圣地亚哥市表示，计划退出一个协助发行和管理数十亿美元市政债券的组织，此前联邦监管机构对该组织的监管提出了担忧。
The city of San Diego said it plans to withdraw from a group that helps issue and manage billions of dollars in municipal bonds after federal regulators raised concerns about the organization’s oversight.
加利福尼亚州全州社区发展局（California Statewide Communities Development Authority）负责为地方政府、非营利组织以及住房开发等项目处理债券事务，是面临审查的几个所谓“联合权力机构”之一。
The California Statewide Communities Development Authority, which handles bonds for local governments, nonprofits and projects such as housing developments, is one of several so-called joint powers authorities facing scrutiny.
美国证券交易委员会（SEC）近年来提出担忧，此类机构在很大程度上将管理工作外包给顾问，这些顾问通过费用安排获得报酬，但相关安排往往未向投资者明确披露，并可能产生利益冲突。
The Securities and Exchange Commission has raised concerns in recent years that such groups have largely outsourced management to consultants paid through fee arrangements that often are not clearly disclosed to investors and that can create conflicts of interest.
圣地亚哥市官员在一封发给加州全州社区发展局、本周被彭博新闻社（Bloomberg News）获得的信函中表示，联邦监管机构曾就该市在该组织的成员身份与该市取得联系，该市计划在待定交易完成后退出。
San Diego officials said in a letter to the CSCDA obtained by Bloomberg News this week that federal regulators had contacted the city about its membership in the organization, and that the city plans to leave when pending deals are complete.
市发言人凯利·特里（Kelly Terry）证实，该市将退出该组织。
Kelly Terry, a city spokesperson, confirmed the city will withdraw from the group.
特里提到9月14日发给该机构的信函，信中指出，虽然该市从与该组织的合作中受益，但得出结论认为继续参与“不再可行”。“圣地亚哥市首席财务官罗兰多·查韦尔（Rolando Charvel）在信中写道：“该市认定，继续卷入这场争议，特别是随着SEC的行动日益将关注焦点聚焦到该市身上，不符合该市的最佳利益。”
Terry referred to the letter sent to the authority Sept. 14, stating that while the city had benefited from its work with the organization, it concluded continued involvement “was not tenable.”“The City determined that remaining involved in the controversy, particularly as the SEC’s actions have increasingly focused attention on the City, was not in the City’s best interests,” Rolando Charvel, San Diego’s chief financial officer, wrote in the letter.
查韦尔补充道：“作为市政证券的频繁发行人，该市无法忽视任何引起SEC关注的事项，并需要采取行动保护自身利益。”与此同时，加州全州社区发展局执行主任费利西亚·威廉姆斯（Felicia Williams）周四表示，她的组织将该信函理解为要求其与SEC会面并解决该机构的担忧。她表示，加州全州社区发展局计划周五与SEC会面。
Charvel added that “as a frequent issuer of municipal securities, the City cannot disregard any matter that has drawn the SEC’s attention and needs to take those actions that protect its interests.”Meanwhile, Felicia Williams, executive director of the CSCDA, said Thursday that her organization interpreted the letter as directing it to meet with the SEC and resolve the agency’s concerns. She said the CSCDA planned to meet with the SEC on Friday.
“根据这封信，我们的理解是他们将继续留在加州全州社区发展局（CSCDA）。”她说。
“Our understanding based on that letter is that they are remaining in the CSCDA,” she said.
该组织今年早些时候报告称，截至2025财年末，其发行在外的债券总额为240亿美元。
The organization reported earlier this year it had $24 billion in bonds issued and outstanding at the end of fiscal year 2025.
圣地亚哥是该组织中最新一位在被美国证券交易委员会（SEC）联系后计划退出的成员。康特拉科斯塔县监事会于9月投票决定退出加州全州社区发展局和加州市政金融管理局。
San Diego is the latest member of the group to plan to withdraw after being contacted by the SEC. The Contra Costa County Board of Supervisors voted in September to pull out of the CSCDA, and the California Municipal Finance Authority.
据上周在旧金山举行的一次会议上发表的讲话，美国证券交易委员会市政证券办公室主任David A. Sanchez针对联合权力机构、其架构以及支付给顾问的费用所引发的担忧进行了回应。
In published remarks from a conference last week in San Francisco, David A. Sanchez, head of the SEC’s Office of Municipal Securities, addressed concerns about joint powers authorities, their structures and the fees paid to advisors.
“视事实和具体情况而定，初始和持续未能妥善披露这些费用，可能构成实质性误导性陈述，违反反欺诈规则，”Sanchez说。“这些费用的或有性质也往往未被披露。”
“Depending upon the facts and circumstances, the initial and ongoing failures to properly disclose these fees could constitute a materially misleading statement in violation of the antifraud rules,” Sanchez said. “The contingent nature of the fees is also often not disclosed.”