{
  "tool_id": "art-400-check-official-statement-completeness",
  "note": "MSRB G-32 / SEC 15c2-12 official-statement disclosure-element checklist (FL-3). Vector 1: all elements + material events + CDU complete (grade A). Vector 2: underwriting + CDU gaps, some material-event gaps (grade C). Vector 3: only cover page present (grade F).",
  "vectors": [
    {
      "name": "os_complete",
      "description": "All 12 checklist elements complete, all 15 material-event categories covered, continuing-disclosure undertaking present.",
      "policy_parameters": {
        "inputs": {
          "os_elements": [
            {
              "element": "cover-page",
              "status": "complete"
            },
            {
              "element": "summary-statement",
              "status": "complete"
            },
            {
              "element": "description-of-securities",
              "status": "complete"
            },
            {
              "element": "use-of-proceeds",
              "status": "complete"
            },
            {
              "element": "sources-and-uses-of-funds",
              "status": "complete"
            },
            {
              "element": "description-of-issuer",
              "status": "complete"
            },
            {
              "element": "financial-statements",
              "status": "complete"
            },
            {
              "element": "tax-matters-legal-opinion",
              "status": "complete"
            },
            {
              "element": "risk-factors",
              "status": "complete"
            },
            {
              "element": "litigation-disclosure",
              "status": "complete"
            },
            {
              "element": "underwriting",
              "status": "complete"
            },
            {
              "element": "continuing-disclosure-undertaking",
              "status": "complete"
            }
          ],
          "material_event_categories_covered": [
            "principal-and-interest-payment-delinquencies",
            "non-payment-related-defaults",
            "unscheduled-draws-on-debt-service-reserves",
            "unscheduled-draws-on-credit-enhancements",
            "substitution-of-credit-or-liquidity-providers",
            "adverse-tax-opinions-or-irs-events",
            "modifications-to-rights-of-security-holders",
            "bond-calls",
            "defeasances",
            "release-substitution-or-sale-of-property-securing-repayment",
            "rating-changes",
            "bankruptcy-insolvency-receivership",
            "merger-consolidation-or-sale-of-substantially-all-assets",
            "appointment-of-successor-trustee",
            "incurrence-of-financial-obligation-or-agreement-to-covenants"
          ],
          "continuing_disclosure_undertaking_present": true
        }
      },
      "output_payload": {
        "compliant": true,
        "completeness_grade": "A",
        "elements_checked": 12,
        "gap_count": 0,
        "gaps": [],
        "element_status": {
          "cover-page": "complete",
          "summary-statement": "complete",
          "description-of-securities": "complete",
          "use-of-proceeds": "complete",
          "sources-and-uses-of-funds": "complete",
          "description-of-issuer": "complete",
          "financial-statements": "complete",
          "tax-matters-legal-opinion": "complete",
          "risk-factors": "complete",
          "litigation-disclosure": "complete",
          "underwriting": "complete",
          "continuing-disclosure-undertaking": "complete"
        },
        "continuing_disclosure_undertaking_present": true,
        "material_event_categories_checked": 15,
        "material_event_gaps": [],
        "disambiguation": "check_official_statement_completeness checks that MSRB G-32 / SEC 15c2-12 disclosure ELEMENTS are declared present and well-formed -- it does not verify the truth of any disclosed fact (see the asserted-labelling note).",
        "asserted_note": "\"asserted\" labelling applies throughout: this checks that declared OS elements and material-event categories are PRESENT and well-formed, not that the underlying disclosures are true or complete in substance.",
        "table_version": "MSRB-G32-15C2-12-OS-CHECKLIST-V1",
        "table_source": "MSRB Rule G-32 (Disclosures in Connection with Primary Offerings, EMMA submission); SEC Rule 15c2-12 (17 CFR 240.15c2-12), including the (b)(5)(i)(C) material-event list.",
        "regulatory_basis": "MSRB Rule G-32; SEC Rule 15c2-12 (17 CFR 240.15c2-12), including the (b)(5)(i)(C) material-event list."
