HARRISBURG PATRIOT-NEWS: ….. The filing marks the first of its kind for the agency, the SEC said in a press release. It’s the first time that the SEC has charged a municipality for allegedly issuing misleading statements made outside of its securities disclosure documents, the agency said in a press release.
The city, which faces a financial crisis and a debt of more than $370 million due to its costly incinerator, has agreed to settle the charges, the SEC said…
“In an information vacuum caused by Harrisburg’s failure to provide accurate information about its deteriorating financial condition, municipal investors had to rely on other public statements misrepresenting city finances,” George S. Canellos, Co-Director of the SEC’s Division of Enforcement, said in the statement. “Statements that are reasonably expected to reach the securities markets, even if not prepared for that purpose, cannot be materially misleading.”… (more)
EDITOR: The LCSWMA won’t devulge information concerning the mechanical condition, potential environmental problems, or financial feasibility because they had entered into a confidentiality agreement with the Harrisburg Authority. Sound like the above. Is Lancaster also to be conned ?
Not only is LCSWMA not informing the public, it is not informing its potential investors of potential problems, and important matters like its insurance.
LCSWMA could have the same problems with the SEC.
WK