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<br />N. Interfund Borrowing - From time to time, there may be advantages for the City to enter <br />into loans between funds or between the City and the Redevelopment Agency.. Unless <br />otherwise approved by the respective governing bodiesCity Council, the interest rates <br />on such loans will not be lower than the rate that the fund providing the loan is able to <br />earn in the County Pool or Local Agency Investment Fund (whichever rate is higher) <br />when the loan is approved. <br /> <br />O. L. Arbitrage Rebate Monitoring - Staff will comply with the arbitrage rebate and <br />monitoring requirements as set forth by the U.S. Treasury Department. Should staff <br />determine that it is advisable to do so, arbitrage rebate analysis reports may be <br />performed more frequently than once every five years as is required by the U.S. Treasury <br />Department. <br /> <br />P. M. Investment of Bond Proceeds - Bond proceeds will be invested only in <br />investments as permitted by the applicable governing document of the bond issue. <br />When placing such investments, staff will ensure that there is sufficient liquidity to meet <br />the underlying needs (i.e. construction funds or debt service reserve funds) of the funds <br />being invested. Staff will give due consideration to credit risk and counterparty risk when <br />investing such funds. <br /> <br />Q. Continuing Disclosure – The City will comply with all continuing disclosure obligations set <br />forth in the debt contract/agreement and in compliance with the City’s adopted Debt <br />Disclosure Policy. <br /> <br />R. Use of Bond Proceeds – The chief financial officer of the City (the “Finance DirectorCity <br />Treasurer”) and other appropriate City personnel shall: <br /> <br />1. Monitor the use of Bond proceeds and the use of Bond-financed assets (e.g., facilities, <br />furnishings or equipment) throughout the term of the Bonds (and in some cases beyond <br />the term of the Bonds) to ensure compliance with covenants and restrictions set forth in <br />applicable City resolutions and Tax Certificates. <br /> <br />2. Maintain records identifying the assets or portion of assets that are financed or refinanced <br />with proceeds of each issue of Bonds. <br /> <br />3. Consult with Bond Counsel and other professional expert advisers in the review of any <br />contracts or arrangements involving use of Bond-financed facilities to ensure compliance <br />with all covenants and restrictions set forth in applicable City resolutions and Tax  <br />Certificates. <br /> <br />4. Maintain records for any contracts or arrangements involving the use of Bond-financed <br />facilities as might be necessary or appropriate to document compliance with all covenants <br />and restrictions set forth in applicable City resolutions and Tax Certificates. <br /> <br />5. Submission of an Annual Debt Transparency Report to the California Debt and Investment <br />Advisory Commission for all outstanding debt, per SB 1029, effective January 1, 2017. <br /> <br />6. With the exception of general obligation bonds issued by the City, whenever reasonably  <br />possible, and for the purpose of ensuring that proceeds of debt will be used for its intended  <br />6.1.C. - Page 15