What does GFOA recommend regarding the inclusion of underwriter disclaimer language in official statements?

The Government Finance Officers Association (GFOA) recommends omitting underwriter disclaimer language in official statements to ensure clarity and transparency in financial disclosures. The rationale behind this guidance is that including disclaimer language can introduce ambiguity and may confuse investors about the true nature of the offering. Official statements should provide a clear and comprehensive view of the financial conditions and risks without the added complexity of disclaimers that might suggest a lack of accountability or a diminished responsibility for the information provided.

This approach aligns with best practices in debt management, emphasizing the importance of providing investors with unambiguous and straightforward information, thus enhancing trust and understanding in financial communications. By omitting such disclaimers entirely, issuers can foster a clearer presentations of their financial obligations.