Get Full Government Meeting Transcripts, Videos, & Alerts Forever!
Get email alerts on the Municipal Disclosure topic
No spam. Unsubscribe anytime.
Council receives training on municipal securities disclosure after Allen Park example
Summary
As an informational item, outside disclosure counsel and the city attorney’s office briefed council on federal securities disclosure responsibilities, citing SEC enforcement trends and local procedures; the item drew public comment urging broader transparency and audits.
The City Council received an informational training on Sept. 15 explaining council members' responsibilities under federal securities laws when the city issues bonds and official statements. Dan Deaton, outside disclosure counsel with Nixon Peabody, and Brett Bartolotta, the city’s deputy city attorney for finance and disclosure, led the roughly 15‑minute presentation.
The presenters reviewed common municipal disclosure pitfalls — siloed information flows, weak documentation and political interference — and used the SEC action against Allen Park, Michigan as an example of how inconsistent internal communications and public statements can lead to enforcement. Staff described the city's Disclosure Practices Working Group (DPWG), contributor logs, required certifications from departmental contributors and mandatory disclosure trainings.
Council members thanked staff for the refresher; the item was informational and did not require council action. Multiple public commenters (during the public comment period tied to the item) used the presentation to press for greater transparency, faster fulfillment of public records requests and robust, independent audits — linking the training to past local pension governance problems. Staff and the IBA noted upcoming training and the IBA reminded council of budget priority deadlines.
