OCII adopts municipal finance disclosure policy ahead of planned affordable-housing bond

The Office of Community Investment and Infrastructure on June 1 adopted a municipal finance disclosure policy to align OCII’s practices with federal securities anti‑fraud provisions and to define the commission’s role in reviewing bond offering materials.

Deputy Director for Finance Breema Hoerter explained OCII’s debt portfolio and the need for a formal disclosure policy; disclosure counsel Erica Carl Bartling reviewed the commission’s legal obligations under anti‑fraud rules and discussed primary, continuing and informal disclosures, including social media risks.

"All of your disclosures... have to be true and accurate. They have to contain all material information," Bartling told commissioners, emphasizing that preliminary official statements sent to the market should receive meaningful review by the commission.

Staff outlined the internal review process: the debt manager and financing team draft the official statement, project managers verify project information, a disclosure-policy working group (general counsel, deputy director and debt manager) signs off, and the interim executive director reviews before the item appears on the Commission agenda. Staff said OCII expects to present bond-related materials this summer and to market the bonds in early November with a close before Thanksgiving.

Commissioners asked about handling information disclosed in closed session; counsel said confidentiality rules apply and the commission should consult counsel if a closed-session matter may be material to disclosures. The commission approved the policy by roll call (4 ayes).