AGENDA
REGULAR CITY COUNCIL MEETING
COUNCIL CHAMBERS
5000 CLARK AVENUE
LAKEWOOD, CALIFORNIA
September 24, 2024
Council Member Steve Croft will be attending this meeting via teleconference, pursuant to the provisions of California Government Code Section 54953(f)(2)(A)(i), for “just cause” as set forth in Section 54953(j)(2).
RECEPTION: “Lakewood Celebrates . . .” 6:00 p.m.
CALL TO ORDER 7:30 p.m.
INVOCATION: Bishop Lary Carlton, Church of Jesus Christ of Latter Day Saints PLEDGE OF ALLEGIANCE: Scout Troop 823
ROLL CALL: Mayor Todd Rogers
Vice Mayor Cassandra Chase
Council Member David Arellano
Council Member Steve Croft
Council Member Jeff Wood
ANNOUNCEMENTS AND PRESENTATIONS:
ROUTINE ITEMS:
All items listed within this section of the agenda are considered to be routine and will be enacted by one motion without separate discussion. Any Member of Council may request an item be removed for individual discussion or further explanation. All items removed shall be considered immediately following action on the remaining items.
RI-1 MEETING MINUTES - It is recommended that the City Council approve Minutes of the Meetings held June 25, 2024
RI-2 PERSONNEL TRANSACTIONS - It is recommended that the City Council approve report of personnel transactions.
RI-3 REGISTERS OF DEMANDS - It is recommended that the City Council approve registers of demands.
RI-4 CITY COUNCIL COMMITTEES’ ACTIVITIES - It is recommended that the City Council receive and file the report.
In compliance with the Americans with Disabilities Act, if you are a qualified individual with a disability and need an accommodation to participate in the City Council meeting, please contact the City Clerk’s Office, 5050 Clark Avenue, Lakewood, CA, at 562/866-9771, ext. 2200; or at [email protected] at least 48 hours in advance to ensure that reasonable arrangements can be made to provide accessibility to the meeting.
Agenda items are on file in the Office of the City Clerk, 5050 Clark Avenue, Lakewood, and are available for public review during regular business hours. Any supplemental material distributed after the posting of the agenda will be made available for public inspection during normal business hours in the City Clerk’s Office. For your convenience, the agenda and the supporting documents are available in an alternate format by request and are also posted on the City’s website at www.lakewoodcity.org City Council Agenda
September 24, 2024
ROUTINE ITEMS: - Continued
RI-5 MEETING REPORTS AND AUTHORIZATIONS PURSUANT TO AB1234 - It is recommended that the City Council receive and file the report.
RI-6 REVISIONS TO CONFLICT OF INTEREST CODE - It is recommended that the City Council accept and approve conflict of interest code for officers and employees of the City of Lakewood as submitted.
RI-7 MONTHLY REPORT OF INVESTMENT TRANSACTIONS - AUGUST 2024 - It is recommended that the City Council receive and file the report.
RI-8 CAPITAL FINANCING AND DEBT MANAGEMENT - UPDATED POLICY - It is recommended that the City Council approve the updated Capital Financing and Debt Management Policy.
LEGISLATION:
2.1 RESOLUTION NO. 2024-58; EXPRESSING SUPPORT FOR THE HOMELESSNESS, DRUG ADDICTION AND THEFT REDUCTION ACT (PROPOSITION 36) - It is recommended that the City Council adopt the proposed resolution.
REPORTS:
3.1 PROPOSED PUBLIC SAFETY JOINT POWERS AUTHORITY - It is recommended that the City Council approve an agreement to form a public safety Joint Powers Authority with the cities of Bellflower and Paramount, and authorize the Mayor to sign the agreement in a form as approved by the City Attorney.
