Title
Request for Adoption of the City Debt Management Policy
Body
Whereas, The City recognizes that a well-managed debt management program is based on a comprehensive debt management policy; and
Whereas, a debt management policy sets forth the parameters for issuing debt and managing the outstanding debt portfolio and provides guidance to decision makers regarding the purposes for which debt may be issued, types and amounts of permissible debt, timing and method of sale that may be used, and structural features that may be incorporated; and
Whereas, adherence to a debt management policy helps to ensure that the City maintains a sound debt position and that credit quality is protected; and
Whereas, it is the intent of the City to establish a debt management policy to ensure high quality debt management decisions, impose order and discipline in the debt issuance process, promote consistency and continuity in the decision making process, demonstrate a commitment to long-term financial planning objectives, and ensure that debt management decisions are viewed positively by rating agencies, the investment community and by taxpayers.
Now, Therefore, Be It Resolved, that the Rochester Hills City Council hereby approves the Debt Management Policy and Guidelines as presented, with the removal of Section V.A.5.a) Background.