Recommendation
Staff recommends that the Mayor and Council adopt the attached resolution certifying its Policy in regards to issuing debt.

Change in Law or Policy
This is a new State of Maryland specific mandate from the most recent legislative session that's required by the Annotated Code of Maryland, Article 95, Section 22F(d).

Discussion
The City's Debt Management Policies can be found within the City's overall Financial Management Policies that are found within the City's budget on pages 2-10 and 2-11. The policies are reviewed and adopted annually as part of the City's budget process. The policies represent financial best practices for a municipality of Rockville's size. The State is requiring a separate and specific resolution from the governing body adopting these policies.

Mayor and Council History
This is the first time this item has been brought before the Mayor and Council.

Fiscal Impact
There is no fiscal impact associated with this agenda item.

Next Steps
Staff will submit the certified debt policy to the State as required by the new mandate. Staff has spoken to the staff at the State and have an extension to file the appropriate resolution.

Attachments
A- Resolution certifying the City's Debt Management Policies

B- City's Debt Management Policies

Department Head:



Gavin Cohen, Director of Finance
Approved on: 09/29/2009

Assistant City Manager:


Jenny Kimball, Assistant City Manager
Approved on: 09/30/2009

City Manager:

Scott Ullery, City Manager
Approved on: 10/06/2009