2.5. Depository Eligibility

Underwriters of municipal securities must apply for new issue eligibility at a registered securities depository, such as the Depository Trust Company, no later than two business hours after being formally awarded the issue. For each new municipal issue being considered for eligibility, the Depository Trust Company requires the following documentation:

• Preliminary Official Statement. The lead underwriter must submit a copy of the preliminary official statement for initial review of eligibility criteria.

• Eligibility Questionnaire. The lead underwriter submits an Eligibility Questionnaire specifying the basic details of the issue, such as the offering amount and issue price, CUSIP information, closing date, and whether