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hnplementation <br />The Capital Improvement Progrun has been updated to reflect capital expenditures through the <br />next five years. <br />Debt Policy <br />Purpose <br />^ To define the role of debt in the City's total financial strategy so as to avoid using debt <br />in a manner that weakens the City's overall financial condition. <br />^ To establish linuts on the amount of City debt which will allow for manageable debt <br />service costs. <br />^ To maintain the best possible Moody's and Standard and Poor's credit rating <br />Poticv <br />^ The City will confine long-term borrowing to capital improvements or projects that <br />cannot be financed from current revenues. The City shall not use debt for the purchase <br />of vehicles and other rolling stock <br />^ When the City finances capital projects by issuing bonds, it will pay back the bonds <br />within a period not to exceed the expected useful life ofthe project <br />^ The City will try to keep the average maturity of general obligation bonds at or below <br />ten years <br />^ The City will strive to keep the direct debt per capita and direct debt as a percent of <br />estimated market value at or below the median set out by the credit rating agencies <br />^ Total general obligation debt shall not exceed two percent of the market value of <br />taxable property as required by State law <br />^ The City shall not use debt for current operations <br />^ The City will maintain good communications about its financial condition with credit <br />rating agencies <br />^ The City will follow a policy of full disclosure on every financial report and bond <br />prospectus <br />^ Refinancing or bond refunding will only be undertaken when there is significant <br />economic advantage to the City, and when it does not conflict with other fiscal or credit <br />policies <br />4 <br />