Present: Pemberton, Karvelis, Thompson, Director of Finance Steve Gniadek, Michael J. Andreana, Bond Counsel for the Town of Redding, Jeanne Wendschuh
First Selectman Pemberton called the meeting to order at 6:33
Discussion of the SEC’s MCDC Initiative
The Town’s bond counsel Michael J. Andreana from Pullman and Comley presented the details of the SEC’s MCDC initiative. The Initiative provides an opportunity for both underwriters and issues to self report any material misstatements related to ongoing post issuance disclosures.
Bond counsel Andreana reported that Fidelity and Roosevelt & Cross both included the Town of Redding in their reports to the SEC as being in violation of certain continuing disclosure agreements. While the Town’s bond counsel does not believe there is anything material, the Selectmen agreed with counsel’s recommendation to complete and file the SEC’s Municipalities Continuing Disclosure Cooperation Initiative Questionnaire for Self Reporting Entities. The deadline for filing is December 1st. First Selectman asked counsel why, if the deadline is Dec. 1st, were we only informed of this issue last week? Counsel responded that while they did not believe there was anything material, when they learned that two of the Town’s issuers had included Redding in their reports to the SEC, they felt the Town should consider filing the Questionnaire and self-reporting. The Selectmen agreed to do so.
Motion: Move that the Selectmen pass a resolution authorizing the Town’s participation in the SEC’s MCDC Initiative. Karvelis, Thompson. Approved. Unanimous.
Motion: Move that the Selectmen authorize the First Selectman to sign the questionnaire and any other documents that are necessary to comply with the SEC’s MCDC Initiative. Thompson, Karvelis. Approved. Unanimous.
Motion: move to adjourn the meeting. Karvelis, Thompson. Approved. Unanimous.
Submitted by: Julia Pemberton