To: Honorable Mayor and Members of City Council
From: Heather Ippoliti, Interim Finance Director
Prepared By: Heather Ippoliti, Interim Finance Director
TITLE:
Title
Approval of a Debt Management Policy
LABEL
RECOMMENDED ACTION:
Recommendation
Adopt a resolution approving a Debt Management Policy that would apply to the City and other entities for which the City Council serves as the governing body.
Body
DISCUSSION:
California Government Code 8855(i) requires each local agency in the State that wishes to incur debt and other long-term obligations have in place a debt management policy.
Staff recommends the City Council approve a debt management policy, which would apply to debt and other long-term obligations of the City and other entities for which the City Council serves as the governing body, such as the Housing Authority of the City of Napa, the Successor Agency to the Napa Community Redevelopment Agency, the City of Napa Industrial Development Authority, and the City of Napa Joint Public Finance Authority.
FINANCIAL IMPACTS:
None. Any future debt issuances would require approval by the applicable entity.
CEQA:
The Interim Finance Director has determined that the recommended actions described in this agenda report are not subject to CEQA, pursuant to CEQA Guidelines Section 15060(c).
DOCUMENTS ATTACHED:
ATCH 1 - Resolution
ATCH 2 - Debt Management Policy
NOTIFICATION:
None.