Title
a. Amend the Public Finance Policy ("Debt Management Policy") approved on February 14, 2012 to update policies per new State statutory requirements and recent allocation of debt management functions.
b. Provide direction to staff. (ADDED VIA ADDENDA)
Report
RECOMMENDATION:
It is recommended that the Board of Supervisors:
a. Amend the Public Finance Policy ("Debt Management Policy") approved on February 14, 2012 to update policies per new State statutory requirements and recent allocation of debt management functions.
b. Provide direction to staff.
SUMMARY:
The revised Public Finance Policy, from now on properly referred to as the Debt Management Policy, distributes the former Debt Manager's roles, responsibilities, and authority to the Auditor-Controller, County Counsel, County Administrative Office, and Treasurer-Tax Collector. The revised Debt Management Policy ensures the County meets the State's new debt policy requirements pursuant to SB 1029. In addition, the revised policy contains new language on financial disclosure, monitoring, and recordkeeping.
DISCUSSION:
The Debt Management Policy approved on February 14, 2012 assigned roles, responsibilities, and authority to the County Debt Manager. As of FY 2017-18 the Debt Manager position no longer exist in the Office of the Auditor-Controller. On July 3, 2017, the County Administrative Officer allocated debt management functions to the Auditor-Controller, County Counsel, County Administrative Office, and Treasurer-Tax Collector. The revised Debt Policy distributes the Debt Manager's roles, responsibilities, and authority to the aforementioned departments.
SB 1029 (effective January 2017) specifies that an issuer is required to have an adopted debt policy in place prior to the issuance of any bonds. Furthermore, SB 1029 requires that the adopted debt policy includes the following components:
* The purpose for which the debt proceeds may be used.
* The types of debt that may be issued.
* The r...
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