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City of Pleasanton Operating Budget • FY 2023/24 - FY 2024/25C - 14 <br />City Debt Policy <br />(Adopted by City Council February 15, 2022) <br />1. INTRODUCTION <br />The City of Pleasanton has established this Debt Management Policy (“Policy”) to provide clear and <br />comprehensive guidelines for the issuance and financial management of debt issued by the City <br />of Pleasanton. This Policy supports the City of Pleasanton’s mission of providing responsive and <br />high-quality public services for its citizens and ensures that the City of Pleasanton is financially self- <br />sustaining and fiscally strong. Finally, this Policy requires that the City Council specifically authorize each <br />debt financing by resolution. <br />2. PURPOSE <br />This Policy has been developed in accordance with practices recommended by the Government <br />Finance Officers Association for the purpose of providing a framework for debt management and <br />capital planning by the City. The guidelines established by this policy will govern the issuance and <br />management of all debt funded for long term capital financing needs and short-term cash-flow <br />needs. Changes in the capital markets and other unforeseen circumstances may require action which <br />may deviate from this Policy. In cases which require exceptions to this Policy, the City Council approval <br />will be necessary for implementation. <br />3. GOALS <br />The purpose of this Debt Policy is to establish prudent debt issuance guidelines to ensure that the City <br />meets the following objectives: <br />• Identifying the purposes for which the debt proceeds may be used or are prohibited. <br />• Identifying the types of debt that may be issued or prohibited. <br />• Describing the relationship of the debt to, and integration with, the City’s capital plan objectives or <br />budget. <br />• Establishing policy goals related to the City’s planning goals and objectives. <br />• Mandating that the City comply with all debt covenants. <br />• Establishing to voters, taxpayers, and community that the City has plans and procedures to <br />implement its financing programs prudently and transparently. <br />• Demonstrating to rating agencies and investors that the City is well managed. Meeting the <br />ongoing obligations associated with the issuance of bonds under State, tax and securities laws.