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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. 2 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