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Feds Censure Maine Town Over Financial Records

The federal Securities and Exchange Commission has censured the town of York for failing to properly disclose information to investors about municipal bond sales in 2006-2008, but has agreed to a settlement that does not fine the town for its compliance failure.

The federal Securities and Exchange Commission has censured the town of York for failing to properly disclose information to investors about municipal bond sales in 2006-2008, but has agreed to a settlement that does not fine the town for its compliance failure.

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.

Caroline Cournoyer is GOVERNING's senior web editor.
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