DATE: June 5, 2018
TO: Board of Supervisors
SUBMITTED BY: Oscar J. Garcia, CPA, Auditor-Controller/Treasurer-Tax Collector
SUBJECT: Debt Management Policy & Debt Advisory Committee Guidelines
RECOMMENDED ACTION(S):
TITLE
1. Approve the County of Fresno's revised Debt Management Policy (originally the Debt Policy); and
2. Approve the County of Fresno's revised Debt Advisory Committee (DAC) Policy Guidelines for Public Financing (DAC Guidelines)
REPORT
The Debt Policy has not been updated since 2005. A recent change in the law has prompted the need for revisions to the Debt Policy, proposed to be renamed as the Debt Management Policy (Policy). The DAC Guidelines have not been updated since 1993. While preparing updates to the Policy, it became apparent that the DAC Guidelines would benefit by the Board adopting revisions to DAC process-related practices as well. For both recommended actions, a copy of the currently adopted versions is on file with the clerk. Attached to this item is a clean and a redline version of the proposed revisions to each document, as well as a table that summarizes their major changes. This item is countywide.
ALTERNATIVE ACTION(S):
If the Board elects not to approve the first recommended action for the Policy, that might adversely affect the County's ability to undertake further debt issuances (e.g. Tax and Revenue Anticipation Notes), and could adversely affect a pending Clean Water State Revolving Fund loan for a County Waterworks District. The law now requires certain elements in the Policy, which are not fully addressed or present in the Policy. Those elements have been added into the recommended Policy, as revised.
To avoid those adverse results, the Board may approve the recommended actions, and request our Office to return to the Board at a future date with further proposed revisions to the Policy and DAC Guidelines for the Board's future consideration.
FISCAL IMPACT:
There is no current fiscal impact as a resul...
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