Legal Documents of Mountain City

Code of Mountain City

Table of Contents » Title 5 Municipal Finance and Taxation » Chapter 6 Debt Management Policy » § 5-603 Procedures for issuance of debt.
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Title 5
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Title 5, Chapter 1
5-101
§ 5-101
Mountain City
Title 5 : Municipal Finance and Taxation
Chapter 6 : Debt Management Policy

5-603 : Procedures for issuance of debt.

  1. Authority.
    1. The town will only issue debt by utilizing the statutory authorities provided by Tennessee Code Annotated as supplemented and revised ("TCA") and the Internal Revenue Code (the "code").
    2. The town will adhere to any lawfully promulgated rules and regulations of the state and those promulgated under the code.
    3. All debt must be formally authorized by resolution of the town's legislative body.
  2. Transparency.
    1. It is recognized that the issuance of debt must have various approvals and, on occasion, written reports provided by the State of Tennessee Comptroller's office either prior to adoption of resolutions authorizing such debt, prior to issuance and/or following issuance. The town, in conjunction with any professionals (including, but not limited to, financial advisors, underwriters, bond counsel, etc., which may individually or collectively be referred to herein as "financial professionals") will ensure compliance with Tennessee Code Annotated, the code and all federal and state rules and regulations. Such state compliance will include, but not be limited to, compliance with all legal requirements regarding adequate public notice of all meetings of the town related to consideration and approval of debt. Additionally, the town shall provide the Tennessee Comptroller's office sufficient information on the debt to not only allow for transparency regarding the issuance, but also assuring that the comptroller's office has sufficient information to adequately report or approve any formal action related to the sale and issuance of debt. The town will also make this information available to its legislative body, citizens and other interested parties.
    2. The town will file its audited financial statements and any continuing disclosure document prepared by the town or its dissemination agent. To promote transparency and understanding, these documents should be furnished to members of the legislative body and made available electronically or by other usual and customary means to its citizens, taxpayers, rate payers, businesses, investors and other interested parties by posting such information online or in other prominent places. (Ord. #1269, Jan. 2012)