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r <br /> I <br /> RESOLUTION No. <br /> A Resolution setting policy guidelines for the City of Everett's Debt Management Program, <br /> repealing Resolution No. 5856 <br /> WHEREAS, debt levels and related annual costs are important long-term obligations that must be <br /> managed within available resources; and <br /> WHEREAS, an effective debt management policy provides debt management guidelines and goals <br /> that are in line with available resources, and improves the quality of decisions relating to the <br /> issuance and administration of the City of Everett's debt; and <br /> WHEREAS, a formal debt management policy demonstrates the City of Everett's commitment to <br /> long-term financial planning and signals to rating agencies and capital markets that the City of <br /> Everett's debt program is well managed and will meet its obligations in a timely manner; <br /> WHEREAS, policies must be updated from time-to-time to reflect changes in regulatory <br /> requirements, technology, and evolving best practices; <br /> NOW, therefore, be it resolved by the Everett City Council that the following debt management <br /> policy is to be used to provide the general framework for planning, reviewing, and administering the <br /> City's Debt Management Program. <br /> 1. General <br /> 1.1. The City shall pay all obligations in a timely manner and comply with all covenants and <br /> requirements of bond ordinances, and state and federal laws authorizing and <br /> governing the issuance and administration of debt obligations. <br /> 1.2. The City shall plan and direct the use of debt so that debt service payments will be a <br /> predictable and manageable part of the operating budget. <br /> 1.3. The City shall seek to minimize borrowing costs and preserve access to capital <br /> markets through maintaining, and when possible, improving its bond ratings. The City <br /> will provide rating agencies with annual financial reports, operating budgets, and <br /> inform them of major financial events as they occur. <br /> 1.4. The City shall maintain a five-year budget model that forecasts General Government <br /> revenues and expenditures, and long-term capital planning models for capital <br /> improvement programs, facility maintenance, utility maintenance and improvements, <br /> infrastructure maintenance and improvements, and vehicle replacement to assure that <br /> current decisions are made respective of future needs and expected economic trends. <br /> 2 <br />