The U.S. Securities and Exchange Commission accused an Indiana school district and its municipal board of falsely telling bond investors that the district had been properly providing annual financial information and notices required as part of its prior bond offerings.

Indianapolis-based City Securities Corp., which underwrote a West Clark Community Schools 2007 bond offering, agreed to pay almost $580,000 to resolve the SEC’s claims. The school district also settled the claims, agreeing to cease-and-desist from violating securities law.