Special Notice / Hearing: None__
Vote Required: Majority
To: Honorable Board of Supervisors
From: John L. Maltbie, County Manager
Subject: Adopt a resolution adopting the County's Debt Management Policy
RECOMMENDATION:
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Adopt a resolution adopting the County's Debt Management Policy.
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BACKGROUND:
California Government Code Section 8855, as amended by Senate Bill 1029 (SB 1029), requires any issuer of public debt to provide the California Debt and Investment Advisory Commission (CDIAC) with certain reports and information related to the issuance of public debt.
SB 1029's revisions to the Government Code require additional reporting related to the issuance of debt by a local agency and the adoption of a debt policy concerning the use of debt by the local agency. Among other things, SB 1029 expands the reporting requirements applicable to state and local debt issuers to assess whether proceeds from debt issuances are spent for their intended purposes and to make the disposition of such proceeds more transparent to the public. SB 1029 requires a state or local debt issuer to submit a report of a proposed issuance to CDIAC at least 30 days before the sale of debt and to certify that it has adopted a debt policy concerning the use of debt proceeds that includes the following:
a. The purpose for which debt proceeds may be used;
b. The types of debt that may be issued;
c. The relationship of the debt to and integration with the issuer's capital improvement program or budget, as applicable;
d. Policy goals related to the issuer's planning goals and objectives; and
e. Internal control procedures that the issuer has implemented or will implement to ensure that the proceeds of the debt issuance will be directed to the intended use.
DISCUSSION:
Since SB 1029 became effective in 2017, neither the County nor the County's Joint Powers Financing Authority has issued any debt. The County's most recent issuance of lease revenue bonds occurr...
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