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L INTRODUCTION The City of Pleasanton has established this Debt Management Policy to provide clear and comprehensive guidelines for the issuance and financial management of debt issued by the City of Pleasanton This policy supports the City of Pleasanton's mission of providing responsive and high quality public services for its citizens and ensures that the City of Pleasanton is financially self-sustaining and fiscally strong Finally, this Debt Policy requires that the City Council specifically authorize each debt financing by resolution 2. SCOPE The guidelines established by this policy will govern the issuance and management of all debt funded for long term capital financing needs and not for general operating functions Changes in the capital markets and other unforeseen circumstances may require action which may deviate from this Debt Management Policy In cases which require exceptions to this Debt Management Policy, the City Council approval will be necessary for implementation 3. OBJECTIVES The purpose of this Debt Policy is to establish prudent debt issuance guidelines to ensure that the City meets the following objectives 3.1 To provide financial support for the City's strategic and capital plan objectives through the most safe and cost effective means of debt issuance 3 2 To ensure that the term of the debt shall not exceed the expected useful life of the capital improvement (Section 6) 3 3 To ensure that any debt instrument utilized be fully understood by Staff(Section 5) 3 4 To ensure that all debt obligations will be met in a timely&efficient manner (Section 4) 3 5. To mandate that the City comply with all debt covenants (Section 4) 3 6 To ensure that all required disclosure reports are filed on a timely basis (Section 9) 3 7 To maintain good communications with bond rating agencies & investors (Sections 8 & 9) 3 8 To preserve financial flexibility(Sections 6 & 9)