Municipal Securities Full Disclosure Act

Municipal Securities Full Disclosure Act - Amends the Securities Exchange Act of 1934 to require preparation of an annual report by any issuer of municipal securities which has outstanding during any portion of a fiscal year an aggregate principal amount of municipal securities exceeding $50,000,000.

Requires that such report contain specified information including: (1) identification and description of the issuer; (2) a description of the issuer's debt structure; (3) a history of any default in payments of principal or interest; (4) a description of issuer's tax authority and structure; and (5) a detailed financial statement.

Requires that any issuer that offers or sells an issue of municipal securities, the aggregate principal amount of which exceeds $5,000,000, shall prepare a distribution statement. Permits exceptions for specified offers or sales.

Prescribes that such statement contain among other things: (1) a description of the offering, its price and plan of distribution; (2) a description of the security to be offered; (3) a description of intended use of the proceeds; and (4) a statement of counsel's opinion as to the legality of the offering.

Requires that such reports and statements shall be available to the security holder at the issuer's expense and shall be maintained at a designated location for examination by the public.