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Meeting Date:
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2/12/2019 - 6:30 PM
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Category:
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BUSINESS SERVICES
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Type:
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Action
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Subject:
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9.3 Approve Resolution No. 18-19-14 approving a Debt Issuance and Management Policy as required in accordance with Government Code Section 8855 prior to issuance of debt
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Strategic Plan:
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Enclosure
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Resolution No. 18-19-14 and Exhibit A
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File Attachment:
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Summary:
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In accordance with Government Code Section 8855 the District is required to certify 30 days prior to the issuance of any debt, that it has adopted local debt policies addressing the topics set forth in Government Code Section 8855(i).
The Board expects to authorize and approve financing documents related to Lease Financing in an amount not to exceed $4,000,000 on or about March 12, 2019. In accordance with the Lease Financing, the District intends to enter into a Lease Agreement with Western Alliance Equipment Finance, Inc. (the “Corporation”).
The Debt Issuance and Management Policy, attached as Exhibit A to Resolution 18-19-14 provides a framework for debt management and capital planning by the District and meets the goals of identifying the purpose for which the debt proceeds will be used, identifies the types of debt that may be issued, describes the relationship of the debt to and the integration with the District’s capital improvement program or budget, establishes policy goals related to the District’s planning goals and objectives and implements internal control procedures to ensure the process for the proposed debt issuance will be directed to the intended use upon completion of the issuance. Approval of Resolution 18-19-14 will adopt the Debt Issuance and Management Policy.
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Funding:
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Recommendation:
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It is recommended that the Governing Board approve Resolution 18-19-14 and the Debt Issuance and Management Policy.
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Approvals:
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Recommended By:
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Signed By:
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Robin Schreiner_2 - Director of Business Services
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Signed By:
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Marc Lacey - Assistant Superintendent, Administrative Services
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Signed By:
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Jesse M. Najera - Superintendent
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Vote Results:
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| Original Motion | | Member Mark Staggs Moved, Member Lynn McKee seconded to approve the Original motion 'It is recommended that the Governing Board approve Resolution 18-19-14 and the Debt Issuance and Management Policy.'. Upon a Roll-Call Vote being taken, the vote was: Aye: 5 Nay: 0. | | The motion Carried 5 - 0 |
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