HomeMy WebLinkAboutCity Council - 2019-79 RESOLUTION NO. 2019-79
A RESOLUTION OF THE CITY COUNCIL OF THE
CITY OF HUNTINGTON BEACH ADOPTING THE
CITY'S DEBT MANAGEMENT POLICY
WHEREAS, the City or its related entities (such as the Huntington Beach Public
Financing Authority, the Successor Agency to the Redevelopment Agency of the City of
Huntington Beach, or the Huntington Beach Housing Authority) has issued bonds or other
financing obligations (collectively, "Local Debt") subject to the filing of reports with the
California Debt and Investment Advisory Commission("CDIAC")pursuant to Section 8855 of
the California Government Code ("Section 8855"); and
Senate Bill No. 1029 ("SB 1029"), effective January 1, 2017, amended Section 8855 to
augment the information that must be provided by municipal issuers of Local Debt to CDIAC;
and
Prior to SB 1029, Section 8855 has required municipal issuers of Local Debt to file a
Report of Proposed Debt Issuance at least 30 days prior to the sale of any Local Debt issue; and
SB 1029 amends the requirements of the Report of Proposed Debt Issuance to require
that this report include a certification by the municipal issuer(the "City")that it has adopted
local debt policies concerning the use of Local Debt and that the contemplated Local Debt
issuance is consistent with those local debt policies; and
SB 1029 further requires that the local debt policy subject to the aforementioned
certification must include all five of the following elements: (1)the purposes for which the debt
proceeds may be used; (2)the types of debt that may be issued; (3) the relationship of the debt to,
and integration with, the issuer's capital improvement program or budget, if applicable; (4)
policy goals related to the issuer's planning goals and objectives; and (5) the internal control
procedures that the issuer has implemented, or will implement, to ensure that the proceeds of the
proposed debt issuance will be directed to the intended use;
The City or its related entities (such as the Huntington Beach Public Financing Authority,
the Successor Agency to the Redevelopment Agency of the City of Huntington Beach, or the
Huntington Beach Housing Authority) may also, in the future, issue Local Debt for which a
Report of Proposed Debt Issuance, including the aforementioned certification, will need to be
filed with CDIAC;
To facilitate issuance of Local Debt in the future and the ability of the City and its related
entities to make the requisite local debt policies certification required in connection therewith by
subdivision (i) of Section 8855, as amended by SB 1029, the City desires to amend the Debt
Management Policy to include all five elements required by Section 8855, as amended by SB
1029, as set forth in the City of Huntington Beach Debt Management Policy hereto;
19-8156/217118 1
RESOLUTION NO. 2019-79
NOW, THEREFORE, the City Council of the City of Huntington Beach does hereby
resolve as follows:
SECTION 1. The above recitals, and each of them, are true and correct.
SECTION 2. The City of Huntington Beach Debt Management Policy is hereby
approved and adopted and shall be made applicable to all Local Debt issued by or on behalf of
the City and its related entities (such as the Huntington Beach Public Financing Authority, the
Successor Agency to the Redevelopment Agency of the City of Huntington Beach, or the
Huntington Beach Housing Authority).
SECTION 3. The City Manager, the City Treasurer, the Chief Financial Officer, and all
other officers of the City are hereby authorized and directed,jointly and severally, to do any and
all things to effectuate the purposes of this Resolution and to implement the Amended Policy,
and any such actions previously taken by such officers are hereby ratified and confirmed.
SECTION 4. This Resolution shall take effect immediately upon adoption.
PASSED AND ADOPTED by the City Council of the City of Huntington Beach at a
regular meeting thereof held on the 4 th day of November , 2019.
15iayor
VI W AN AP VED: APPROVED FORM:
City Manager City Attorney WV
INITIATED AND APPROVED:
Acting Chief Financial Officer
19-8156/217118 2
Res. No. 2019-79
STATE OF CALIFORNIA
COUNTY OF ORANGE ) ss:
CITY OF HUNTINGTON BEACH )
I, ROBIN ESTANISLAU, the duly elected, qualified City Clerk of the
City of Huntington Beach, and ex-officio Clerk of the City Council of said City, do
hereby certify that the whole number of members of the City Council of the City of
Huntington Beach is seven; that the foregoing resolution was passed and adopted
by the affirmative vote of at least a majority of all the members of said City Council
at a Regular meeting thereof held on November 4, 2019 by the following vote:
AYES: Brenden, Carr, Semeta, Posey, Delgleize , Hardy
NOES: None
ABSENT: Peterson
RECUSE: None
City Clerk and ex-officio Clerk of the
City Council of the City of
Huntington Beach, California