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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.