MHHEFA Continuing Disclosure

In accordance with Securities and Exchange Commission rules, each borrower of proceeds of a public issue of the Authority’s bonds has agreed to publicly disclose certain of its financial information and operating data and the occurrence of certain events. The borrowers that provide such information currently disseminate the information through EMMA, a public website maintained by the Municipal Securities Rulemaking Board (http://www.emma.msrb.org). EMMA provides free online access to official statements, continuing disclosure documents, advance refunding documents and real-time trade price information regarding municipal securities. EMMA may be searched by using the Authority’s name, the borrower’s name or the CUSIP number of the bonds.

Independent Municipal Advisor Exemption

The Maryland Health and Higher Educational Facilities Authority (“MHHEFA”) has retained a registered municipal advisor.  MHHEFA is represented by and will rely on its municipal advisor, PFM Financial Advisors, LLC to provide advice on proposals from financial services firms concerning the issuance of municipal securities and municipal financial products, including the investment of bond proceeds and escrow investments.  This certificate may be relied upon until June 30, 2023. Each such financial services firm must determine whether PFM Financial Advisors, LLC is “independent” of such firm for purposes of the SEC Municipal Advisor Rule.

The Authority’s Registered Municipal Advisors have represented to the Authority that they are not associated with any investment banking firm.

The Authority is posting this disclosure with the intention that market participants receive and use it for purposes of the independent registered municipal advisor exemption to the SEC Municipal Advisor Rule.