HomeMy WebLinkAboutRESOLUTION NO 12 04 219STATE OF GEORGIA
COUNTY OF FULTON
RESOLUTION NO. 12-04-219
A RESOLUTION OF THE CITY OF MILTON, GEORGIA ENACTING A MORATORIUM FOR
270 DAYS ON THE ENFORCEMENT OF THE LICENSE AND INDEMNITY BOND
REQUIREMENT ASSOCIATED WITH THE PRECIOUS METALS DEALER PERMIT
REQUIRED FOR PRECIOUS METALS DEALERS IN THE CITY OF MILTON
WHEREAS, the City of Milton, Georgia ("the City") has been and continues to be a
thriving municipality in an area where precious metals dealers seek to do business;
WHEREAS, the Mayor and City Council presently have in effect a regulatory framework
set forth in Chapter 42 of the City of Milton City Code ("City Code") wherein persons may apply
for and receive Precious Metals Dealer Permits in order to purchase or sell precious metals,
among other items covered by this Chapter;
WHEREAS, in accord with this framework, Chapter 42, Article III, Section 3(g) of the City
Code requires persons holding a Precious Metals Dealer Permit to furnish to the City a license
and indemnity bond in the amount of $100,000 in order to indemnify the City of Milton from any
losses as a result of the City's issuance of the Precious Metals Dealer Permit, and to indemnify
any owner or former owner of precious metals from any losses as a result of the permittee's
violation of Article III of the City Code;
WHEREAS, the Mayor and City Council find that other jurisdictions in the metropolitan
Atlanta area either do not have, or have rescinded, similar license and indemnity bond
requirements upon precious metals dealers;
WHEREAS, the Mayor and City Council find that given the current insurance market, a
requirement of a license and indemnity bond in the amount of $100,000 may be overly
burdensome upon persons seeking a Precious Metals Dealer Permit from the City;
WHEREAS, the Mayor and City Council find and believe that precious metals dealers
must be regulated in order to protect the public; and
WHEREAS, the Mayor and City Council believe and find that it is critical that certain
provisions of the City Code addressing the issues identified above be examined and possibly
modified; and
WHEREAS, the Mayor and City Council desire to develop revised standards and
guidelines for the issuance of Precious Metals Dealer Permits; and
WHEREAS, the Mayor and City Council find that a 270 day moratorium upon the
singular requirement that persons holding a Precious Metals Dealer Permit furnish the City with
a license and indemnity bond in the amount of $100,000 will allow adequate time to review and
revise those above-mentioned City Code provisions related to precious metals dealers;
NOW, THEREFORE, BE IT RESOLVED BY THE MAYOR AND CITY COUNCIL OF
THE CITY OF MILTON, GEORGIA, AS FOLLOWS:
The Mayor and City Council does hereby enact a 270 day moratorium upon the
provisions of Chapter 42, Article III, Section 3(g), the requirement that persons holding a
Precious Metals Dealer Permit furnish the City of Milton with a license and indemnity bond in the
amount of $100,000.
This Resolution shall be effective upon a majority vote by the City Council as ratified by
the Mayor of the City of Milton.
SO RESOLVED, the public's health, safety, and welfare demanding it.
This 23rd day of April, 2012.
Attest:
,� � 2 n1l, 0 wpv 7
Sudie AM Gordon, City itlerk
2
Approved:
Job Lo9kw,&d, Mayor