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6.A. - Page 10 of 29 <br />ADMINISTRATIVE POLICY <br />4���k <br />Redwood <br />CityI California <br />Founded1867 <br />SUBJECT: Debt Management Policy <br />I. PURPOSE <br />NUMBER: 38 <br />EFFECTIVE: <br />August X,2020 <br />This Municipal Debt Management Policy (this "Policy") establishes parameters and provides <br />guidance governing the issuance, management, continuing evaluation of, refunding, and reporting <br />on all debt obligations of the following entities for whom the City Council of the City of Redwood City <br />acts as legislative body: City of Redwood City, City of Redwood City Public Financing Authority, <br />Redwood City Public Facilities and Infrastructure Authority, and Successor Agency to the Redwood <br />City Redevelopment Agency. This Policy also applies to debt issued by the Port of Redwood City <br />("Port"). Unless otherwise indicated, the term "City" includes each of the entities listed in the previous <br />two sentences. <br />This Policy is intended to guide the City in its debt issuance in the course of its customary practices. <br />Should circumstances arise which could cause the City to deviate from any of the policies herein, <br />City staff shall return to the City Council for policy direction. The City Council may approve debt that <br />is not consistent with this Policy without amending this Policy. <br />For purposes of this Policy, "debt" shall be interpreted broadly to mean bonds, notes, certificates of <br />participation, financing leases, or other financing obligations, but the use of such term in this Debt <br />Policy shall be solely for convenience and shall not be interpreted to characterize any such obligation <br />as an indebtedness or debt within the meaning of any statutory or constitutional debt limitation where <br />the substance and terms of the obligation comport with exceptions thereto. <br />This Policy is intended to comply with Government Code Section 8855(i). <br />The City Council may amend this Policy from time to time. <br />II. RESPONSIBILITY <br />The City Manager and the City Treasurer (as the Chief Financial Officer), or his/her designee <br />shall be responsible for enforcing this Policy, including its applicability to elected/appointed <br />officials. The City Manager, City Treasurer, or designee may issue supplemental procedures and <br />memoranda that detail specific directions that clarify this Policy. However, such procedures and <br />directives must be consistent and not conflict with the general provisions of this Policy. <br />III. POLICY <br />Under the governance and guidance of federal and state laws and the City's charter, ordinances, <br />and resolutions, the City may periodically enter into debt obligations that finance the construction <br />or acquisition of infrastructure and other assets or to refinance its existing debt into more favorable <br />terms. When issuing new debt or refinancing existing debt, the City seeks to: <br />14 <br />