AGENDA REPORT
REQUEST FOR CITY COUNCIL ACTION
DATE: 08/05/2020
TO: Honorable Mayor and City Council Members
FROM: Administrative Services Department
SUBJECT:
Title
City Council consideration of Resolution No. 2020-099, approving the City of Corona's Debt Policy and Procedures and repealing Resolution No. 2015-071.
End
RECOMMENDED ACTION:
Recommended action
That the City Council adopt Resolution No. 2020-099, approving the City of Corona's Debt Policy and Procedures and repeal Resolution No. 2015-071.
Body
ANALYSIS:
The City of Corona, following the best practice guidelines for debt management published by the Government Finance Officers Association (GFOA), develops and maintains a formal Debt Policy and Procedures (the "Policy") to ensure that debt is issued and managed prudently. The purpose of the Policy is to improve the quality of decisions, articulate policy goals, provide guidelines for the structure of debt issuance, and demonstrate a commitment to long-term capital and financial planning.
The Policy is reviewed periodically by the Administrative Services Department with assistance from the City's Financial Advisor, CSG Advisors, and discussed with the Finance, Legislation, and Economic Development (FLED) Committee and adopted by City Council. The Policy was previously approved by the City Council on September 16, 2015.
The current changes to the Policy were prompted by a Study Session held in April 2020 regarding Community Facilities Districts (CFD) and a follow up discussion at the FLED Committee Meeting on July 1, 2020. The updates from those meetings are included in the Land Based Financing section of the document. In addition, revisions were made based on Senate Bill 1029, which was effective in 2017, and other clean-up items needed throughout the document.
The following revisions are included in the Policy:
1. Formatting and title changes
2. Compliance section and Appendix C
a. Updated language that complies with Gover...
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