REQUEST FOR CITY COUNCIL ACTION
SUBMITTED TO: Honorable Mayor and City Council Members
SUBMITTED BY: Oliver Chi, City Manager
PREPARED BY: Dahle Bulosan, Interim Chief Financial Officer
Subject:
title
Adopt Resolution No. 2019-79 Adopting the City's Debt Management Policy
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Statement of Issue:
Changes to California Government Code Section 8855, regarding how local agency debt is managed, requires that the City of Huntington Beach update and formally adopt the City's Debt Management Policy to meet additional requirements as amended by Senate Bill 1029 (SB 1029).
Financial Impact:
Not applicable.
Recommended Action:
recommendation
Adopt Resolution No. 2019-79, "A Resolution of the City Council of the City of Huntington Beach Adopting the City's Debt Management Policy."
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Alternative Action(s):
Do not adopt Resolution No. 2019-79.
Analysis:
The City's Debt Management Policy was updated to ensure compliance with changes to the California Government Code Section 8855 regarding how local agency debt is managed. KNN Public Finance, LLC, expert municipal financing consultants, assisted the City in the development of the Comprehensive Debt Management Policy.
SB 1029, which went into effect on January 1, 2017, amends California Government Code Section 8855 to facilitate improved financial transparency and accessibility to information about public debt. SB 1029 requires that debt policies reflect local, state, and federal laws and regulations. Additionally, Government Code Section 8855(i) now requires government agencies to adopt debt policies at least 30 days prior to any debt issued after January 21, 2017, that includes the following: 1) the purpose for which the debt proceeds may be used; 2) the types of debt that may be issued; 3) the relationship of the debt to, and integration with, the issuer's capital improvement program or budget, if applicable; 4) policy goals related to the issuer's planning goals and objectives; and, 5) the internal c...
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