HomeMy WebLinkAboutReso 2017-029RESOLUTION NO. 2017-029
RESOLUTION OF THE CITY COUNCIL OF THE CITY OF
CHULA VISTA AMENDING THE EXISTING CITY DEBT
POLICY
WHEREAS, the City of Chula Vista's Debt Policy, adopted on January 14; 2014, by
Resolution No. 2014-012 (the Policy), provides guidance in the issuance and management of
debt issued by the City; and
WHEREAS, existing law requires the issuer of debt of state or local government to
submit reports to the California Debt and Investment Advisory Commission, within specified
time -frames, of the proposed issuance of debt and of final sale, as provided; and
WHEREAS; Senate Bill 1029 (SB 1029) adopted on September 12, 2016 and effective
January 1, 2017, requires that the report of proposed debt include a certification by the issuer that
it has adopted local debt policies, which include specified provisions concerning the use of debt
and that the contemplated debt issuance is consistent with those local debt policies; and
WHEREAS, SB 1029 requires that a local debt policy include all of the following:
(A) The purposes for which the 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, if applicable
(D) Policy goals related to the issuer's planning goals and objectives
(E) The internal control procedures that the issuer has implemented, or will implement, to ensure
that the proceeds of the proposed debt issuance will be directed to the intended use; and
WHEREAS, the City staff recommends that the Policy be amended to comply with the
requirements of SB 1029.
NOW, THEREFORE, BE IT RESOLVED that the City Council of the City of Chula Vista
does hereby amend the City of Chula Vista Debt Policy, to read as presented, a copy of which is
on file with the City Clerk's Office.
Presented by
David Bilby, MSBA; PFO
Director of Finance/Treasurer
Approved as to form by
Glen R. Googins
&41_Att01rney
Resolution No. 2017-029
Page No. 2
PASSED, APPROVED, and ADOPTED by the City Council of the City of Chula Vista,
California, this 7th day of February 2017 by the following vote:
AYES: Councilmembers: Aguilar, Diaz, McCann, Padilla, and Salas
NAYS: Councilmembers: None
ABSENT: Councilmembers: None
ATTEST:
Donna R. Norris, C, City Clerk
STATE OF CALIFORNIA )
COUNTY OF SAN DIEGO )
CITY OF CHULA VISTA )
I, Donna R. Norris, City Clerk of Chula Vista, California, do hereby certify that the foregoing
Resolution No. 2017-029 was duly passed, approved, and adopted by the City Council at a
regular meeting of the Chula Vista City Council held on the 7th day of February 2017.
Executed this 7th day of February 2017.
'
Donna R. Norris(, CM , City Clerk