In the Matter of West Clark Community Schools

Rel. No. 9435 (1933), 70057 (1934), 2013 WL 12309911 (2013)

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In the Matter of West Clark Community Schools

Securities and Exchange Commission
Rel. No. 9435 (1933), 70057 (1934), 2013 WL 12309911 (2013)

Facts

West Clark Community Schools (defendant) (the district), a school district, was a corporate entity and political subdivision of the state of Indiana. In 2005, the district publicly offered $52 million of municipal bonds. In connection with the bond offering, the district signed a continuing-disclosure agreement (CDA) that obligated it to file annual reports containing financial and operating information for investors to review. If the district was unable to file a required annual report, it was obligated to submit notice of this fact. After the bond offering, the district never submitted an annual report, nor did it submit notice of this failure. In 2007, the district publicly offered another $31 million of municipal bonds. In connection with this offering, the district signed an official statement verifying that, in the preceding five years, it had never materially failed to comply with any previous undertakings. As a result of this false representation, the Securities and Exchange Commission (SEC) (plaintiff) brought a cease-and-desist action against the district.

Rule of Law

Issue

Holding and Reasoning ()

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