The Securities and Exchange Commission’s decision to charge South Miami with defrauding investors by making misstatements and failing to disclose that its bonds might lose their tax-exempt status establishes a precedent for a much wider array of documents that could become securities law liabilities, experts said Thursday.

The SEC announced Wednesday that it had settled securities fraud charges with the city, which falsely certified that it was complying with loan agreements to ensure two sets of pool bonds issued by the Florida Municipal Loan Council in 2002 and 2006 would be tax-exempt. Instead, the city had loaned some of the bond proceeds to a private developer and leased the entire project  — a retail space and public parking lot — to it, sharing parking revenues with the private company.

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