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New Policy Will Establish Debt Issuance and Management Policies for the City of Fresno

Fresno City Councilman Lee Brand will release his “Taxpayer Protection Act,” a proposed resolution which will establish formal Debt Management Policies for the City of Fresno.

This Act provides a comprehensive debt issuance and management policy designed to establish parameters for the issuing of debt and managing Fresno’s debt portfolio. Such a structured debt management policy will encompass the City’s capital improvement program and assist the City in its future ability to repay financial obligations.

Councilmember Brand will be bringing forward this resolution for City Council consideration at their December 3rd meeting.

“This resolution will establish prudent conditions for the use of debt and create policies that will minimize the City’s debt service and insurance costs to create the highest credit rating,” stated Councilman Brand. “Uncertain and volatile economic conditions warrant more stringent and structured debt management policies.”

The resolution is currently supported by the Fresno Chamber of Commerce, Valley Taxpayer’s Coalition, and the Fresno County Lincoln Club. Councilman Brand will be making presentations to local community groups prior to the December 3rd Council meeting.

DATE: Wednesday, November 18, 2009 at 10:00 A.M.
PLACE: Media Room Fresno City Hall, a copy of the 27 page proposed policy resolution will be handed out to the media at the press conference.