File #: 24-017    Version: 1 Name:
Type: Consent Bond Finance Bond Resolution Status: Agenda Ready
File created: 3/22/2024 In control: Governing Board
On agenda: 4/11/2024 Final action:
Title: Presentation, discussion, and possible action on Resolution No. 24-017 regarding the annual approval of the Department's Interest Rate Swap Policy
Sponsors: Scott Fletcher
Attachments: 1. resolution 24-017 approving 2024 swap policy, 2. 2024 Swap Policy clean, 3. 2024 Swap Policy blackline
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Presentation, discussion, and possible action on Resolution No. 24-017 regarding the annual approval of the Department’s Interest Rate Swap Policy

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RECOMMENDED ACTION

 

Adopt attached resolution.

 

BACKGROUND

 

The Department adopted an Interest Rate Swap Policy (the Swap Policy) on September 9, 2004, to establish guidelines for the use and administration of interest rate management agreements, including but not limited to, interest rate swaps, caps, collars, and floors acquired in connection with the issuance of debt obligations.  The Swap Policy is reviewed and approved annually.  It underwent substantial changes in 2009, and has had minor edits since. 

Staff, in conjunction with the Department’s Swap Advisor and Bond Counsel, has reviewed the proposed Swap Policy and recommends approval and adoption of Resolution 24-017.

The proposed Swap Policy, blacklined against the prior policy, contains minor edits, and updates pursuant to state law.