The SEC said the town had failed to comply with federal law as set out in its Municipal Continuing Disclosure Cooperation Initiative. The town is a participant in the MCDC.
The MCDC is “intended to help municipalities and underwriters address disclosure delinquencies by encouraging self-disclosure,” said Town Manager Steve Burns. The town did cooperate with the SEC by admitting to the violations, which played a role in the SEC’s subsequent offer to settle the matter.