Client Alert
On March 9, 2016, the U.S. Securities and Exchange Commission issued a cease and desist order against Westlands Water District, a public agency of the State of California, the District General Manager and General Counsel, and the former District Assistant General Manager. The SEC investigation into the District’s sale of $77 million in refunding revenue bonds in 2012 found that the Official Statement for the 2012 Bonds was misleading in its treatment of the District’s debt service coverage ratio.