /> -when it acts as a registered investment advisor,-when advising an obhgated person,or-when acting as an Underwriter,thoUgh it is required to deal fairly-with sUch persons-
<br /> This ma,er|a|wae»re»areduv»uu||onnanoe.nrn,xernnn-reeearcx »ersnnne|nroa,en»nrt- This material-was not pronced by a research analyst,althoUgh it may referto a Davenport research analyst nr research report-
<br /> unless n,xenw|ee|nd|oa,ed.,xeee,|ewe(|ranv)aremeaumnr'eandmavd|nerrmm,xneenr,xeoa,en»nrtnxed |nonmenrreeearcxde»artmen,nrn,xers|n,xenrm- oa,en»nrtmav»entrmnreeex,n»entrmnnano|a|
<br /> advisory services for the issuers ofthe securities and nstrUments mentioned herein-
<br /> This ma,er|a| xaeueen »re»ared for information pUrposes only and is not a suicitation of any offer to bUy or sell any security/instrUment or to pairticipate in any trading strategy- Any euox offer wnu|due made only after a
<br /> »me»eou,e »amo|»an, had completed its o-wn independent |n,eeueaunn of the eeour|uee. |nstmments or transactions and received all information it required to maxe its o-wn investment deo|e|nn. |no|ud|ng, where
<br /> a»»noau|e, a review nr any offering circular nr memorandum deeor|mngeuox security nr|nstmmen,- That information wnu|o contain material information not contained herein and to wx|ox »rne»eou,e »amo|»ants are
<br /> referred- This material i's based nn public information aenr the specified date,and may ue stale thereafter- we have nnnu||eaunnu,tell you wxeninformation herein may change- wemaxenn representation nrwarranty
<br /> w|m respect to the onm»|etaneee of this material- Davenport has no nu||eaunn to continue to »uunex information on the eeour|ue$|ne,mments mentioned herein- ueo|»|en,e are required to onm»|v w|m any legal or
<br /> contractual restrictions on their pUrchase,hoUng,sale,exercise of rights or performance of obi'lgations Under any securitless/instrUments transaction-
<br /> The oenurmes/|nstrumentSu|onuooeu |nm|omaterm| maynntueouuau|e/nra|| |nvestnronr|oouero. xen|p|entooxnu|uoeex|nuepenuentnnannm| auv|nepr|nrwmamngany|nveotmentuen|o|nnuaoeunnm|omaterm|
<br /> This material does not provide individually tailored investment advice nr offer tax, regulatory, accounting nr legal advice- Prior u,entering into any proposed transaction, recipients exnu|d determine, |n consultation -with
<br /> their o-wn investment, legal,tax, regulatory and accoUnting advisors,the economic nsKs and merits,as-well as the legal,tax, regulatory and acco.U.
<br /> nting characteristics and conseqUences,of the transaction- YoU sho'Ho
<br /> onne|der,x|e material ae only a single factor|nmamngan investment decision-
<br /> The,a|uenrand|nonmermm |n,estmen,eand,xeonstnrunrmw|ngmav,aryueoaueenroxangee|n|n,erestm,ee.rnre|gnexcxans$ m,ee.defau|,m,ee.»re»avmen,m,ee.eeour|ue$|ne,mmen,e»r|oee.marxe,|ndexme.
<br /> operational nr financial conditions nr companies nr other factors- There may be time innitations on the exercise of options or other rights in securitles/instrUments transactions- Past performance|e not necessarily agu|de
<br /> ,nmmre»entrmanoeandeeuma,eenrmmre»entrmanoeareuaeednnaeeum»unnema,mavnn,uerea||zed- Actual events may differ from those assUrneo.a no.c.rianges to any assUmptions may.have a material impact
<br /> |� a �n m aummnn any»n�e�|nnenreeuma,ee- Other events not,axen into aoonun,may noour and may em | | |ng purposes nru,e|m»||�the
<br /> presentation an¢/nr calculation of any »n�e�|nne or estimates, and Davenport does not represent that any euox
<br /> aeeum»unne w||| reflect actual future events- xoonrd|ng|x there can be no aeeumnoe that estimated
<br /> remrnenr»,oJect|nne-will uereanzednr that actual remrnenr performance results'will not materially differ from those estimated xereem- This material may not ueen|dnr redistributed w|,xnu,the prior-written consent nr
<br /> ua,en»nrt-
<br /> vem|nn1.1l.14ox | Ma | To
<br /> Dmv-:NPOR:T&COMPANY
<br /> Sep��mber8. 2017 oran0eCoun-y. NC 2
<br />
|