Reso No.____
RESOLUTION NO. ____
A RESOLUTION OF THE COUNCIL OF THE CITY OF RICHMOND,
CALIFORNIA , ADOPTING UPDATES TO THE DEBT POLICY
WHEREAS, the City of Richmond (the "City") is a charter city that operates under the Council-Manager form of government for the purposes of providing a full range of municipal services including police and fire protection; construction and maintenance of highways, streets and infrastructure; library services; storm water and municipal sewer systems; a wastewater treatment facility; and the administration of recreational activities and cultural events; and
WHEREAS, the City also operates the Richmond Memorial Convention Center and the Port of Richmond; and
WHEREAS, the City has established and maintains a well-managed debt program pursuant to a comprehensive debt policy that sets forth the parameters for issuing debt and managing the debt portfolio, including post-issuance compliance; and
WHEREAS, in the credit rating process, the rating agencies believe it is appropriate to place significant value on debt policies that have been adopted by cities; and
WHEREAS, the City established a Debt Policy that requires annual commitments relating to the General Fund debt cannot exceed ten percent (10%) of current General Fund revenues; and
WHEREAS, the City Council adopted a guiding fiscal policy which prohibits the use of interest rate swaps on April 20, 2021; and
WHEREAS, the adoption of the Debt Policy is consistent with "best practices" and the City's fiduciary oversight of the Fiscal Policies.
NOW THEREFORE BE IT RESOLVED, that the City Council hereby adopts the Debt Policy for the City of Richmond that is attached hereto as Exhibit A.
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I certify that the foregoing resolution was passed and adopted by the Council of the City of Richmond at a regular meeting thereof held _______________, by the following vote:
AYES:
NOES:
ABSTENTIONS:
ABSENT:
CLERK OF THE CITY OF RICHMOND
(SEAL)
Approved:
Mayor
Approved as to form:
City Attorney
State of California }
County of Contra Costa : ss.
City of Richmond }
I certify that the foregoing is a true copy of Resolution No._____, finally passed and adopted by the City Council of the City of Richmond at a regular meeting held on ____________.