California school district settles federal charges

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Updated: 7/08 6:07 pm

REEDLEY, Calif. (AP) — Federal officials say they've settled charges against a Central California school district accused of misleading investors.

The Securities and Exchange Commission said Tuesday that in the settlement officials at the Kings Canyon Joint Unified School District have agreed not to make the same mistake again and to adopt written policies to ensure no repeats.

Kings Canyon Joint Unified is located in Reedley halfway between Los Angeles and San Francisco. Nearly 10,000 students attend its 20 schools.

Federal authorities say that in 2010 the district issued $6.8 million in bonds, but it didn't report that it had failed to make required financial disclosures on three earlier occasions.

The district was not fined and didn't have to admit to the charges.

Superintendent Juan Garza said his district is satisfied with the outcome.

©2014 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.

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