City Council:
AN ORDINANCE AUTHORIZING THE
ADOPTION OF A DEBT MANAGEMENT
POLICY FOR THE CITY OF MOUNT VERNON
Whereas, by correspondence dated July 21, 2025, the Comptroller has formally requested that the City of Mount Vernon adopt the attached Debt Management Policy, marked as Exhibit A and incorporated herein by reference as if fully set forth at length; and
Whereas, the City of Mount Vernon recognizes the importance of maintaining sound financial management practices and the prudent use of debt as a strategic tool for financing capital improvements; and
Whereas, the Comptroller has submitted a proposed Debt Management Policy (the “Policy”) to the City Council to ensure that the City’s debt issuance and management practices align with municipal finance best practices; and
Whereas, the Policy is designed to support the City’s commitment to earning and maintaining the highest possible credit rating, while providing sufficient flexibility to meet current and future capital needs and ensure the sustainable delivery of public services; and
Whereas, the Council finds it necessary and in the best interest of the City and its residents to formally adopt the attached Debt Management Policy and repeal any previous Debt Management policies that are inconsistent with or superseded by this Policy; Now, Therefore, Be It Resolved That
The City of Mount Vernon, in City Council convened, does hereby ordain and enact:
Section 1. Adoption of Debt Management Policy. The City Council hereby adopts the attached Debt Management Policy, marked as Exhibit A and incorporated herein by reference as if fully set forth at length.
Section 2. Repeal of Prior Policies. All prior ordinances, resolutions, or policies relating to debt management that are inconsistent with or superseded by the newly adopted Debt Management Policy are hereby repealed.
Section 3. Implementation. The Comptroller and all relevant City officers and departments are hereby authorized and directed to take all necessary steps to implement and adhere to the provisions of the adopted Debt Management Policy.
Section 4. Effective Date. This Ordinance shall take effect immediately upon approval and adoption by the City Council and following applicable laws of the State of New York.