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A RESOLUTION OF THE CITY COMMISSION OF THE CITY OF POMPANO BEACH, FLORIDA, APPROVING AND AUTHORIZING THE AMENDMENT TO THE CITY’S DEBT MANAGEMENT POLICY RELATING TO CONDUIT BONDS; PROVIDING AN EFFECTIVE DATE.
(Fiscal Impact: N/A)
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(Staff Contact: Andrew Jean-pierre)
summary
Summary Explanation/Background:
The City’s Debt Management policy establishes parameters for issuing debt and managing a debt portfolio that encompass existing legal, economic, financial and capital market conditions, the City's capital improvement needs, and its ability to repay financial
obligations as they become due.
Staff is recommending an amendment to our policy for conduit bonds to change the underlying credit rating of the bond issue from an A rating to an investment grade rating. An investment grade rating refers to the quality of a company’s credit. To be considered an investment grade issue, the company must be rated at ‘BBB’ or higher by the credit rating agencies. This change is consistent with the conduit issuance policies for the Florida Development Finance Corporation and the Broward County Health Facilities Authority.
Origin of request for this action: Finance Department
Fiscal impact and source of funding: N/A
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