2016-051 - Adoption of Municipal Securities Disclosure Policy and Procedures

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jmf 6/13/16 RESOLUTION NO. 2016-051 A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF SANTA ANA APPROVING THE ADOPTION OF MUNICIPAL SECURITIES DISCLOSURE POLICY AND PROCEDURES BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF SANTA ANA AS FOLLOWS: Section 1. The City Council of the City of Santa Ana hereby finds, determines and declares as follows: A. The City of Santa Ana and its related entities issue municipal bonds, notes, and other obligations ("Obligations") from time to time that are offered to the investing public. B. Publicly offered debt obligations and securities, such as bonds or certificates of participation, are offered pursuant to an Official Statement or other type of offering document that must comply with the "anti -fraud rules" of federal securities laws. ("Anti -fraud rules" refers to Section 17 of the Securities Act of 1933 and Section 10(b) of the Securities and Exchange Act of 1934, and regulations adopted by the Securities and Exchange Commission under those Acts, particularly "Rule 10b-5" under the 1934 Act.) C. The City of Santa Ana has determined that it would be proper in the management of its financial affairs to establish policies of the City and its related entities with respect to the preparation of disclosure documents and the continuing disclosure requirements related to the public offering of Obligations. D. City staff is directed and has prepared a Municipal Securities Disclosure Policy and Procedures, a copy of which is attached as Exhibit A. Section 2. The City Council of the City of Santa Ana hereby approves and adopts the Municipal Securities Disclosure Policy and Procedures, a copy of which is attached as Exhibit A and will be on file at the offices of the Finance and Management Services Agency of the City for public inspection. Resolution No. 2016-051 Page 1 of 7