Title
A RESOLUTION APPROVING DISCLOSURE CONTROLS AND PROCEDURES AND CERTAIN RELATED MATTERS
Summary
DESCRIPTION OF TOPIC: (who, what, when, where, why, and how much)
City Attorney Heyward Hosch requested the resolution approving disclosure controls and procedures and certain related matters to go before Council.
The resolution provides primarily for the adoption of disclosure procedures and the engagement letter provides that we will not be compensated for services for this matter.
SOURCE OF FUNDING:
Please provide the amount requested: ____________
Is this a budgeted item? Yes /No
Please provide the budgeted amount: $_____________ Account No. ___________________________
If budgeted, is this a capital purchase, capital project, or special fund? _________________________
Was this item included in the Fiscal Year Capital Projects Plan? Yes/No
If yes, please provide the amount included in Capital Projects Plan: $___________
Body
BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF FOLEY, ALABAMA, as
Section 1. The City Council has found and determined, and does hereby find, determine and declare as follows:
(a) When City of Foley, Alabama, a municipal corporation organized under the laws of the State of Alabama (the “City”), issues general obligation or revenue bonds, warrants, notes or other obligations or when the City is committed by contract or other arrangement to support payment of all or part of the debt service on bonds, warrants, notes or other obligations, the City typically prepares a preliminary offering statement and a final offering statement and the City typically agrees to comply with the continuing disclosure filing requirements of Rule 15c2-12 of the United States Securities and Exchange Commission (the “SEC”).
(b) In order to ensure compliance with the City’s disclosure obligations under federal securities laws, the City Council of the City desires to adopt disclosure controls and procedures for reviewing, updating and...
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