 National Association of Counties * Washington, DC / Vol. 30, No. 14 * July 20, 1998 to advise buyers of Y2K problems Next month, the Securities and Exchange Commission (SEC) plans to tell local governments that they could face fraud charges if they fail to alert their bond buyers of expenses associated with correcting the "millennium bug" computer problem, according to a report in The Washington Post. In an interview, SEC Chairman Arthur Levitt claimed that many local governments neither have the resources to, nor have sufficiently addressed, the Y2K problem. The warning will be included in a release that will also include guidelines for the private sec-tor. "The SEC's expected 'guidance' dramatically underscores the importance of counties' paying attention to, and fixing, the Y2K problems in their computer systems. It's also a good example of why NACo, Public Technology, Inc., the National League of Cities, and the International County/City Management Association have launched a Y2K campaign to help our members deal with the problem," NACo President Randy Johnson said.
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