SEC settles with California school district over bond disclosures

July 8 Tue Jul 8, 2014 2:00pm EDT

July 8 (Reuters) - A California school district has agreed to settle U.S. Securities and Exchange Commission charges that it misled investors by omitting required disclosures when it conducted a $6.8 million bond offering in November 2010.

The SEC said on Tuesday its settlement with the Kings Canyon Joint Unified School District is the first under an initiative by the federal regulator to address materially inaccurate statements in municipal bond offering documents.

Without admitting or denying the SEC's findings, Kings Canyon agreed to adopt written policies for its disclosure obligations, cooperate with any future SEC enforcement probes and disclose terms of its settlement in future bond offering materials. (Reporting by Jonathan Stempel in New York, editing by G Crosse)

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