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6.A. - Page 1 of 29 <br />/<�ik <br />Redwood <br />CitylCallifornia <br />Faunded 1867 <br />\IAW <br />DATE: August 10, 2020 <br />SUBJECT <br />STAFF REPORT <br />To the Honorable Mayor and City Council <br />Approve updates to the City's Debt Management Policy <br />RECOMMENDATION <br />By motion, approve updates to the City's Debt Management Policy. <br />STRATEGIC PLAN GUIDING PRINCIPLE <br />Excellence in Government Operations <br />BACKGROUND <br />From the City Manager <br />The City of Redwood City is a municipal bond issuer, and as such, is subject to certain legal and contractual <br />requirements relating to the disclosure of information to investors and the public at the time of initial <br />issuance of bonds and on a continuing basis thereafter. The City first adopted a debt policy in March of <br />2007 to establish formal policy guidelines for incurring debt, including the City's values concerning debt <br />and debt management. Every few years staff reviews and updates this policy in accordance with best <br />practices. <br />This policy was last updated in 2017 due to the passage of Senate Bill 1029, and only minor changes are <br />recommended in 2020. The recommended changes following consultation with Bill Euphrat, the City's <br />Municipal advisor, and Jones Hall, Bond Counsel. <br />Page 1 of 3 <br />City of Redwood City 1017 Middlefield Road, Redwood City, CA. 94063 Tel: 650-780-7000 www.redwoodcity.ore <br />5 <br />