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City bond counsel briefs council on securities rules as Measure I implementation moves forward; oversight committee appointed
Summary
Bond counsel outlined council legal responsibilities under federal securities laws ahead of Measure I bond issuance; council appointed Measure I bond compliance oversight committee and approved bylaws and an active alternate membership.
Scott Ferguson, bond counsel with Jones Hall, gave a legal briefing at the May 20 joint City Council / Stadium Authority meeting on the city council’s duties when issuing general obligation bonds. Ferguson said the city will adopt a resolution to authorize bond sale documents in substantially final form while leaving pricing fields blank so underwriters can complete terms; he summarized the federal securities law duty not to make materially false or misleading disclosures and outlined the SEC’s focus on material omissions (citing historically notable enforcement matters such as the Orange County and San Diego cases as examples of enforcement). He urged council members to bring local knowledge about large employers, assessed…
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