Draft offer document filing required for municipal debt securities, with mandated due diligence, public disclosure and incorporation of regulator observations. Requirement to file a draft offer document with the Board and designated stock exchange through the lead manager before any public issuance of municipal debt securities, with shelf offer limits. The lead manager must submit agreement and due diligence certificates, compile public comments from the exchange posting, incorporate Board observations within the prescribed period and refile the updated draft highlighting changes, and furnish final due diligence certificates and certifications prior to opening the public issue.