2016-178 2016-178
Resolution Accepting The Town Of Wappinger Continuing Disclosure Policy
At a Regular Meeting of the Town Board of the Town of Wappinger, Dutchess County,
New York, held at Town Hall, 20 Middlebush Road, Wappingers Falls, New York, on May 23,
2016.
The meeting was called to order by Lori A. Jiava, Town Supervisor, and upon roll being
called, the following was recorded:
✓Vote Record-Resolution RES-2016-178
Q Adopted Yes/Aye No/Nay Abstain Absent
❑ Adopted as Amended Lori A.Jiava Voter Q ❑ ❑ ❑
❑ Defeated William H.Beale Seconder Q ❑ ❑ ❑
❑ Tabled William Ciccarelli Voter Q ❑ ❑ ❑
❑ Withdrawn John J.Fenton Voter Q ❑ ❑ ❑
Michael Kuzmicz Mover Q ❑ ❑ ❑
The following Resolution was introduced by Councilman Kuzmicz and seconded by
Councilman Beale.
WHEREAS, the Town has issued and is expected to continue to issue securities in the
public debt market; and
WHEREAS, in connection with the securities issued, the Town must issue offering
documents and enter into continuing disclosure undertakings to update the Town's financial
records in the offering documents in a timely manner; and
WHEREAS, investors in the Town's securities rely on these filings in deciding whether
or not to buy, hold or sell the Town's securities; and
WHEREAS, the Town must exercise due care in preparing said documents to avoid
material misstatements or omissions in its financial disclosure documents and to ensure their
proper filing; and
WHEREAS, the Town Board seeks to establish policies and procedures that will
promote the best practices regarding disclosures relating to securities issued by the Town and to
ensure that its financial disclosures are accurate and comply with all Federal and State Securities
Laws and regulations; and
WHEREAS, the purpose of this disclosure policy is to confirm and enhance existing
policies and procedures and to assure compliance with the applicable laws and regulations; to
reduce exposure to liability from misstatements and omissions; to maintain and foster an increase
in the Town's credit rating; and to reduce borrowing costs by promoting good investor relations;
and
WHEREAS, the Town Board, in consultation with Bond Counsel and the Town's
Financial Advisor finds the continuing disclosure policy to be reasonable and in the best interest
of the Town.
NOW, THEREFORE, BE IT RESOLVED, as follows:
1. The recitations above set forth are incorporated in this Resolution as if fully set
forth and adopted herein.
2. The Town Board members acknowledge they have reviewed the terms and
conditions of the Continuing Disclosure Policy and find the same to be reasonable and
acceptable.
3. The Town Board hereby authorizes and accepts the Continuing Disclosure Policy
in substantially the same for as attached hereto.
4. The Town Board hereby authorizes the immediate implementation of the
Continuing Disclosure Policy.
The foregoing was put to a vote which resulted as follows:
RESULT: ADOPTED [UNANIMOUS]
MOVER: Michael Kuzmicz, Councilman
SECONDER: William H. Beale, Councilman
AYES: Jiava, Beale, Ciccarelli, Fenton, Kuzmicz
Dated: Wappingers Falls, New York
5/23/2016
The Resolution is hereby duly declared Adopted.
JOS P P. PAOLONI, TOWN CLERK
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