Recommended FY 2022-2024 Operating Budget and CIP

l e g i s l a t i o n t h a t a b o l i s h e d redevelopment and only with approval from the Oversight Board. 2. When refinancing Tax Allocation Bonds, the Successor Agency shall use a Municipal Advisor, bond counsel, disclosure counsel, underwriter (for a negotiated sale), and other consultants who are experts in the issuance of redevelopment financing instruments. 3. Tax Allocation Refinancing Bonds shall be issued in a manner that is consistent with AB1x26. 4. Debt Management and Debt Structure for Tax Allocation Refinancing Bonds shall be consistent with the requirements described in sections B and C above. J. Relationship of Debt to Capital Improvement Program (CIP) and Budget The City’s multi-year (CIP) sets priorities for projects and funding while the Capital Financing Policy provides policy direction and limitations for proposed financings undertaken to implement the CIP. Debt issuance for capital projects should be incorporated into the CIP to be recommended for City Council approval. K. Policy Goals Related to Financial Planning Goals and Objectives The City is committed to long-term financial planning, maintaining appropriate reserve levels, and employing prudent practices in governance, management, and budget administration. The City intends to issue debt for the purposes stated in this Policy and, in doing so, to implement policy decisions Fiscal Policies (continued)

incorporated in the City’s long-term financial plans and its operating budget. L. Initial and Continuing Disclosure Compliance 1. Review and Approval of Official Statements a. The City’s Treasurer and Finance Director shall review any Official Statement prepared in connection with any debt issuance by the City in order to ensure there are no misstatements or omissions of material information in any sections that contain information prepared by the City. b. In connection with review of the Official Statement, the City Treasurer and Finance Director may consult with third parties, including outside professionals assisting the City, and all members of City staff, to the extent that the City Treasurer and Finance Director conclude they should be consulted so that the Official Statement will include all “material” information (as defined for purposes of federal securities law). c. As part of the review process, the City Treasurer and/or Finance Director shall submit all Official Statements to the City Council for approval. d. The approval of a Preliminary Official Statement by the City Council shall be docketed as a new business matter and shall not be approved as a consent item. The

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