RESOLUTION NO. 2022-86
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF GONZALES
ADOPTING A DEBT MANAGEMENT POLICY
WHEREAS, Senate Bill 1029 (amending California Government Code section 8855), requires public agencies to establish a debt management policy before incurring debt.; and
WHEREAS, the State Revolving Loan from the State Water Resources Control Board for the Industrial Wastewater System Project requires the city to provide a Debt Management Policy; and
WHEREAS, The key objectives of the Debt Management Policy are to:
• Maintain the City’s sound financial position.
• Minimize debt service and issuance costs.
• Maintain access to cost-effective borrowing.
• Achieve and maintain highest reasonable credit rating. • Ensure full and timely repayment of debt.
• Maintain full and complete financial disclosure and reporting. • Ensure compliance with State and Federal laws
WHEREAS, Finance Director Mike Howard prepared a Debt Management Policy and City Attorney Mike Rodriquez’s review comments have been incorporated into the attached Debt Management Policy; and
WHEREAS, Staff recommends that the Council adopt the attached Debt Management Policy;
NOW THEREFORE BE IT HEREBY RESOLVED by the City Council of the City of Gonzales hereby adopts a Debt Management Policy.
PASSED AND ADOPTED by the City Council of the City of Gonzales at a regular meeting duly held on the 5
th day of December 2022 by the following vote:
AYES: COUNCIL MEMBERS:
NOES: COUNCIL MEMBERS:
ABSTAIN: COUNCIL MEMBERS:
ABSENT: COUNCIL MEMBERS:
Jose L. Rios, The Honorable Mayor
ATTEST:
Mary Villegas, Deputy City Clerk