HomeMy Public PortalAbout2014_11_10_R117 Authorizing Participation in the Municipalities Continuing Disclosure Cooperation Initiative The Town of
Leesburg,
Virginia PRESENTED November 10, 2014
RESOLUTION NO. 2014-117 ADOPTED November 10, 2014
A RESOLUTION: DELEGATING TO THE TOWN MANAGER THE AUTHORITY TO
DETERMINE WHETHER THE TOWN SHOULD PARTICIPATE IN THE
MUNICIPALITIES CONTINUING DISCLOSURE COOPERATION
INITIATIVE AND AUTHORIZING THE TOWN MANAGER AND THE
TOWN ATTORNEY AND OTHER OFFICERS OF THE TOWN TO TAKE
CERTAIN ACTIONS IN CONNECTION THEREWITH
WHEREAS, the Town Council of the Town of Leesburg, Virginia (the "Town Council"),
has been provided information regarding the Securities and Exchange Commission's Municipalities
Continuing Disclosure Cooperation Initiative (the "MCDC Initiative"); and
WHEREAS, the Town Council understands that the Securities and Exchange Commission
(the "SEC") proposed the MCDC Initiative in response to the SEC's belief that widespread issues
exist in the municipal securities markets related to continuing disclosure compliance; and
WHEREAS, The Town of Leesburg, Virginia (the "Town"), is active in the municipal
securities markets; and
WHEREAS, The Town Council has been informed that under the MCDC Initiative,
municipal entities that participate in the MCDC Initiative must be prepared to agree to the standard
settlement terms that will settle potential claims the SEC may have against the municipal entity
related to the matters reported; and
WHEREAS, The Town Council desires to authorize the Town Manager, in consultation
with the Town Attorney to investigate the MCDC Initiative and its potential impact on the Town
and to authorize the Town Manager to participate in the MCDC Initiative if it is determined to be in
the Town's interest to self-report; and
WHEREAS, The Town Council desires to further authorize the Town Manager and the
Town Attorney to consult with all officers and agents of the Town (the "Officers") and bond
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A RESOLUTION: DELEGATING TO THE TOWN MANAGER THE AUTHORITY TO
DETERMINE WHETHER THE TOWN SHOULD PARTICIPATE IN THE
MUNICIPALITIES CONTINUING DISCLOSURE COOPERATION
INITIATIVE AND AUTHORIZING THE TOWN MANAGER AND THE
TOWN ATTORNEY AND OTHER OFFICERS OF THE TOWN TO TAKE
CERTAIN ACTIONS IN CONNECTION THEREWITH
counsel to the Town ("Bond Counsel") while investigating the MCDC Initiative and to prepare a
disclosure policy for the Town Council's review.
THEREFORE, RESOLVED, by the Council of the Town of Leesburg, Virginia:
1. The Town Council hereby authorizes the Town Manager (i) to consult with the Town
Attorney, all other Officers and Bond Counsel regarding the MCDC Initiative, (ii) to investigate the
impact of the MCDC Initiative on the Town and (iii) to inform the Town Council of the findings
and actions in connection therewith.
2. The Town Council hereby delegates to the Town Manager, after having consulted with
the Town Attorney, the authority (i) to determine whether it is in the Town's interest to participate
in the MCDC Initiative and (ii) to authorize the Town Manager and the Town Attorney to take all
action necessary or appropriate in connection with the Town's participation in the MCDC Initiative,
including completing and signing the self-report questionnaire on behalf of the Town, if it is
determined that the Town should participate in the MCDC Initiative.
3. The Town Council hereby authorizes and directs each Officer to cooperate with the Town
Manager and the Town Attorney and participate, as needed, in the investigation of the impact on the
MCDC Initiative on the Town.
4. The Town Council has been informed that the standard settlement terms under the
MCDC Initiative require the Town to adopt a formal continuing disclosure policy, and accordingly,
the Town Council hereby authorizes the Town Manager, in consultation with the Town Attorney,
the other Officers and Bond Counsel, to prepare a formal continuing disclosure policy or policies
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A RESOLUTION: DELEGATING TO THE TOWN MANAGER THE AUTHORITY TO
DETERMINE WHETHER THE TOWN SHOULD PARTICIPATE IN THE
MUNICIPALITIES CONTINUING DISCLOSURE COOPERATION
INITIATIVE AND AUTHORIZING THE TOWN MANAGER AND THE
TOWN ATTORNEY AND OTHER OFFICERS OF THE TOWN TO TAKE
CERTAIN ACTIONS IN CONNECTION THEREWITH
for the Town Council's review, whether or not the a self-report is made on behalf of the Town under
the MCDC Initiative.
5. The Town Council hereby authorizes the Town Manager, the Town Attorney and each
Officer to execute and deliver on the Town's behalf such other instruments, documents or
certificates, and to do and perform such things and acts as he or she shall deem necessary or
appropriate to carry out the actions authorized by this Resolution.
6. This Resolution shall take effect immediately upon adoption.
PASSED this 10th day of November.,2014.
'i• n . mstattd, Mayor
Town of Leesburg
ATT%ST•
ft 1 i
Clerk of C cil
P:\Resolutions\2014\1110 Authorizing SEC Municipalities Continuing Disclosure Agreement.doc