From
Diana G. Ortiz, Chief Financial Officer
Title
Resolution approving the City of Grand Prairie Debt Management Policy to become effective upon passage and approval
Presenter
Diana G. Ortiz
Recommended Action
Approve
Analysis
The City's Debt Management Policy was last updated January 2018. In addition to a normal annual review, significant changes have occurred in the municipal debt market. First, the IRS has severely limited our opportunity to issue advance refundings. Language on those changes can be found in Section V. Refunding. Further, federal SEC requirements are forcing more continuing disclosure requirements that the City must follow after issuing bonds. These requirements follow the term of new bonds we issue and last throughout the life of each obligation. Relevant policies on this issue are found in section XII. Secondary Market Disclosure
All other changes are mostly considered clarification or administrative edits.
For City Council convenience, a marked up version is provided that highlights the changes. However, the adoption will be on the final/clean document as also attached.
Financial Consideration
There is no financial impact resulting from this action.
Body
A RESOLUTION OF THE CITY OF GRAND PRAIRIE, TEXAS, APPROVING THE PROPOSED CITY OF GRAND PRAIRIE DEBT MANAGEMENT POLICY TO BECOME EFFECTIVE UPON PASSAGE AND APPROVAL
Whereas, it is the goal of the City to maintain a long-term, stable and positive financial condition; and,
Whereas, well-planned and prudent public funds' debt management is essential to the achievement of the City's goals;
Whereas, the City is required to review, revise if necessary and adopt the City's Debt Management Policy annually, and
WHEREAS, the City promptly responds and addresses changes in federal and industry rules that affect our debt management.
NOW THEREFORE, BE IT RESOLVED, by the City Council of the City of GRAND PRAIRIE, Texas that:
Section 1. The attached proposed debt ...
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