Role of Debt Committee:
The County Policy on Borrowing, Debts and Obligations establishes a Debt Committee to be convened to review and approve borrowing, debt or obligations that potentially have a material effect on the County's fiscal sustainability.
Any debt proposal submitted to the Debt Committee must include an analysis that addresses all the relevant factors of the Policy on Borrowing, Debts and Obligations. The Debt Committee and staff will review this analysis and make a recommendation to the Board of Supervisors, who shall make the final decision.
This includes any proposed debt transactions that meet any one of the criteria below:
- The amount of the debt or obligation exceeds $500,000.
- The annual debt service or obligation payment exceeds $150,000.
- The borrowing, debt or obligation may result in a significant change to the County's financial health in the long-term.
- The transaction involves an agreement with another governmental agency.
- The Chief Financial Officer determines that an issue merits review by the Debt Committee.
- The refinancing of an existing debt.
Members of the Committee:
The Debt Committee is comprised of the following members:
- The two (2) members of the Board of Supervisors who are assigned to the Financial Oversight Committee;
- County Administrator or designee;
- Chief Financial Officer;
- Director of General Services, or Director of Public Works, or Director of Human Resources as appropriate for the project.