City of Annapolis - File #: R-9-15

• File #: R-9-15
• Version: 1
• Type: Resolution
• Status: Adopted
• File created: 2/27/2015
• In control: City Council
• On agenda: 4/27/2015
• Final action: 4/27/2015
• Title: City Debt and Financial Administration Policies - For the purpose of formally amending and approving the debt and financial administration policies for the City of Annapolis.
• Sponsors: Michael J. Pantelides
• Indexes: Finance Committee, Financial Advisory Commission, Rules and City Government Committee

Date	Ver.	Action By	Action	Result
4/27/2015	1	City Council	adopt on second reader	Pass
4/27/2015	1	City Council	amendment(s) approved	Pass
4/27/2015	1	City Council	amendment(s) approved	Pass
4/27/2015	1	City Council	amendment(s) approved	Pass
4/27/2015	1	City Council
4/27/2015	1	City Council	amendment(s) approved	Pass
4/27/2015	1	City Council	amendment(s) approved	Fail
4/27/2015	1	City Council	amended	Pass
4/15/2015	1	Finance Committee	recommend with amendments	Fail
4/15/2015	1	Finance Committee	recommend with amendments	Pass
4/15/2015	1	Finance Committee	recommend with amendments	Pass
4/14/2015	1	Rules & City Government Committee	recommend with amendments	Pass
4/13/2015	1	City Council	declare the public hearing closed
3/23/2015	1	City Council	adopt on first reader	Pass
3/23/2015	1	City Council	refer
3/23/2015	1	City Council	refer
3/23/2015	1	City Council	refer

Title
City Debt and Financial Administration Policies - For the purpose of formally amending and approving the debt and financial administration policies for the City of Annapolis.
Body
CITY COUNCIL OF THE
City of Annapolis

Resolution 9-15 Amended

Introduced by: Mayor Pantelides

Referred to
Finance
Financial Advisory Commission
Rules and City Government


A RESOLUTION concerning

City Debt and Financial Administration Policies

FOR the purpose of formally amending and approving debt and financial administration policies for the City of Annapolis.

WHEREAS, on July 9, 2007, the City Council adopted R-38-07 for the purpose of formally approving debt and financial administration policies for the City of Annapolis; and

WHEREAS, the City Council hereby seeks to amend and approve said debt and financial administration policies as part of the FY2016 annual operating budget of the City of Annapolis.

NOW THEREFORE:

BE IT RESOLVED BY THE ANNAPOLIS CITY COUNCIL that the City's Debt and Financial Administration Policies shall be amended as follows:

THERE SHALL BE A REVIEW OF THE CITY'S FINANCIAL POLICIES EVERY FOUR YEARS AT THE SEATING OF A NEW CITY COUNCIL.

DEBT AND FINANCIAL ADMINISTRATION POLICIES

EFFECTIVE DATE: JULY 1, 2015




DEBT ISSUANCE POLICIES:

1. The City will not use long-term borrowing to finance current operations or normal maintenance.

2. Capital projects financed through the issuance of bonds and capital lease purchases shall not be financed for longer than the expected useful life of the improvements.

3. The City will not issue tax or revenue anticipation notes to fund governmental operations.

4. The City will not issue bond anticipation notes (BANs) for a period of longer than two years after the completion of a project. If the City issues a BAN for a capital project, the BAN will be connected to a long-term bond or redeemed at its expiration, but will not be rolled over.

5. The City will ...