Laserfiche WebLink
6.A. - Page 2 of 29 <br />ANALYSIS <br />The proposed policy is organized into three primary areas: Purpose, Responsibility, and Policy. The <br />material changes were to include the Public Facilities and Infrastructure Authority as a covered entity, to <br />further clarify that "debt" means bonds, notes, certificates of participation, financing leases, or other <br />financing obligations, and minor changes to tighten up a few references to the City and State code. <br />Attachment A includes a copy of the policy with the changes highlighted in strike -text format. Attachment <br />B is the Policy with the proposed changes in final form. <br />The Council has also approved a related policy that focuses on the required disclosures for City issued <br />debt, and the procedures in place to ensure compliance to federal securities laws. The most recent update <br />to this policy was in May 2019; the policy is attached to this staff report as Attachment C. In January 2020, <br />Jones Hall led a training with Council and City staff regarding Federal Securities laws for Elected Officials. <br />City staff continues to attend appropriate training for the issuance and management of debt annually. <br />FISCAL IMPACT <br />There is no direct fiscal impact associated with updating the City's Debt Management Policy. <br />ENVIRONMENTAL REVIEW <br />This activity is not a project under California Environmental Quality Act (CEQA) as defined in CEQA <br />Guidelines, section 15378, because it has no potential for resulting in either a direct or reasonably <br />foreseeable indirect physical change in the environment. <br />PUBLIC NOTICE <br />Public notification was achieved by posting the agenda, with the agenda items being listed, at least 72 <br />hours prior to the meeting. <br />ALTERNATIVES <br />The City Council may amend the policy further, or not approve the amendments. Having a policy that is <br />periodically reviewed and updated is a best practice. <br />Page 2 of 3 <br />City of Redwood City 1017 Middlefield Road, Redwood City, CA. 94063 Tel: 650-780-7000 www.redwoodcity.ore <br />11 <br />