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Due Diligence Ordinance Sample
Due Diligence Ordinance Sample
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
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
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:
Mayor