From
Tannie Camarata
Title
Resolution approving revisions to the City of Grand Prairie Debt Management Policy to become effective upon passage and approval
Presenter
Diana G. Ortiz, Chief Financial Officer
Recommended Action
Approve
Analysis
The City's Debt Policy is reviewed each year for necessary revisions for operational procedures, staffing changes and/or new state laws. Staff has reviewed the current policy and recommends changes to the Debt Policy as follows:
Section IV. C. Long Term Debt- Certificates of Obligation changes the approval of publication of notice of intent to issue certificates of obligation to 45 days with the first publication at least 31 days prior to the bond sale.
Section XX. Ratings- Removed reference to individual rating agencies and replaced with National Rating Agencies.
Section XII. Secondary Market Disclosure Reflects change from National Recognized Municipal Information Repositories (NRMSIR) to Electronic Municipal Market Access (EMMA) as required by the Municipal Securities Rulemaking Board
Section XIV. Modification to Policies Replaces the Debt Committee with Chief Financial Officer
The Finance and Government Committee reviewed these revisions at their September 4, 2012 meeting and support the updated policy. Revisions are included in the resolution.
Financial Consideration
There is no financial impact resulting from this action.
Body
A RESOLUTION OF THE CITY OF GRAND PRAIRIE, TEXAS, APPROVING REVISIONS TO THE CITY OF GRAND PRAIRIE DEBT MANAGEMENT POLICIES TO BECOME EFFECTIVE UPON PASSAGE AND APPROVAL
Whereas, it is the goal of the City to maintain a long-term and stable positive financial condition; and
Whereas, well planned and prudent debt is essential to the achievement of the City's goal; and
Whereas, the following revisions to the current Debt Management Policies have been considered;
NOW THEREFORE, BE IT RESOLVED, by the City Council of the City of GRAND PRAIRIE, Texas that:
Section 1. Section IV. C. Long Term Debt- Certificates of Obligation changes the approval of publication of notice of intent to issue certificates of obligation to 45 days with the first publication at least 31 days prior to the bond sale.
Section 2. Section XX. Ratings- Removed reference to individual rating agencies and replaced with National Rating Agencies.
Section 3. Section XII. Secondary Market Disclosure Reflects change from National Recognized Municipal Information Repositories (NRMSIR) to Electronic Municipal Market Access (EMMA) as required by the Municipal Securities Rulemaking Board
Section 4. Section XIV. Modification to Policies Replaces the Debt Committee with Chief Financial Officer
PASSED AND APPROVED BY THE CITY COUNCIL OF THE CITY OF GRAND PRAIRIE, TEXAS, SEPTEMBER 18, 2012.