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County adopts financial disclosure policy, sets $10 million threshold for material private placements
Summary
Commissioners approved a new financial disclosure policy that assigns county leadership to prepare and review disclosure documents and establishes a $10 million reporting threshold for material private placement loans between larger issuances.
Missoula County commissioners approved a county financial disclosure policy Jan. 30 that outlines responsibilities and procedures for preparing and reviewing disclosures related to county financial obligations.
Presenter Andrew described four key elements of the policy: the CEO or CFO will lead preparation of disclosure documents; drafts of preliminary official statements (POS) will undergo review by county leadership, bond counsel, municipal advisers and underwriters; a due‑diligence meeting will validate accuracy before distribution to investors; and the board will receive a substantially completed POS prior to distribution. He said the policy is designed to comply with SEC requirements and to be in place prior to his departure from the role.
Andrew specifically said the policy establishes a $10 million limit for material disclosure of private placement bonds that must be reported between larger issuances. The board moved, seconded and approved the policy by voice vote; the transcript does not record individual roll-call tallies.
Staff indicated the measure requires coordination across departments, bond counsel and external advisers and will formalize current disclosure practices.
