Less than five years after it the Securities and Exchange Commission sanctioned San Diego for securities fraud for failing to make pension disclosure, the city received an award for its investor relations practices.
San Diego was one of four cities so honored recently by MuniNetGuide.com for providing easy access to quality investor information.
Editor Mardee Alvaro singled out San Diego’s site as the exemplary city investor relations website.
“Clearly designed with the bondholder in mind, the recently redesigned portal is comprehensive, yet unintimidating — a tough balancing act that few issuers are able to achieve,” she said.
The SEC sanction followed investigations that began after the city first disclosed in late 2003 that it had failed to make known to investors the extent to which it had underfunded its employee pension system.
San Diego revamped its approach to disclosure in response to the crisis, which saw the city shut out of the public debt markets for more than five years.
The other cities honored by MuniNetGuide.com are Portland, Ore., Albuquerque, N.M., and Jacksonville, Fla.