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2002 Approved Budget
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2002 Approved Budget
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6/19/2012 1:16:02 PM
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6/19/2012 1:10:56 PM
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Debt Policies <br />PT TR P(-lcsF, <br />1. To define the role of debt in the City's total financial strategy so as to avoid using debt in a way that <br />weakens other parts of the financial structure of the City. <br />2. To provide for limits on debt to avoid potential pitfalls in servicing the debt. <br />3. To maintain the best possible Moody's and Standard and Poor's credit rating. <br />PnT .T(w <br />X The City will confine long -term borrowing to capital improvements or projects that cannot be <br />financed from current revenues. The City shall not use debt for the purchase of vehicles and other <br />rolling stock. <br />X When the City finances capital projects by issuing bonds, it will pay back the bonds within a period <br />not to exceed the expected useful life of the project. <br />X The City will try to keep the average maturity of general obligation bonds at or below ten years. <br />X The City will strive to keep the direct debt per capita and direct debt as a percent of estimated market <br />value at or below the median set out by the credit rating agencies. <br />X Total general obligation debt shall not exceed two percent of the market value of taxable property as <br />called for by State law. <br />X The City shall not use long -term debt for current operations. <br />X The City will maintain good communications about its financial condition with credit rating <br />agencies. <br />X The City will follow a policy of full disclosure on every financial report and bond prospectus. <br />X Refinancing or bond refunding will only be undertaken when there is significant economic advantage <br />to the City, and when it does not conflict with other fiscal or credit policies. <br />X The maintenance of the best possible credit rating shall be a major factor in all financial decisions. <br />IMPLEMENTATION <br />The debt management section of this approved 2002 Budget and Capital Improvement Program <br />demonstrate compliance toward achieving the city's debt policy. <br />II -15 <br />
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