City of Columbus - File #: 0125-2011

• File #: 0125-2011
• Version: 2
• Type: Ordinance
• Status: Passed
• File created: 1/14/2011
• In control: Rules & Reference Committee
• On agenda: 2/14/2011
• Final action: 2/14/2011
• Title: To amend Section 323.07 of the Columbus City Codes in order to comply with changes to SEC requirements relative to the disclosure of information on bonds and notes issued by the City.
• Sponsors: Priscilla Tyson
• Code sections: 323.07 -

Date	Ver.	Action By	Action	Result
2/16/2011	2	CITY CLERK	Attest
2/15/2011	2	MAYOR	Signed
2/14/2011	1	Columbus City Council	Approved as Amended	Pass
2/14/2011	2	Columbus City Council	Amended as submitted to the Clerk	Pass
2/14/2011	2	COUNCIL PRESIDENT	Signed
2/7/2011	1	Columbus City Council	Read for the First Time
1/19/2011	1	Atty Drafter	Sent to Clerk's Office for Council
1/18/2011	1	Auditor Reviewer	Reviewed and Approved
1/18/2011	1	CITY AUDITOR	Reviewed and Approved
1/14/2011	1	CITY ATTORNEY	Reviewed and Approved

Explanation

The Securities and Exchange Commission (SEC) has approved amendments to Rule 15c2-12, the municipal securities continuing disclosure rule. Effective December 1, 2010, the amendments affect event notice requirements and eliminate the exemption for certain variable rate demand obligations.
This ordinance amends Section 323.07 of the City Code to make it consistent with the changes to Rule 15c2-12. This ordinance is a result of collaboration between the City Attorney and the City's Bond Counsel.
The City Auditor asks for and recommends adoption of this ordinance.
Fiscal impact: none



Title

To amend Section 323.07 of the Columbus City Codes in order to comply with changes to SEC requirements relative to the disclosure of information on bonds and notes issued by the City.


Body

WHEREAS, the Securities and Exchange Commission (SEC) has approved amendments to Rule 15c2-12, the municipal securities continuing disclosure rule, effective December 1, 2010; and

WHEREAS, these amendments affect event notice requirements and eliminate the exemption for certain variable rate demand obligations; and

WHEREAS, it is necessary to amend Section 323.07 of the Columbus City Codes in order to make it compliant and consistent with Rule 15c2-12; now therefore

BE IT ORDAINED BY THE COUNCIL OF THE CITY OF COLUMBUS:

Section 1. That Section 323.07 of the Columbus City Codes, 1959, be and is hereby amended to read as follows:

323.07 - Disclosure of annual information and specified events.

(a) For purposes of and as used in this section, the following words shall have the following meanings:

(1) "Accounting principlesPrinciples" means the accounting principles applied from time to time in the preparation of the annual general purpose financial statements of the city, initially being generally accepted accounting principles applicable to governments as promulgated by the Governmental Accounting Standards Board and as in effect ...