At this week’s council meeting (Aug 20), the City of Brigantine informed the public that it wants to issue more bonds (borrow money) as it continues to address flood mitigation and other municipal issues. If approved, it will allow Brigantine to borrow $12 million for various needs to be identified.
Moments later, Brigantine’s bond counsel; Joel Fleischman, recommended to council that the city pay more attention to SEC (Security & Exchange Commission) concerns that municipalities and bond issuers may not be totally transparent with financial documents and bonds.
A resolution was drafted that says: “In response to widespread concerns that many municipal issuers have not been complying with their obligations to file continuing disclosure documents… [and] have made false representation concerning compliance in bond and note offering documents,” indicating that the SEC is demanding municipalities develop better transparency with their bond offerings.
All council members approved the resolution, following strong recommendation from the city’s bond counsel.