HomeMy WebLinkAbout7327 RESOLUTION NO. 7327
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF
ARCADIA, CALIFORNIA, ADOPTING THE CITY OF
ARCADIA DEBT MANAGEMENT POLICY PURSUANT TO
GOVERNMENT CODE SECTION 8855(i)
WHEREAS, California Senate Bill 1029, adopted in September 2016,
amended California Government Code Section 8855 (i), and it requires municipalities
who issue debt after January 1 , 2017 to have an adopted debt policy;
WHEREAS, the primary objective of this policy is to establish conditions for the
use of debt and to create policies that minimize the City's debt service and issuance
costs, retain the highest credit rating, and maintain full and complete financial
disclosure and reporting.
NOW, THEREFORE, THE CITY OF THE CITY OF ARCADIA, CALIFORNIA, DOES
HERBY FIND, DETERMINE AND RESOLVE AS FOLLOWS:
SECTION 1. The above recitals, and each of them, are true and correct.
SECTION 2. The proposed Debt Management Policy, attached hereto as Exhibit
"A', is hereby approved and adopted and shall be made applicable to all Local Debt
issued by or on behalf of the City and its related entities (such as the Successor Agency
to the Arcadia Redevelopment Agency), effective July 21, 2020.
SECTION 3. The City Manager, Administrative Services Director, and the City
Treasurer are hereby authorized to manage the debt issuance functions and related
administration processes for the City of Arcadia in accordance with the Debt
Management Policy.
SECTION 4. The City Clerk shall certify to the adoption of this Resolution.
Passed, approved and adopted on this 21st day of July, 2020.
Mayor' f the City of Arcadia
ATTEST:
Amh
Gene Glasco, City Clerk
APPROVED AS TO FORM:
Stephen P. Deitsch
City Attorney
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STATE OF CALIFORNIA )
COUNTY OF LOS ANGELES ) SS:
CITY OF ARCADIA )
I, GENE GLASCO, City Clerk of the City of Arcadia, hereby certifies that the
foregoing Resolution No. 7327 was passed and adopted by the City Council of the City of
Arcadia, signed by the Mayor and attested to by the City Clerk at a regular meeting of said
Council held on the 21st day of July, 2020 and that said Resolution was adopted by the
following vote, to wit:
AYES: Beck, Cheng, Verlato, Tay, and Chandler
NOES: None
ABSENT: None
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Gene Glasco
City Clerk of the City of Arcadia
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