HomeMy WebLinkAboutCC RESO 2017-161RESOLUTION NO. 2017 — 161
RESOLUTION OF THE CITY COUNCIL OF THE CITY OF NATIONAL CITY
ADOPTING CITY COUNCIL POLICY NO. 206, "DEBT MANAGEMENT"
WHEREAS, the City Council of the City of National City recognizes that cost-
effective access to the capital markets depends on prudent management of the City's debt
program; and
WHEREAS, Government Code section 8855(i) requires any issuer of public debt
to provide to the California Debt and Investment Advisory Commission ("CDIAC") a report of the
proposed issuance (the "Report of Proposed Debt Issuance") no later than 30 days prior to the
sale of any debt issue, and must certify on the Report of Proposed Debt Issuance that they have
adopted local debt policies concerning the use of debt, and that the proposed debt issuance is
consistent with those policies (the "CDIAC Requirements"); and
WHEREAS, the City Council wishes to set parameters for issuing debt,
managing the debt portfolio, and providing guidance to decision makers; and
WHEREAS, adoption of the proposed City Council Policy No. 206, "Debt
Management" (the "Debt Management Policy") will help ensure that debt is issued and managed
prudently in order to maintain sound fiscal policy, and is in compliance with the CDIAC
Requirements.
NOW, THEREFORE, BE IT RESOLVED that the City Council of the City of
National City hereby orders and determines as follows:
Section 1. Recitals. The City Council hereby specifically finds and declares that each
of the recitals set forth above are true and correct and are hereby incorporated herein as though
set forth in full.
Section 2. Approval of the Debt Management Policy. The City Council hereby declares
that the proposed Debt Management Policy is hereby approved as the City of National City's
Debt Management Policy.
Section 3. Authorization to Manage Debt Issuance Functions. The City Manager and
Finance Director, or a designee of either, is hereby authorized to manage debt issuance
functions for the City of National City in accordance with the Debt Management Policy.
Section 4. Effective Date. This Resolution shall take effect from and after the date of
its passage and adoption.
PASSED and ADOPTED this 15th day of August, 20 .
on Morrison,lGlayor
ATTEST:
Michael R. Dalla, City Clerk
APPRO - • AS • FORM:
City Attorney
Passed and adopted by the Council of the City of National City, California, on August
15, 2017 by the following vote, to -wit:
Ayes: Councilmembers Cano, Mendivil, Morrison, Rios, Sotelo-Solis.
Nays: None.
Absent: None.
Abstain: None.
AUTHENTICATED BY: RON MORRISON
Mayor of the City of National City, California
9.4,e,Lovill
k of the i
City City f National City, California
By:
Deputy
I HEREBY CERTIFY that the above and foregoing is a full, true and correct copy of
RESOLUTION NO. 2017-161 of the City of National City, California, passed and
adopted by the Council of said City on August 15, 2017.
City Clerk of the City of National City, California
By:
Deputy