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Resident warns Sumner County commission that adopting 1981 financial law could force 12-year restatement of reports
Summary
During public comment on June 5, resident Alma Webb urged commissioners to avoid reverting to the 1981 Financial Management Act, saying doing so could require restating 12 years of annual reports and expose the county to investor claims under federal securities laws.
Alma Webb, a Sumner County resident, told the county commission on June 5 that adopting the county’s so-called 1981 Financial Management Act could require restating 12 years of annual reports and prompt investor litigation under the federal Securities Act of 1933 and the Securities Exchange Act of 1934.
Webb said the 2012 Financial Management Act already applies and cautioned that switching to the 1981 law now “could affect our credit ratings by trying to restate 12 annual report[s],” a…
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