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�� <br />r�� <br />l {r6 <br />� �r� <br />� �i8 <br />1 �i� <br />I �� <br />�'� ] <br />I ?�. <br />I �� <br />1�� <br />I �� <br />I '�� <br />I�� <br />i �� <br />1�� <br />1�� <br />]�] <br />] S� <br />1Sa <br />1�� <br />l #�� <br />1$fi <br />l�7 <br />��� <br />l8� <br />I 9t� <br />l9l <br />1�� <br />t�� <br />C� <br />1�5 <br />1 �r <br />��� <br />L�8 <br />1 �'# <br />�U[} <br />��a <br />i4r? <br />�C�a <br />��� <br />�05 <br />?QE� <br />�Q� <br />��8 <br />City of <br />� <br />� <br />Nfinnesota, USA <br />�i '�c ti� <br />Debt Policy <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 Citv's overall financial condition. ••''��� ����'ti ��''�e <br />�'i��� �e ��` sl�� �'��� <br />:� To establish p���r3d�-f€€�r limits on the amount of Citv debt which will allow for <br />.mana�eable debt service costs ' ' ' ' <br />7 To maintain the best possible Moody's and Standard and Poor's credit rating <br />Pc,li��{ <br />� The City will confine long-term borrowing to capital improvements or projects that <br />cannot be financed from current revenues. The City s�al� 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 of the 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 />u Total general obligation debt shall not exceed two percent of the market value of <br />taxable property as reauired �p��e�'e� by State law <br />❑ The City shall not use long-term 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 />:J 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 />� The maintenance of the best possible credit rating shall be a maj or factor in all financial <br />decisions <br />� <br />