AGENDA
LAKEWOOD HOUSING SUCCESSOR AGENCY
1. REGISTER OF DEMANDS - It is recommended that the Housing Successor Agency approve registers of demands.
ORAL COMMUNICATIONS:
CLOSED SESSION:
PUBLIC EMPLOYEE PERFORMANCE EVALUATION, Pursuant to Government Code §54957 Title: City Manager
ADJOURNMENT
RI-1
Routine Item 1 – City Council Minutes
will be available prior to the meeting.
**See Consultant Disclosure Category Revised 9/2024
CITY OF LAKEWOOD
CONFLICT OF INTEREST CODE
APPENDIX A
DESIGNATED POSITIONS
FOR THE
DEPARTMENT OF PUBLIC WORKS
Designated Positions Disclosure Category
Director 1
Assistant Director/City Engineer 1
Project Architect 1
Prinicpal Civil Engineer 3
Civil Engineering Associate 3
Community Safety Commissioners 3
Senior Project Manager 3
Environmental Programs Manager 3
Project Manager 3
Assistant Project Manager 3
Senior Management Analyst 3
Consultants 1**
CITY OF LAKEWOOD
Capital Financing and Debt Management Policy
PURPOSE
Local governments finance capital
improvements in many different ways.
Current revenues from taxation, fees, fines
and forfeitures, grants are used as a sort of
"pay-as-you-go" method of improving
infrastructure. Contributions from private
property developers in connection with new
construction are also a way of ensuring
public capital improvements. Most important,
however, is the use of borrowed funds and
these are largely obtained from the sale of
securities.
Capital financing and debt issuance involves
the commitment of city resources for an
extended period of time; public officials must
undertake such transactions only after
careful planning. Capital Financing and Debt
Management Policy provides a framework
within which informed borrowing decisions
may be made.
The purpose of this policy is to set forth
guidelines for the financing of capital
expenditures. To enhance creditworthiness
and prudent financial management, the City
is committed to systematic capital planning
and long-term financial planning.
The policy is intended to comply with
Government Code Section 8855(i), effective
on January 1, 2017, and shall apply to any
entity for which the City Council acts as the
legislative body.
Any approval of debt by the City Council that
is not consistent with this Policy shall
constitute a waiver of this Policy.
POLICY
It is the policy of the City of Lakewood to use
debt financing only for one-time capital
improvement projects and unusual
equipment purchases. Debt financing, to
include general obligation bonds, special tax
and special assessment bonds, revenue
bonds, temporary notes, lease/purchase
agreements, and other City obligations
permitted to be issued or incurred under
California law, shall only be used to purchase
capital assets that will not be acquired from
current resources. The useful life of the
asset or project shall exceed the payout
schedule of any debt the City assumes. This
allows for a closer match between those that
benefit from the asset and those who pay for
it. Debt financing will not be considered for
any reoccurring purpose such as operating
and maintenance expenditures.
OBJECTIVES
The City of Lakewood’s Capital Financing
and Debt Management Policy has two (2)
objectives:
(i) To ensure that borrowing is done only
when it is appropriate; and
(ii) To ensure that borrowing is done in the
most cost-effective manner possible.
The primary responsibility for making debtfinancing recommendations rests with the Director of Administrative Services.
Responsibilities include:
Consider all options for interim financing
including short term and inter-fund
borrowing, taking into considerations
possible federal and state grants and/or
reimbursements;
Effects of the proposed actions on local
tax rates, fees, and user charges;
Trends in the bond market structures;
Trends in interest rates; and
Other factors deemed appropriate.
CITY OF LAKEWOOD
Capital Financing and Debt Management Policy
PROCEDURES
A. Capital Financing
1. The City will consider the use of debt
financing only for one-time capital
improvement projects and only under the
following circumstances:
a. When the projects useful life will
exceed the term of the financing.
b. When project revenues or specific
resources will be sufficient to service
the long term debt.
2. The City will use the following criteria to
evaluate pay-as-you-go versus long-term
financing in funding capital
improvements:
Factors Favoring Pay-As-You-Go
Financing
a. Current revenues and adequate fund
balances are available or project
phasing can be accomplished.
b. Existing debt levels adversely affect
the City’s credit rating.
c. Market conditions are unstable or
present difficulties in marketing.
