San Diego Receives Maco Report

Hume, Lynn; Saskal, Rich
September 2004
Bond Buyer;09/17/2004, Vol. 349 Issue 31971, p1
Trade Publication
The article reports on the issue of a macro report depicting the financial status of San Diego, California. San Diego dipped into its pension fund for years to help balance its budget, creating growing financial problems and risks that the city failed to disclose in the offering documents for 16 municipal bond issues totaling more than $1.23 billion. The 268-page report the culmination of a six-month investigation of the city's finances and bond disclosures recommends several Sarbanes-Ox ley-type actions the city could to take to improve its financial reporting and disclosure practices.


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