A federal initiative for local governments nationwide who’ve not disclosed updated information when bonds are issued is strictly optional for Vicksburg and Warren County, officials said this week.

Cities and counties nationwide have been given until next Monday to enroll in the Municipalities Continuing Disclosure Cooperation initiative, set up by the Securities and Exchange Commission to encourage more self-reporting of disclosures in bond offerings in keeping with securities law. In general, that refers to information about the issuer’s financial condition and operating data.

Jackson-based law firm Butler Snow was hired by the City of Hernando last week to assist the city’s participation effort. DeSoto County officials today were to consider signing up. The firm has worked with Warren County “for years” on doing bond disclosure statements, county administrator John Smith said. Therefore, participation in what amounts to a strong suggestion by the SEC isn’t necessary.

“There is no need to do what DeSoto County did because they have a lot of indebtedness from 20 years ago and they want to protect disclosure mistakes on those outstanding issues,” Smith said. “Warren County does not have that problem.”

The county has one outstanding general obligation bond, which was issued in 2007 to pay for improvements at the T-dock crane support platform at the Port of Vicksburg. Final payments are due in 2027. Moody’s Investors Service has the county’s bond rating at Aa2, the service’s second-highest rating category.

Vicksburg grappled with bond rating problems for more than two years until July, when Moody’s restored an A2 rating. The city’s bond rating was pulled in 2012 when four years worth of audits backed up without completion. Two more years’ worth were done late, in 2013, before the rating was restored.

As a result of the newfound creditworthiness, the initiative is an option the city can pass on, city attorney Nancy Thomas said, adding the possibility did come up in closed session recently since it was a possible litigation issue.

“We got a better interest rate and everything has been brought current,” Thomas said.

The city’s two most recent bond issues, in 2002 and 2007, were for public improvements. A $3.7 million chunk of the ’07 issue, which totaled $16.9 million, went to finish reconstruction of the Washington/Clark Street rail overpass.

The SEC has suggested participation most strongly to government entities that have made “materially inaccurate statements in a final official statement regarding their prior compliance” as per federal law.