Factors Favoring Long Term Financing
a. Revenues available for debt service
are deemed sufficient and reliable so
that long-term financings can be
marketed with investment grade credit
ratings (unless privately-placed debt
is utilized).
b. The project securing the financing is
of the type, which will support an
investment grade credit rating (unless
privately-placed debt is utilized)..
c. Market conditions present favorable
interest rates and demand for City
financings.
d. A project is mandated by state and
federal requirements, and resources
are insufficient or unavailable.
e. The project is immediately required to
meet or relieve capacity needs and
current resources are insufficient or
unavailable.
f. The life of the project or asset to be
financed is 10 years or longer.
Factors Favoring Private Placement
Financing
Privately-placed debt with individual lenders
may be used if the asset to secure any
financing lease is equipment only, if publiclysold debt is not as cost effective as privatelyplaced debt due to upfront costs and/or administrative burden on staff, or if time is of
the essence.
B. Debt Issuance
1. The City will not obligate the General
Fund to secure long-term financings
except when marketability can be
significantly enhanced, or required by
State law.
2. An internal feasibility analysis will be
prepared for each long-term financing
which analyzes the impact on current and
future budgets for debt service and
operations. This analysis will also
address the reliability of revenues to
support debt service.
3. The City will generally conduct financings
on a competitive basis. However,
CITY OF LAKEWOOD
Capital Financing and Debt Management Policy
negotiated financing may be used due to
market volatility or the used of an unusual
or complex financing or security
structure.
4. The City will seek an investment grade
rating (Baa/BBB or greater) on any
publicly-sold direct debt and will seek
credit enhancements such as letters of
credit or insurance when necessary for
marketing purposes, availability and costeffectiveness.
5. The City will monitor all forms of debt
annually coincident with the City’s
Financial Plan preparation and review
process and report concerns and
remedies, if needed, to the Council.
6. The City will maintain good, ongoing
communications with bond rating
agencies about its financial condition.
The City will follow a policy of full
disclosure on every financial report and
bond prospectus (Official Statement).
C. Debt Capacity
1. General Purpose Debt Capacity. The
City will carefully monitor its levels of
general purpose debt. Because our
general purpose debt capacity is limited,
it is important that we only use general
purpose debt financing for high-priority
projects where we cannot reasonably use
other financing methods for two key
reasons:
a. Funds borrowed for a project today
are not available to fund other projects
tomorrow.
b. Funds committed for debt repayment
today are not available to fund
operations in the future.
2. Enterprise Fund Debt Capacity. The
City will set enterprise fund rates at levels
needed to fully cover debt service
requirements as well as operations,
maintenance, administration and capital
improvement costs. The ability to afford
new debt for enterprise operations will be
evaluated as an integral part of the City’s
rate review and setting process.
D. Independent Disclosure Counsel
The City will consider retaining the
services of an independent disclosure
counsel on a case-by-case basis for any
publicly-sold debt.
E. Refinancings
1. General Guidelines. Periodic reviews of
all outstanding debt will be undertaken to
determine refinancing opportunities.
Refinancings will be considered (within
federal tax law constraints) under the
following conditions:
a. There is a net economic benefit.
b. It is needed to modernize covenants
that are adversely affecting the City’s
financial position or operations.
c. The City wants to reduce the principal
outstanding in order to achieve future
debt service savings, and it has
available working capital to do so from
other resources.
2. Standards for Economic Savings. In
general, refinancing for economic
savings will be undertaken whenever net
present value savings of at least five
percent (5%) of the refunded debt can be
achieved.
CITY OF LAKEWOOD
Capital Financing and Debt Management Policy
a. Refinancings that produce net
present value savings of less than five
percent will be considered on a caseby-case basis, provided that the present value savings are at least
three percent (3%) of the refunded
debt.
b. Refinancing with saving of less than
three percent (3%), or with negative
savings, will not be considered unless
there is a compelling public policy
objective.
