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f'il}' �f <br />� �, �` � �� � � � Debt Policy <br />� � to T" <br />�]Inn � , .SA <br />��"s7;+I�L <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 weal{ens the Cztv's overall financial condition. �tFi�•='� <br />f na�t�.t�l�ti������i;� <br />� <br />f� To establish ��ryd� -#'� limits on the amount of Citv debt which will allow for <br />mana�eable debt service costs ��s - '. - �r����� <br />4 To maintain the best possible Moody's and Standard and Poor's credit rating <br />P�,l� <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 of the project <br />C� The City will try to keep the average rnaturity 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 rec�uired ��T� #'�rr- by State law <br />4 The City shall not use long-term debt for current operations <br />l� The City will maintain good communications about its financial condition with credit <br />rating agencies <br />Ct 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 />(� The maintenance of the best possible credit rating shall be a major factor in all financial <br />decisions <br />