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The Securities and Exchange Commission's April 7 fraud charges against five former City bureaucrats for filing false and misleading statements in bond offerings seem to have sobered up San Diego government. In the introduction to the just-released proposed 2009 budget is this prominent disclaimer: "The annual budget is intended for use by the city council and the citizens of the City and is not intended to, and is not reasonably expected to reach investors and the trading markets." The City goes on to say that it files official statements for bond offerings, comprehensive annual financial reports, and other documents with a repository recognized by the SEC. But the annual budget won't be filed with this repository "and should not be relied upon by an investor in determining whether to buy, hold, or sell a security that is secured directly or indirectly by City revenues."
The Securities and Exchange Commission's April 7 fraud charges against five former City bureaucrats for filing false and misleading statements in bond offerings seem to have sobered up San Diego government. In the introduction to the just-released proposed 2009 budget is this prominent disclaimer: "The annual budget is intended for use by the city council and the citizens of the City and is not intended to, and is not reasonably expected to reach investors and the trading markets." The City goes on to say that it files official statements for bond offerings, comprehensive annual financial reports, and other documents with a repository recognized by the SEC. But the annual budget won't be filed with this repository "and should not be relied upon by an investor in determining whether to buy, hold, or sell a security that is secured directly or indirectly by City revenues."