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Chief Administrative Office recommending the Board update the review date for Policy B-17 - Debt Management Policy to May 21, 2024 with the next review scheduled for May 21, 2028. The Department is not recommending any changes to the policy.
FUNDING: N/A
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DEPARTMENT RECOMMENDATION
The Chief Administrative Office is recommending that the Board update the review date for Debt Management Policy (B-17) to May 21, 2028 and the next review scheduled to be on May 21, 2028.
DISCUSSION / BACKGROUND
Effective January 1, 2017, Senate Bill 1029, codified as part of Government Code Section 8855, went into effect. The purpose of the bill was to require the California Debt and Investment Advisory Commission (CDIAC) to track and report on all state and local outstanding debt until fully repaid or redeemed. Included in Government Code section 8855 is a requirement for reporting of debt issuance for local governments that is consistent with the local debt policy.
On June 12, 2018, the Board adopted the attached policy B-17 - Debt Management Policy. The Debt Management Policy was developed to meet the following objectives:
A. Identify the purposes for which debt proceeds may be used.
B. Identify the types of debt that may be issued.
C. Describe the relationship of the debt to the Capital Improvement Program and the County Budget.
D. Ensure the issuance of debt is consistent with the strategic plan goals and objectives as determined by the Board of Supervisors.
E. Implement and maintain a system of internal controls to ensure that the proceeds of the proposed debt issuance will be directed to the intended use.
Under the policy, all debt issuance must be approved by the Board of Supervisors. Debt service obligations related to outstanding debt shall be appropriated on an annual basis in the County's adopted Budget.
The policy goals related to debt management include the following:
1. Protect taxpayers, ratepayers and constituents by utilizing conservative ...
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