- Associated Press - Monday, November 24, 2014

HERNADO, Miss. (AP) - The DeSoto County Board of Supervisors will consider enrolling in a federal initiative that encourages self-reporting of inaccurate disclosures in prior bond offerings.

The board will consider signing up for the nationwide bond disclosure initiative of the federal Securities and Exchange Commission during a special meeting on Tuesday.

Bonds are a common funding mechanism for governmental entities.

“It’s Big Brother watching us, but in this case it’s to help,” said Supervisor Bill Russell of Walls.

The Commercial Appeal reports (https://bit.ly/1zjeRVS ) the SEC has set a deadline of Dec. 1 for bond issuers to agree to participate in the Municipalities Continuing Disclosure Cooperation initiative.

The city of Hernando, among other area jurisdictions, last week approved participation as “insurance” and hired the Butler Snow firm for legal assistance.

“Our financial consultant says we should self-report, just to be on the side of caution,” said County Administrator Vanessa Lynchard.


Information from: The Commercial Appeal, https://www.commercialappeal.com

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