F. Debt Management
1. Disclosure. The City will comply with
Rule 15(c) 2-12 of the Securities
Exchange Commission (SEC) and
provide timely disclosure of relevant
information on an annual basis as well as
any material event notices as required.
2. Arbitrage. The federal tax code requires
issuers of long-term, tax-exempt debt to
rebate positive arbitrage to the federal
government. The City will diligently
monitor its compliance with all federal
arbitrage regulations. Due to the
complex nature of arbitrage calculations,
the City may elect to hire an outside
expert consultant to perform this function.
3. Compliance with Tax Law Provisions.
The City will diligently monitor its
compliance with all bond legal covenants,
as well as Federal and State
requirements.
4. Investment of Bond Proceeds. The City
shall comply with Federal and State
regulations governing the investment of
proceeds from the financing. The Finance
Department shall ensure that all funds
drawn down from bond proceeds are for
purposes authorized in those documents
and that adequate records are kept to
document the related expenditures.
Whenever reasonably possible,
proceeds of debt will be held by a thirdparty trustee and the City will submit written requisitions for such
proceeds. The City will submit a
requisition only after obtaining the
signature of the City Manager or the
Finance Director.
5. Filing of CDIAC Reports. The City will
file any annual reports with the State
Treasurer as required by the California
Debt and Investment Advisory
Commission.
6. Records Retention. The City will retain
records sufficient to demonstrate
compliance with the requirements of
federal and California law necessary to
preserve the tax advantage of such
financings for the period required by law,
presently understood to be the life of the
debt obligations or any succeeding
refunding obligations plus 3 years.
CITY OF LAKEWOOD
Capital Financing and Debt Management Policy
PURPOSE
Local governments finance capital
improvements in many different ways.
Current revenues from taxation, fees, fines
and forfeitures, grants are used as a sort of
"pay-as-you-go" method of improving
infrastructure. Contributions from private
property developers in connection with new
construction are also a way of ensuring
public capital improvements. Most important,
however, is the use of borrowed funds and
these are largely obtained from the sale of
securities.
Capital financing and debt issuance involves
the commitment of city resources for an
extended period of time; public officials must
undertake such transactions only after
careful planning. Capital Financing and Debt
Management Policy provides a framework
within which informed borrowing decisions
may be made.
The purpose of this policy is to set forth
guidelines for the financing of capital
expenditures. To enhance creditworthiness
and prudent financial management, the City
is committed to systematic capital planning
and long-term financial planning.
The policy is also intended to comply with
Government Code Section 8855(i), effective
on January 1, 2017, and shall apply to any
entity for which the City Council acts as the
legislative body.
Any approval of debt by the City Council that
is not consistent with this Policy shall
constitute a waiver of this Policy.
POLICY
It is the policy of the City of Lakewood to use
debt financing only for one-time capital
improvement projects and unusual
equipment purchases. Debt financing, to
include general obligation bonds, special tax
and special assessment bonds, revenue
bonds, temporary notes, lease/purchase
agreements, and other City obligations
permitted to be issued or incurred under
California law, shall only be used to purchase
capital assets that will not be acquired from
current resources. The useful life of the
asset or project shall exceed the payout
schedule of any debt the City assumes. This
allows for a closer match between those that
benefit from the asset and those who pay for
it. Debt financing will not be considered for
any reoccurring purpose such as operating
and maintenance expenditures.
OBJECTIVES
The City of Lakewood’s Capital Financing
and Debt Management Policy has two (2)
objectives:
(i) To ensure that borrowing is done only
when it is appropriate; and
(ii) To ensure that borrowing is done in the
most cost-effective manner possible.
The primary responsibility for making debtfinancing recommendations rests with the Director of Administrative Services.