      },
      "golden_hash": "b4981f1b33df73753c762eadefe3f5b42d4bdda8d7b610f2b261f5c12a940f3e"
    },
    {
      "name": "os_gapped_underwriting_cdu",
      "description": "Underwriting and continuing-disclosure-undertaking absent; 3 of 15 material-event categories uncovered -- grade C.",
      "policy_parameters": {
        "inputs": {
          "os_elements": [
            {
              "element": "cover-page",
              "status": "complete"
            },
            {
              "element": "summary-statement",
              "status": "complete"
            },
            {
              "element": "description-of-securities",
              "status": "complete"
            },
            {
              "element": "use-of-proceeds",
              "status": "complete"
            },
            {
              "element": "sources-and-uses-of-funds",
              "status": "complete"
            },
            {
              "element": "description-of-issuer",
              "status": "complete"
            },
            {
              "element": "financial-statements",
              "status": "complete"
            },
            {
              "element": "tax-matters-legal-opinion",
              "status": "complete"
            },
            {
              "element": "risk-factors",
              "status": "complete"
            },
            {
              "element": "litigation-disclosure",
              "status": "complete"
            },
            {
              "element": "continuing-disclosure-undertaking",
              "status": "absent"
            }
          ],
          "material_event_categories_covered": [
            "principal-and-interest-payment-delinquencies",
            "non-payment-related-defaults",
            "unscheduled-draws-on-debt-service-reserves",
            "unscheduled-draws-on-credit-enhancements",
            "substitution-of-credit-or-liquidity-providers",
            "adverse-tax-opinions-or-irs-events",
            "modifications-to-rights-of-security-holders",
            "bond-calls",
            "defeasances",
            "release-substitution-or-sale-of-property-securing-repayment",
            "rating-changes",
            "bankruptcy-insolvency-receivership"
          ],
          "continuing_disclosure_undertaking_present": false
        }
      },
      "output_payload": {
        "compliant": false,
        "completeness_grade": "C",
        "elements_checked": 12,
        "gap_count": 2,
        "gaps": [
          "underwriting",
          "continuing-disclosure-undertaking"
        ],
        "element_status": {
          "cover-page": "complete",
          "summary-statement": "complete",
          "description-of-securities": "complete",
          "use-of-proceeds": "complete",
          "sources-and-uses-of-funds": "complete",
          "description-of-issuer": "complete",
          "financial-statements": "complete",
          "tax-matters-legal-opinion": "complete",
          "risk-factors": "complete",
          "litigation-disclosure": "complete",
          "underwriting": "absent",
          "continuing-disclosure-undertaking": "absent"
        },
        "continuing_disclosure_undertaking_present": false,
        "material_event_categories_checked": 15,
        "material_event_gaps": [
          "merger-consolidation-or-sale-of-substantially-all-assets",
          "appointment-of-successor-trustee",
          "incurrence-of-financial-obligation-or-agreement-to-covenants"
        ],
        "disambiguation": "check_official_statement_completeness checks that MSRB G-32 / SEC 15c2-12 disclosure ELEMENTS are declared present and well-formed -- it does not verify the truth of any disclosed fact (see the asserted-labelling note).",
        "asserted_note": "\"asserted\" labelling applies throughout: this checks that declared OS elements and material-event categories are PRESENT and well-formed, not that the underlying disclosures are true or complete in substance.",
        "table_version": "MSRB-G32-15C2-12-OS-CHECKLIST-V1",
        "table_source": "MSRB Rule G-32 (Disclosures in Connection with Primary Offerings, EMMA submission); SEC Rule 15c2-12 (17 CFR 240.15c2-12), including the (b)(5)(i)(C) material-event list.",
        "regulatory_basis": "MSRB Rule G-32; SEC Rule 15c2-12 (17 CFR 240.15c2-12), including the (b)(5)(i)(C) material-event list."
      },
      "golden_hash": "ac536b1731bdce0ce2ce4eb26b2e51e3f215184f116f7eb5a2a75875079fc529"
    },
    {
      "name": "os_only_cover_page",
      "description": "Only the cover page is declared present -- worst-case gap count, grade F.",
      "policy_parameters": {
        "inputs": {
          "os_elements": [
            {
              "element": "cover-page",
              "status": "complete"
            }
          ],
          "material_event_categories_covered": [],
          "continuing_disclosure_undertaking_present": false
        }
      },
      "output_payload": {
        "compliant": false,
        "completeness_grade": "F",
        "elements_checked": 12,
        "gap_count": 11,
        "gaps": [
          "summary-statement",
          "description-of-securities",
          "use-of-proceeds",
          "sources-and-uses-of-funds",
          "description-of-issuer",
          "financial-statements",
          "tax-matters-legal-opinion",
          "risk-factors",
          "litigation-disclosure",
          "underwriting",
          "continuing-disclosure-undertaking"
        ],
        "element_status": {
          "cover-page": "complete",
          "summary-statement": "absent",
          "description-of-securities": "absent",
          "use-of-proceeds": "absent",
          "sources-and-uses-of-funds": "absent",
          "description-of-issuer": "absent",
          "financial-statements": "absent",
          "tax-matters-legal-opinion": "absent",
          "risk-factors": "absent",
          "litigation-disclosure": "absent",
          "underwriting": "absent",
          "continuing-disclosure-undertaking": "absent"
        },
        "continuing_disclosure_undertaking_present": false,
        "material_event_categories_checked": 15,
        "material_event_gaps": [
          "principal-and-interest-payment-delinquencies",
          "non-payment-related-defaults",
          "unscheduled-draws-on-debt-service-reserves",
          "unscheduled-draws-on-credit-enhancements",
          "substitution-of-credit-or-liquidity-providers",
          "adverse-tax-opinions-or-irs-events",
          "modifications-to-rights-of-security-holders",
          "bond-calls",
          "defeasances",
          "release-substitution-or-sale-of-property-securing-repayment",
          "rating-changes",
          "bankruptcy-insolvency-receivership",
          "merger-consolidation-or-sale-of-substantially-all-assets",
          "appointment-of-successor-trustee",
          "incurrence-of-financial-obligation-or-agreement-to-covenants"
        ],
        "disambiguation": "check_official_statement_completeness checks that MSRB G-32 / SEC 15c2-12 disclosure ELEMENTS are declared present and well-formed -- it does not verify the truth of any disclosed fact (see the asserted-labelling note).",
        "asserted_note": "\"asserted\" labelling applies throughout: this checks that declared OS elements and material-event categories are PRESENT and well-formed, not that the underlying disclosures are true or complete in substance.",
        "table_version": "MSRB-G32-15C2-12-OS-CHECKLIST-V1",
        "table_source": "MSRB Rule G-32 (Disclosures in Connection with Primary Offerings, EMMA submission); SEC Rule 15c2-12 (17 CFR 240.15c2-12), including the (b)(5)(i)(C) material-event list.",
        "regulatory_basis": "MSRB Rule G-32; SEC Rule 15c2-12 (17 CFR 240.15c2-12), including the (b)(5)(i)(C) material-event list."
      },
      "golden_hash": "5d39fc787ee71836c09e72adb4e46420603754abd65bea1a4944127bafff88ef"
    }
  ]
}