Title
RESOLUTION NO. 2017-029 OF THE CITY COUNCIL OF THE CITY OF CHULA VISTA AMENDING THE EXISTING CITY DEBT POLICY
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RECOMMENDED ACTION
Recommended Action
Council adopt the resolution.
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SUMMARY
In January 2014, City Council adopted a Debt Policy, which now needs to be amended due to the recent approval of Senate Bill 1029. Adoption of the proposed resolution would amend the City Council approved debt policy to comply with the new legislation.
ENVIRONMENTAL REVIEW
The Development Services Director has reviewed the proposed activity for compliance with the California Environmental Quality Act (CEQA) and has determined that the activity is not a "Project" in accordance with Section 15378(b)(5) of the State CEQA Guidelines because it involves only acceptance of the Quarterly Investment Report; therefore it is an organizational or administrative activity of government that will not result in a direct or indirect physical change in the environment; therefore, pursuant to Section 15060(c)(3) of the State CEQA Guidelines the activity is not subject to CEQA. Thus, no environmental review is necessary.
Environmental Notice
Environmental Notice
The activity is not a "Project" as defined under Section 15378 of the California Environmental Quality Act State Guidelines; therefore, pursuant to State Guidelines Section 15060(c)(3) no environmental review is required.
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BOARD/COMMISSION RECOMMENDATION
Not Applicable
DISCUSSION
The City's Debt Policy adopted on January 14, 2014, by Resolution 2014-012 is intended to provide guidance in the issuance and management of debt issued by the City. The GFOA recommends that state and local governments adopt comprehensive written debt management policies that are approved by the governing body to provide transparency and to ensure that there is a common understanding among elected officials and staff regarding the City's approach to debt financing. The main objectives of the City's debt policy are to establish con...
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