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Meeting Date:
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Category:
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Type:
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Subject:
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17.4 Debt Management Board Policy as Required per Senate Bill 1029 |
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LCAP (Local Control Accountability Plan) Goal:
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Goal 1: All students will receive a high quality education in a safe and welcoming environment with equitable and high expectations, access to technology, and instruction in the California State Standards that prepare them for college and career.
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Enclosure:
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File Attachment:
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Summary:
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Government Code 8855, amended by Senate Bill 1029 requires that the Governing Board adopt a Debt Management Policy prior to issuing debt for debt issued after January 1, 2017. A sound debt management policy improves the quality of debt decisions, conveys policy goals, and provides guidelines for the structure of debt issuance. The proposed debt management policy provides that the purpose of the policy is to govern the use and management of debt used to finance projects. The policy identifies the types of debt, describes the uses for the debt, identifies that the debt shall be invested in accordance with the law and that the District will comply with all of the required disclosure and compliance requirements. The policy is based on a recommended model provided by the Districts financial advisor Dale Scott. The District’s current practice for managing debt has agreed with the proposed policy. This policy will serve to satisfy SB 1029 and reinforce and convey the District’s strong financial practices. A copy of the Facilities Financing BP 7210 is attached for reference. |
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Funding:
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Recommendation
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Approve the Debt Management Board Policy as required per Senate Bill 1029. |
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Approvals:
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Recommended By: |
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Signed By: |
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Rose Ramos - Chief Business Officer |
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Signed By: |
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Nance Juner - Director of Fiscal Services |
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Signed By: |
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Dr. Nellie Meyer - Superintendent |
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Vote Results:
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| New Motion | | Member Brian Lawrence Moved, Member Joanne Durkee seconded to approve the New motion 'Approve the Debt Management Board Policy as required per Senate Bill 1029.'. Upon a Roll-Call Vote being taken, the vote was: Aye: 5 Nay: 0. | | The motion Carried 5 - 0 | | | | | Linda Mayo | Yes | | Joanne Durkee | Yes | | Cheryl Hansen | Yes | | Brian Lawrence | Yes | | Debra Mason | Yes | |
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