Financial- COPS (Issuance) - Laserfiche WebLink

Home Browse Search

From: Carl Pitts (CARL PITTS) To: BWasson Date: 12/2/98 6:47pm Subject: 1997-98 Audited Financial Data At 2:00 p.m. I held a conference call with Nancy Watkins of Prudential Securities and Ken Kuhns 8~ Scott Muller of Ken Kuhns 8~ Co. our audit and C. P. A. firm. Nancy told us that the 1997-98 General fund data we had proposed sending would not meet their legal requirements. She said theywould require a complete published financial statementfor 1997-98. We told Nancy that the financial statementfor 1997-98 would not be published until December 31, 1998. Nancy said she understood (being a C. P. A. hersel~ that the audit function and the financing functions are parallel processes. Nancy told us her legal department said that since the financial statementwould be published within a short period of time of the "bond pricing and bond sale" that Marion County could be faced with two legal scenarios. 1. a"wrap" process that could be as simple as papercliping the 1997-98 aud'Red financial statementsto the "official statemenY' and mailing that again to the original bond purchasers. or 2. a"recirculation" which would involve reentering the financial data for 1997-98 on the "official StatemenY' and reprinting it and mailing it to the the original investors and any "subsequent investors" . That would be the most e~ensive of the two efforts. However she could not see that effort bing anything more than meeting their legal requirement and the cost not being prohibitive. She said she would call us back on December 3, 1998 and advise whether the process would require option #1 or #2. From what Nancy told us it appears that this is a legal requirement only and neither of these two processes would jeapord'¢e the bond sale or the bond rating. If I don't hear from Nancy on December 3, 1998, I will call her on December 4, 1998. I will keep you informed oftheir requirements. cc: Ken Kuhns Scott Muller. CC: DHartwig,KRoudybush,Pmitchell,EHorton