HomeMy WebLinkAboutC-7 Debt Policy and Procedures for the Azusa Redevelopment Agency VII 116,
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- - AZUSA
AGENDA ITEM
TO: HONORABLE CHAIRMAN AND MEMBERS OF THE BOARD
FROM: MARCIE MEDINA, DIRECTOR OF FINANCE
VIA: RICK COLE, CITY MANAGER / J
DATE: NOVEMBER 19, 2001
SUBJECT: DEBT POLICY AND PROCEDURES FOR THE AZUSA REDEVELOPMENT AGENCY
RECOMMENDATION
It is recommended that the City Council approve and adopt the Azusa Redevelopment Agency's
Debt Policy and Procedures.
BACKGROUND
At the core of a well-managed debt program is government's debt policy. A debt policy
establishes the parameters for issuing and managing debt. The functions of a debt policy are to:
Provide guidance to community leaders so as not to exceed acceptable levels of indebtedness
and risk; direct staff on objectives to be achieved, both before bonds are sold and for the
ongoing management of the debt program; facilitate the debt issuance process by making
important decisions ahead of time; and promote objectivity in decision making.
FISCAL IMPACT
There is no fiscal impact as a result of this action. However, debt policy plays a significant role
in the Azusa Redevelopment Agency's overall financial health.
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RESOLUTION NO.
RESOLUTION OF THE BOARDMEMBERS OF THE AZUSA
REDEVELOPMENT AGENCY APPROVING DEBT POLICY
AND PROCEDURES
WHEREAS,the Boardmembers(the"Boardmembers")of the Azusa Redevelopment
Agency has considered a document entitled "CITY OF AZUSA DEBT POLICY AND
PROCEDURES" which contains policies and procedures which are designed to standardize the
issuance and management of debt by the Azusa Redevelopment Agency, (the "Debt Policy"); and
WHEREAS,the Director of Finance has recommended to the Boardmembers that the
Debt Policy be approved and established as the policies and procedures of the City, the Azusa
Redevelopment Agency and such other entities for the issuance and management of debt; and
WHEREAS, the Boardmembers have determined that the Debt Policy should be
approved and established as recommended by the Director of Finance.
NOW THEREFORE, THE BOARDMEMBERS OF THE AZUSA
REDEVELOPMENT AGENCY DOES RESOLVE,DECLARE,DETERMINE AND ORDER AS
FOLLOWS:
Section 1. Approval of Policy. The "CITY OF AZUSA DEBT POLICY AND
PROCEDURES," as presented to the Boardmembers, is hereby approved and established as the
policies and procedures of the City with respect to the issuance and management of debt.
Section 2. Certification. The Secretary shall certify to the passage and adoption of
this Resolution.
SECTION 3. Effective Date. This Resolution shall become effective upon its
adoption.
PASSED, APPROVED AND ADOPTED ON NOVEMBER 19, 2001.
Cristina Cruz-Madrid
Chairperson
ATTEST:
Vera Mendoza
Secretary
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