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6.A. - Page 14 of 29 <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 />R. Use of Bond Proceeds — The chief financial officer of the City (the "City Treasurer") and <br />other appropriate City personnel shall: <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 />2. Maintain records identifying the assets or portion of assets that are financed or refinanced <br />with proceeds of each issue of Bonds. <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 />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 />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 />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 />purpose, proceeds of debt will be held by a third -party trustee or fiscal agent and the City <br />will submit written requisitions for such proceeds. The City will submit a requisition signed <br />by the City Treasurer only after the requisition has been processed and approved through <br />the City's pre -established procedure for processing payments. If it is not reasonably <br />possible for non -general obligation debt proceeds to be held by a third -party, the City <br />Treasurer shall ensure that written records are kept about the use of the debt proceeds <br />through the final payment date of the debt. General obligation bond proceeds may be <br />held by the City and administered by the City Treasurer. The City Treasurer shall ensure <br />that written records are kept about the use of the general obligation bond proceeds <br />through the final payment date of such bonds. <br />S. Relationship of Debt to Capital Improvement Program and Budget - New debt issues, and <br />refinancing of existing debt, should be analyzed for compatibility with the City's Five -Year <br />Capital Improvement Plan. The City shall strive to fund the upkeep and maintenance of its <br />infrastructure and facilities due to normal wear and tear through the expenditure of <br />available operating revenues. The City shall seek to avoid the use of debt to fund <br />infrastructure and facilities improvements that are the result of normal wear and tear. The <br />City shall seek to issue debt in a timely manner to avoid having to make unplanned <br />expenditures for capital improvements or equipment from its general fund. <br />T. Policy Goals Related to Planning Goals and Objectives - The City is committed to long- <br />term financial planning, maintaining appropriate reserve levels, and employing prudent <br />practices in governance, management and budget administration. The City intends to <br />5 <br />18 <br />