Oxnard Treasurer to be included in approval of debt issues?

By Phil Molina, Oxnard Treasurer
 .
We the People,
The City Treasurer, has been added with the City Manager, ​CFO and City Attorney  as one of the city officers who must review and approve the issuance of debt instruments before the proposal is presented to the City Council.
​Thank you for your assistance in getting this change approved.​

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Respectfully,
 

Phillip S. Molina

Oxnard City Treasurer

This message, and any of its attachments, is for the intended recipient(s), and it may contain information that is privileged or confidential which  should be made available to the public. If you are not the intended recipient, please feel free to read this message. Money was one of the major causes of the American Revolution. The colonists did not like being taxed for things and not having input on how that money was used. They immediately began a boycott of British goods. It is your right to know how your tax dollars are being spent.

 

CITY COUNCIL OF THE CITY OF OXNARD

 

RESOLUTION NO. ______

 

A RESOLUTION OF CITY COUNCIL OF THE CITY OF OXNARD ADOPTING A

DEBT MANAGEMENT POLICY AND TAKING RELATED ACTIONS

WHEREAS, the City of Oxnard and its related entities (such as the Oxnard Financing Authority and the Successor Agency to the Oxnard Redevelopment Agency) (together. the “City”) have issued or may issue bonds or other financing obligations (“Local Debt”) that are subject to requirements for the filing of reports to the California Debt and Investment Advisory Commission (“CDIAC”) pursuant to California Government Code Section 8855 (“Section 8855”:); and

WHEREAS, under Section 8855, municipal issuers of Local Debt must file a report (the “Report of Proposed Debt Issuance”) at least 30 days before the sale of any Local Debt issue; and

WHEREAS, Senate Bill No. 1029 (“SB 1029”), which became effective on January 1, 2017, amended Section 8855 to augment the information that a municipal issuer must provide to CDIAC in connection with Local Debt issuances: and

WHEREAS, Section 8855, as amended by SB 1029, requires the Report of Proposed Debt Issuance to include a certification that the municipal issuer has adopted a local debt policy and the contemplated Local Debt issuance is consistent with such local debt policy; and

WHEREAS, Section 8855(i)(1) requires that the local debt policy must include the following elements:

1.     The purposes for which the debt proceeds may be used;

2.     The types of debt that may be issued;

3.     The relationship of the debt to, and integration with. the issuer’s capital improvement program or budget, if applicable;

4.     Policy goals related to the issuer’s planning goals and objectives; and

5.     The internal control procedures that the issuer has implemented, or will implement, to ensure that the proceeds of the proposed debt issuance will be directed to the intended use; and

WHEREAS, the City expects that it will continue to issue Local Debt from time to time;

WHEREAS, This City desires to adopt the Local Debt Policy, as set forth in Exhibit A (the “Policy”);

NOW, THEREFORE, BE IT RESOLVED by the Council of the City of Oxnard as follows:

1.     The above recitals are true and correct and are a substantive part of this Resolution.

2.     The City Council hereby determines and finds that the Policy complies with the requirements of Section 8855(i)(1).

3.     The Policy, as set forth in Exhibit A is hereby approved and adopted. The Policy shall be applicable to Local Debt issued by or on behalf of the City (including its related entities such as, but not limited to, the Oxnard Financing Authority and the Successor Agency to the Oxnard Redevelopment Agency).

4.     The City Manager, the Chief Financial Officer, City Treasurer and other officers of the City are hereby authorized and directed, jointly and severally, to execute such instruments and do any and all things which they may deem necessary or advisable to effectuate this Resolution and any such actions previously taken by such officers and staff are hereby ratified and confirmed.

PASSED AND ADOPTED THIS 3rd day of April, 2018 by the following vote:

            AYES:

            NOES:

            ABSENT:       

            ABSTAIN:     

                                                                                                ______________________________
                                                                                                Tim Flynn, Mayor

ATTEST:

                                                                                   

Michelle Ascencion, City Clerk

APPROVED AS TO FORM:

                                                                                   

Stephen M. Fischer, City Attorney

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Respectfully,
 

Phillip S. Molina

Oxnard City Treasurer
Editor’s note: It is our unfderstanding that this will be voted on at the 4-3-18 Council meeting.
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Eileen Tracy
Eileen Tracy
1 year ago

This is such good news. Phil will determine if it is affordable.

Saul Medina
Saul Medina
3 years ago

I see no reason why the treasurer needs to be included… treasurer must have his own agenda. He’s elected not a staffer, what gives…I’d like to know how many other city treasurer in California who are included?