Bond Accountability Commission 2 Recommendations Page 40
In connection with consideration of the MSRB’s incentives, we recommend that CMSD discuss with its Bond Counsel and Financial Advisors how CMSD might be able to make a low-cost effort on its website to attract investor interest and to provide certain updated information as a way of responding to investor questions and interests. There are a number of important considerations in that regard that require close consultation with CMSD’s Bond Counsel and Financial Advisors. Factors for consideration are discussed in two GFOA Best Practices. One is entitled “Using a Website for Disclosure,” which states that GFOA “recommends that governmental issuers use their Web sites to disseminate information to the municipal securities market regarding their debt, financial condition and other related information.” GFOA’s Best Practice entitled “Web Site Presentation of Official Financial Documents” lists and discusses numerous perceived benefits of such an avenue of communication and related considerations.
Recommendations: The recommendations in this Report are made in the context of what, based upon our review, are good overall Bond and Note sale results for CMSD’s Issue 14 program. We believe our recommendations should be understood to be efforts constructively to assist CMSD and its Finance Team of Financial Advisors and Bond Counsel in making improvements. We also believe that CMSD’s taxpayers should understand that CMSD is seeking in good faith to honor its responsibilities to the taxpayers regarding the tax burdens of Issue 14, and that CMSD is achieving that goal in a reasonable manner.