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City of Bartlesville

Posted: Mar 19, 2018 8:04 PMUpdated: Mar 19, 2018 8:04 PM

City Council Approves Disclosure Counsel Agreement

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Max Gross

The Bartlesville City Council discussed and approved an agreement with Kutak Rock LLP for special disclosure counsel services in regards to the city’s general obligation bonds at Monday night’s regularly scheduled meeting.

Jon Wolff from Municipal Financial Services presented the agreement on behalf of Kutak Rock LLP. The agreement is to secure the services of a firm that specializes in securities law.

Wolff outlined increased oversight coming from the Securities and Exchanges Commission. He suggested the city hire a disclosure attorney to protect its interests. This specialty counsel will work to ensure that every avenue of legal disclosure is abided by and potential investors in the city’s bonds are given accurate information.

This information will be presented in offering document which will give a profile of the city to investors. Wolff explains.

The city and MFS will work to create the offering document in the coming weeks with a target of completing the analysis in time for the council’s April 16 meeting. If this timeline is adhered to then the city would receive funds by June 28, which would keep this transaction within the current fiscal year.

Once this funding is secured work can begin on the G.O. bond projects. Acting city manager Mike Bailey stated the order of the bond projects will be discussed at the next scheduled meeting of the Bartlesville City Council on April 2.


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