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Meeting Date:
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6/11/2018 - 7:00 PM
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Category:
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Business/Action Items
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Type:
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Info
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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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Senate Bill 1029
Mt. Diablo USD BP 7210 Facilities
Draft Debt Management Board Policy
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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 District's 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. Currently, the District lacks a Debt Management Policy. A copy of the Facilities Financing BP 7210 is attached for reference.
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Funding:
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Fiscal Impact
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Recommendation:
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This is a first reading. The draft Debt Management Policy will be brought back for approval and adoption on June 25, 2018.
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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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