Agenda Item   

AGENDA STAFF REPORT

 

                                                                                                                        ASR Control  17-000263

 

MEETING DATE:

03/28/17

legal entity taking action:

Board of Supervisors

board of supervisors district(s):

All Districts

SUBMITTING Agency/Department:

County Executive Office   (Approved)

Department contact person(s):

Suzanne Luster (714) 834-3362 

 

 

Louis McClure (714) 834-5999

 

 

Subject:  Amend Public Finance Policies and Procedures and Debt Management Policy

 

      ceo CONCUR

County Counsel Review

Clerk of the Board

Concur

Approval Not Required

Discussion

 

 

3 Votes Board Majority

 

 

 

    Budgeted: N/A

Current Year Cost: N/A

Annual Cost: N/A

 

 

 

    Staffing Impact:

No

# of Positions:

Sole Source: N/A

    Current Fiscal Year Revenue: N/A

  Funding Source: N/A

County Audit in last 3 years: No

 

 

    Prior Board Action: 05/19/2009 #46, 03/06/2007 #24, 05/06/2006 #58, 08/23/2005 #65

 

RECOMMENDED ACTION(S):

 

 

1.

Approve the Fourth Amended and Restated County of Orange Board of Supervisors Policies and Procedures for Consideration and Approval of Proposed Public Financings.

 

2.

Approve amended Debt Management Policy.

 

 

 

 

SUMMARY:

 

Approval of the amended County of Orange Board of Supervisors Policies and Procedures for Consideration and Approval of Proposed Public Financings is required to clarify the Board’s authority to procure financial professionals and to clarify the advisory role of the Public Financing Advisory Committee.  The Debt Management Policy is amended to maintain consistency with the Fourth Amended and Restated County of Orange Board of Supervisors Policies and Procedures for Consideration and Approval of Proposed Public Financings.

 

 

 

BACKGROUND INFORMATION:

 

The Amended and Restated Policies and Procedures for Consideration and Approval of Proposed Public Financings (Policies), as approved by your Board, govern County of Orange public financings.  Over the years, the Board has amended the Policies to include changes in the role of the Public Financing Advisory Committee (PFAC), the Board’s flexibility with respect to the selection of financing professionals and proposed financings, and the composition and voting rights of the PFAC.

 

This amendment will:

 

1.

Clarify the Board's authority to procure financing professionals as delineated in the County’s Contract Policy Manual

2.

Clarify PFAC's advisory role

3.

Sets minimum qualifications for PFAC members

 

Approval of the recommended actions will amend the Policies to improve the Board’s flexibility to procure financial professionals pursuant to the County’s Contract Policy Manual and set minimum PFAC qualifications to best serve the County of Orange. Approval of the Debt Management Policy will maintain consistency with the Policies.

 

 

 

FINANCIAL IMPACT:

 

N/A

 

 

STAFFING IMPACT:

 

N/A

 

ATTACHMENT(S):

 

Attachment A - Fourth Amended Policies and Procedures (Red Lined)
Attachment B - Fourth Amended Policies and Procedures (Clean)
Attachment C - MSRB Rule G-37
Attachment D - Government Code Section 82015
Attachment E - Government Code Section 82028
Attachment F - Debt Management Policy 3-28-17 (Red Lined)
Attachment G - Debt Management Policy 3-28-17 (Clean)