RESOLUTION R2025-XXX
RESOLUTION OF THE CITY COUNCIL OF THE CITY OF NAPA, STATE OF CALIFORNIA, REPEALING THE CITY’S DEBT MANAGEMENT POLICY SET BY R2016-161 AND ADOPTING A CITY COUNCIL POLICY RESOLUTION TITLED “DEBT MANAGEMENT POLICY” FOR THE CITY OF NAPA WHEREAS, Senate Bill 1029 (SB 1029) was signed by the California Governor on September 12, 2016 and results in amendments to California Government Code Section 8855, which established the California Debt and Investment Advisory Commission (“CDIAC”) as a state agency managed by the California State Treasurer; and WHEREAS, SB 1029 requires any issuer of debt of state or local government that submits a preliminary report of proposed debt to CDIAC after January 1, 2017 to have adopted local debt policies which include specific provisions concerning the use of debt: the purposes for which the debt proceeds may be used, the types of debt that may be issued, the relationship of the debt to, and integration with, the issuers CIP budget, policy goals related to the issuer’s planning goals and objectives, and the internal control procedures that the issuer has implemented, or will implement, to ensure the proceeds of the proposed debt issuance will be directed to the intended use; and WHEREAS, the Securities and Exchange Commission (the “SEC”) recommends that issuers of municipal securities adopt policies and procedures to govern compliance and implement training with respect to their initial disclosure and continuing disclosure undertakings; and WHEREAS, the attached Debt Management Policy was drafted by City staff and reviewed by Bond/Disclosure Counsel and the City’s municipal advisor firm; and WHEREAS, the attached Debt Management Policy includes all required components of SB 1029, responds to the SEC’s recommendations with respect to disclosure policies and procedures, will advance sound financial management practices and provides flexibility for the City Council to make decisions regarding debt that is in the best interest of the City; and WHEREAS, the City Council has considered all information related to this matter, as presented at the public meetings of the City Council identified herein, including any supporting reports by City staff, and any information provided during public meetings; and WHEREAS, the City previously adopted a debt management policy (Policy Resolution No. 35) pursuant to Resolution R2016-161 adopted by the City Council on December 20, 2016, and in adopting this resolution, any prior debt management policies will be superseded and no longer in control.
NOW, THEREFORE, BE IT RESOLVED, by the City Council of the City of Napa, as follows:
The City Council hereby finds that the facts set forth in the recitals to this resolution are true and correct and establish the factual basis for the City Council’s adoption of this resolution.
The City Council hereby adopts the City’s Debt Management Policy, attached hereto as Exhibit “A.” This version supersedes all prior versions.
The City Council hereby directs the City Manager to designate this resolution as a City Council Policy Resolution. The City Council hereby directs the City Clerk to organize and publish this resolution as a part of the City Council Policy Resolutions.
This Resolution shall take effect immediately upon its adoption.
I HEREBY CERTIFY that the foregoing Resolution was duly adopted by the City Council of the City of Napa at a public meeting of said City Council held on the 5th day of August, 2025 by the following vote:
AYES:
NOES:
ABSENT:
ABSTAIN:
ATTEST:
Tiffany Carranza
City Clerk
Approved as to form:
Christopher J. Diaz
Interim City Attorney
EXHIBIT A: City’s Debt Management Policy
R2025-XXX Page 1 of 3 August 5, 2025
ATTACHMENT 1