Coalition Efforts bring Glendale into Full SEC Compliance
The Glendale Coalition for Better Government is pleased to inform the Glendale public that its effort to force Glendale into regulatory compliance has been successful. In February 2015, the Coalition filed a complaint with the SEC regarding Glendale’s failure to disclose the 2 pending litigation with regards to the Glendale Water and Power in its Bond rating disclosure.
We are happy to report that as of the most recent filings, copies below, page #48 of attached report now adequately discloses the potential risks associated with the litigation.
The objective of the Coalition in filing the complaint was to protect the Glendale taxpayer from potential litigation from bond holders for failure to disclose. It would make very little sense for the Coalition to fight city government to stop an illegal transfer and thereby save Glendale taxpayers funds only to be subsequently subjected to litigation due to City management failure to disclose.
We are happy that our efforts have been successful on behalf of the taxpayers of Glendale.