Responsibilities include:
Consider all options for interim financing
including short term and inter-fund
borrowing, taking into considerations
possible federal and state grants and/or
reimbursements;
Effects of the proposed actions on local
tax rates, fees, and user charges;
Trends in the bond market structures;
Trends in interest rates; and
Other factors deemed appropriate.
Formatted: Left: 0.83", Right: 0.63", Top: 0.56", Bottom:
1", Width: 8.5", Height: 11"
CITY OF LAKEWOOD
Capital Financing and Debt Management Policy
PROCEDURES
A. Capital Financing
1. The City will consider the use of debt
financing only for one-time capital
improvement projects and only under the
following circumstances:
a. When the projects useful life will
exceed the term of the financing.
b. When project revenues or specific
resources will be sufficient to service
the long term debt.
2. The City will use the following criteria to
evaluate pay-as-you-go versus long-term
financing in funding capital
improvements:
Factors Favoring Pay-As-You-Go
Financing
a. Current revenues and adequate fund
balances are available or project
phasing can be accomplished.
b. Existing debt levels adversely affect
the City’s credit rating.
c. Market conditions are unstable or
present difficulties in marketing.
Factors Favoring Long Term Financing
a. Revenues available for debt service
are deemed sufficient and reliable so
that long-term financings can be
marketed with investment grade credit
ratings (unless privately-placed debt
is utilized).
b. The project securing the financing is
of the type, which will support an
investment grade credit rating (unless
privately-placed debt is utilized)..
c. Market conditions present favorable
interest rates and demand for City
financings.
d. A project is mandated by state and
federal requirements, and resources
are insufficient or unavailable.
e. The project is immediately required to
meet or relieve capacity needs and
current resources are insufficient or
unavailable.
f. The life of the project or asset to be
financed is 10 years or longer.
Factors Favoring Private Placement
Financing
Privately-placed debt with individual lenders
may be used if the asset to secure any
financing lease is equipment only, if publiclysold debt is not as cost effective as privatelyplaced debt due to upfront costs and/or administrative burden on staff, or if time is of
the essence.
B. Debt ManagementIssuance
1. The City will not obligate the General
Fund to secure long-term financings
except when marketability can be
significantly enhanced, or required by
State law.
2. An internal feasibility analysis will be
prepared for each long-term financing
which analyzes the impact on current and
future budgets for debt service and
operations. This analysis will also
address the reliability of revenues to
support debt service.
CITY OF LAKEWOOD
Capital Financing and Debt Management Policy
3. The City will generally conduct financings
on a competitive basis. However,
negotiated financing may be used due to
market volatility or the used of an unusual
or complex financing or security
structure.
4. The City will seek an investment grade
rating (Baa/BBB or greater) on any
publicly-sold direct debt and will seek
credit enhancements such as letters of
credit or insurance when necessary for
marketing purposes, availability and costeffectiveness.
5. The City will monitor all forms of debt
annually coincident with the City’s
Financial Plan preparation and review
process and report concerns and
remedies, if needed, to the Council.
6. The City will diligently monitor its
compliance with bond covenants and
ensure its adherence to federal arbitrage
regulations.
7.6. The City will maintain good, ongoing
communications with bond rating
agencies about its financial condition.
The City will follow a policy of full
disclosure on every financial report and
bond prospectus (Official Statement).
C. Debt Capacity
1. General Purpose Debt Capacity. The
City will carefully monitor its levels of
general purpose debt. Because our
general purpose debt capacity is limited,
it is important that we only use general
purpose debt financing for high-priority
projects where we cannot reasonable
reasonably use other financing methods
for two key reasons:
a. Funds borrowed for a project today
are not available to fund other projects
tomorrow.
b. Funds committed for debt repayment
today are not available to fund
operations in the future.
2. Enterprise Fund Debt Capacity. The
City will set enterprise fund rates at levels
needed to fully cover debt service
requirements as well as operations,
maintenance, administration and capital
improvement costs. The ability to afford
new debt for enterprise operations will be
evaluated as an integral part of the City’s
rate review and setting process.
