HomeMy Public PortalAbout2015_01_27_R019 Continuing Disclosures The Town of
Leesburg,
Virginia PRESENTED January 27,2015
RESOLUTION NO. 2015-019 ADOPTED January 27, 2015
A RESOLUTION: ADOPTION OF TOWN POLICY REGARDING DISCLOSURES IN
TOWN BOND ISSUE OFFICIAL STATEMENTS AND DISCLOSURES
TO BE PERFORMED IN CONTINUING DISCLOSURE
UNDERTAKINGS
WHEREAS, the Town Council of the Town of Leesburg, Virginia(the "Town Council"),
has been provided information regarding the Securities and Exchange Commission's requirements
and enforcement emphasis related to SEC Rule 15c2-12; and
WHEREAS, the Town Council understands that the Securities and Exchange
Commission(the "SEC") believes 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 having Town Council approved
policy and set written procedures for ensuring compliance in the preparation of Official Statement
disclosures and continuing disclosures is regarded by the SEC as a best practice to ensure
compliance; and
WHEREAS, the Town Council desires to authorize the Town Manager and Town staff to
take any and all necessary steps to ensure continuing compliance in all Official Statement
disclosures and required continuing disclosures to prevent any event of noncompliance; and
WHEREAS, the Town Council previously authorized the Town Manager, Director of
Finance and Administrative Services and the Town Attorney to consult with all officers and agents
of the Town(the "Officers") and bond counsel to the Town("Bond Counsel")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 adopts, authorizes and approves the attached Town of
Leesburg Disclosure Policies and Procedures,
2. The Town Council hereby delegates to the Town Manager and the Director of Finance
and Administrative Services and their designees,the authority (i)to take any and all actions
necessary to assure that all Town Official Statements are fully in compliance with SEC rules and
regulations without material errors of fact, and(ii)to authorize the Town Manager and the
Director of Finance and Administration and their designees to take any and all actions necessary to
assure full compliance with all Town continuing disclosure undertakings including but not limited
to all actions necessary to ensure all continuing disclosures are filed accurately and timely on the
Electronic Municipal Market Access (EMMA) website in full compliance with SEC Rule 15c2-12.
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A RESOLUTION: ADOPTION OF TOWN POLICY REGARDING DISCLOSURES IN
TOWN BOND ISSUE OFFICIAL STATEMENTS AND DISCLOSURES
TO BE PERFORMED IN CONTINUING DISCLOSURE
UNDERTAKINGS
3. The Town Council hereby authorizes the Town Manager,the Director of Finance and
Administrative Services, the Town Attorney and Bond Counsel 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.
4. This Resolution shall take effect immediately upon adoption.
PASSED this 27th day of January.,2015.
_�-tea-ti
. rnstattd, Mayor
Town of Leesburg
AT SA
Clerk of Council '
P:\Resolutions\2015\0127 Continuing Disclosure Policy.doc