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  • Due Diligence Ordinance Sample

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    Ryan JD Lim
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    The ordinance establishes a Due Diligence Committee to review all real property transactions of the local government to ensure integrity and that transactions are in the public's best interest. The Committee will be composed of 5 members with real estate experience, meet monthly, and review acquisitions, disposals, leases, and transfers for compliance with laws and the public's interest. The local government will provide funding for the Committee to perform its duties.

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    DUE DILIGENCE ORDINANCE SAMPLE

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    The ordinance establishes a Due Diligence Committee to review all real property transactions of the local government to ensure integrity and that transactions are in the public's best interest. The Committee will be composed of 5 members with real estate experience, meet monthly, and review acquisitions, disposals, leases, and transfers for compliance with laws and the public's interest. The local government will provide funding for the Committee to perform its duties.

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    © All Rights Reserved
    Download as TXT, PDF, TXT or read online from Scribd
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    Download as txt, pdf, or txt
    38 views2 pages

    Due Diligence Ordinance Sample

    Uploaded by

    Ryan JD Lim
    The ordinance establishes a Due Diligence Committee to review all real property transactions of the local government to ensure integrity and that transactions are in the public's best interest. The Committee will be composed of 5 members with real estate experience, meet monthly, and review acquisitions, disposals, leases, and transfers for compliance with laws and the public's interest. The local government will provide funding for the Committee to perform its duties.

    Copyright:

    © All Rights Reserved
    Download as TXT, PDF, TXT or read online from Scribd
    Flag for inappropriate content
    Download as txt, pdf, or txt
    of 2

    AN ORDINANCE ESTABLISHING A DUE DILIGENCE COMMITTEE OR BOARD TO REVIEW ALL REAL

    PROPERTY TRANSACTIONS OF THE LOCAL GOVERNMENT CODE

    WHEREAS, the local government has a responsibility to manage and utilize its real
    property assets in a manner that is efficient, effective, and in the best interest
    of its constituents; and

    WHEREAS, the proper acquisition, disposal, and management of real property assets
    require due diligence to ensure transparency, accountability, and compliance with
    applicable laws, regulations, and policies; and

    WHEREAS, there is a need to establish a due diligence committee or board to review


    all real property transactions of the local government code to ensure that such
    transactions are conducted with the highest level of integrity and in the best
    interest of the public;

    NOW, THEREFORE, BE IT ORDAINED by the [Local Government Code] that:

    SECTION 1. Establishment of Due Diligence Committee or Board. There is hereby


    established a due diligence committee or board (hereinafter referred to as the
    "Committee") to review all real property transactions of the local government code.

    SECTION 2. Composition of Committee. The Committee shall be composed of five (5)


    members appointed by the [Local Government Code]. The members of the Committee
    shall be appointed based on their expertise, experience, and integrity, and shall
    serve for a term of three (3) years.

    SECTION 3. Duties and Responsibilities of the Committee. The Committee shall have
    the following duties and responsibilities:

    a. To review all real property transactions of the local government code, including
    but not limited to the acquisition, disposal, lease, and transfer of real property
    assets;

    b. To conduct due diligence on all real property transactions, including but not
    limited to the examination of titles, surveys, appraisals, environmental reports,
    zoning and land use regulations, and other relevant documents;

    c. To ensure that all real property transactions comply with applicable laws,
    regulations, and policies, and that such transactions are conducted with the
    highest level of integrity and in the best interest of the public;

    d. To report its findings and recommendations to the [Local Government Code] before
    any real property transaction is finalized; and

    e. To perform such other duties and responsibilities as may be assigned by the


    [Local Government Code].

    SECTION 4. Meetings and Procedures of the Committee. The Committee shall meet at
    least once a month or as often as necessary to fulfill its duties and
    responsibilities. The Committee shall adopt rules and procedures for the conduct of
    its meetings and the performance of its duties and responsibilities, subject to the
    approval of the [Local Government Code].

    SECTION 5. Funding of the Committee. The [Local Government Code] shall provide
    adequate funding and resources for the Committee to perform its duties and
    responsibilities.
    SECTION 6. Effectivity. This ordinance shall take effect fifteen (15) days after
    its publication in a local newspaper of general circulation.

    APPROVED:

    [Local Government Code]

    Mayor

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