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❑ Community Participation & Consultation Policy — Any expenditure of funds in excess of $3 million of local properiy tax dollars and which involves community facilities will be brought to the community in the form of a referendum. o Collaboration and Cooperation — The City will work with other communities, public entities, and applicable private parties to search out, review, fund and implement where feasible, any areas of cooperation or collaboration, which would prove to be significant benefit to a11 parties. ❑ Debt Policies -� The City will try to keep the a�erage maturity of general obligation bonds at or below ten years. ❑ Debt Policies — The maintenance of the best possible credit rating shall be a major factor in a11 financial decisions. o Replacement Policies � It is not the intent of the City Council to fund major new facilities, which ha�e not had the original funding established through general taxes or tax increment, with replacement (revolving reserve) funds. Final Comments With the issuance of debt, the City will seek an opinion from the bond rating agencies, as part of the process to inform potential investors. As many are probably aware, the City recently received an upgrade in its overall bond rating attributable in large part by the City's aggressive defeasance of e�sting debt. Our current rating ranks us in the top five percent nationally. While the impact on the City's bond rating should be a discussion point, I do not believe it should be the deciding factor on whether to move forward on a particular project. If the project is desirable, meets the needs of the community, and receives voter approval, then the City should move forward. With respect to the potential bond issue amounts recently discussed, I do not believe that our bond rating will face any downgrade given the issuance of $5 million (holding a11 other factors constant). However, if the City pursues the issuance of bonds in the range of $10-20 million, the City needs to demonstrate that it is committed to upholding all e�sting policies that ha�e continued to increase the City's financial strength and ability to repay debt in the future. Some of these include diversification in revenue streams, programs to encourage a strong tax base, commitment to maintaining current reserve levels, etc. The properiy tax impacts detailed in this memo reflect only the actions that could potentially occur by the city. Staff is aware that the Roseville School District is considering a number of initiatives that may result in increased taxes to Roseville citizens and businesses, on the school- portion of their properiy tax bill. This may ha�e an impact on the level of community support for additional taxes on City initiatives. Other potential financing sources may be a�ailable to provide funding for new facilities. Public/Private partnerships, joint efforts with other communities, and revenue bonds backed by user fees may be feasible depending on the type of facility. Pending Council direction, Staff will prepare a feasibility study to explore these options, as well as estimates of the ongoing operating expenses.