D. Independent Disclosure Counsel
The following criteria will be used on a caseby-case basis in determining whether the City should retain the services of an
independent disclosure counsel in
conjunction with specific project financings:
1. The City will generally not retain the
services of an independent disclosure
counsel when all of the following
circumstances are present:
The revenue source for repayment is
under the management or control of
the City, such as general obligation
bonds, revenue bonds, lease-revenue
bonds or certificates of participation.
a. The bonds will be rated or insured.
1. The City will consider retaining the
services of an independent disclosure
counsel on a case-by-case basis for any
publicly-sold debtwhen one or more of
following circumstances are present:
CITY OF LAKEWOOD
Capital Financing and Debt Management Policy
c. The financing will be negotiated and
the underwriter has not separately
engaged an underwriter’s counsel for
disclosure purposes.
e. The revenue source for repayment is
not under the management or control
of the City, such as land-based
assessment districts, tax allocation
bonds or conduit financings.
g. The bonds will not be rated or insured.
i.1. The City’s financial advisor, bond counsel
or underwriter recommends that the City
retain an independent disclosure counsel
based on the circumstances of the
financing.
E. Refinancings
1. General Guidelines. Periodic reviews of
all outstanding debt will be undertaken to
determine refinancing opportunities.
Refinancings will be considered (within
federal tax law constraints) under the
following conditions:
a. There is a net economic benefit.
b. It is needed to modernize covenants
that are adversely affecting the City’s
financial position or operations.
c. The City wants to reduce the principal
outstanding in order to achieve future
debt service savings, and it has
available working capital to do so from
other resources.
2. Standards for Economic Savings. In
general, refinancing for economic
savings will be undertaken whenever net
present value savings of at least five
percent (5%) of the refunded debt can be
achieved.
a. Refinancings that produce net
present value savings of less than five
percent will be considered on a caseby-case basis, provided that the present value savings are at least
three percent (3%) of the refunded
debt.
b. Refinancing with saving of less than
three percent (3%), or with negative
savings, will not be considered unless
there is a compelling public policy
objective.
F. Debt Management
1. Disclosure. The City will comply with
Rule 15(c) 2-12 of the Securities
Exchange Commission (SEC) and
provide timely disclosure of relevant
information on an annual basis as well as
any material event notices as required.
2. Arbitrage. The federal tax code requires
issuers of long-term, tax-exempt debt to
rebate positive arbitrage to the federal
government. The City will diligently
monitor its compliance with all federal
arbitrage regulations. Due to the
complex nature of arbitrage calculations,
the City may elect to hire an outside
expert consultant to perform this function.
3. Compliance with Tax Law Provisions.
The City will diligently monitor its
compliance with all bond legal covenants,
as well as Federal and State
requirements.
4. Investment of Bond Proceeds. The City
shall comply with Federal and State
regulations governing the investment of
proceeds from the financing. The Finance
Department shall ensure that all funds
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CITY OF LAKEWOOD
Capital Financing and Debt Management Policy
drawn down from bond proceeds are for
purposes authorized in those documents
and that adequate records are kept to
document the related expenditures.
Whenever reasonably possible,
proceeds of debt will be held by a thirdparty trustee and the City will submit written requisitions for such
proceeds. The City will submit a
requisition only after obtaining the
signature of the City Manager or the
Finance Director.
5. Filing of CDIAC Reports. The City will
file any annual reports with the State
Treasurer as required by the California
Debt and Investment Advisory
Commission.
6. Records Retention. The City will retain
records sufficient to demonstrate
compliance with the requirements of
federal and California law necessary to
preserve the tax advantage of such
financings for the period required by law,
presently understood to be the life of the
debt obligations or any succeeding
refunding obligations plus 3 years.
b.
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2.25" + Indent at: 2.5"
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