Mountain View Whisman School District
Agenda Item for Board Meeting of 10/10/2019
Agenda Category: REVIEW AND ACTION
Agenda Item Title: Resolution No. 03-101019, Debt Issuance and Management Policy (10 minutes)
Estimated Time:
Person Responsible: Dr. Ayindé Rudolph, Superintendent
Background:
Existing California law requires public agencies to provide information to the California Debt and Investment Advisory Commission (“CDIAC”) no later than 30 days prior to the sale of the debt. Senate Bill 1029 (“S.B. 1029”), signed into law by Governor Brown on September 12, 2016, amends this law to place additional reporting obligations on issuers of debt. In part, S.B. 1029 requires that an issuer certify that it has adopted local debt policies concerning the use of debt and that the proposed debt issuance is consistent with the local debt policies. S.B. 1029 lists certain topics to be covered in the local debt policies.
The District expects to issue general obligation refunding bonds in 2019, and desires to adopt a debt issuance and management policy in compliance with S.B. 1029. Bond counsel has assisted the District with preparing a debt issuance and management policy that is in compliance with S.B. 1029.
Fiscal Implication:
None.
Recommended Action:
That the Board approve and adopt Resolution No. 03-101019, Debt Issuance and Management Policy, as presented and waive second reading.
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