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  <br /> ‐2‐ <br />detail specific directions that clarify this Policy.  However, such procedures and directives must be <br />consistent and not conflict with the general provisions of this Policy.   <br />III. POLICY <br />Under the governance and guidance of federal and state laws and the City’s charter, ordinances, <br />and resolutions, the City may periodically enter into debt obligations that finance the construction <br />or acquisition of infrastructure and other assets or to refinance existing debt for the purpose of  <br />meeting its governmental obligation to its residents. It is the City’s desire and direction to assure that  <br />such debt obligations are issued and administered in such a fashion as to obtain the best long‐term  <br />financial advantage to the City and its residents, while making every effort to maintain and improve the  <br />City’s bond ratings and reputation in the capital markets. its existing debt into more favorable terms.   <br />When issuing new debt or refinancing existing debt, the City seeks to: <br /> Maintain cost-effective access to the capital markets through prudent policies and <br />practices. <br /> Maintain manageable debt and debt service payments through effective planning. <br /> Achieve the highest possible credit ratings within the context of the City’s financing needs  <br />and financing capabilities. <br /> <br />Adhering to these objectives in issuing and administering debt will help ensure the City and its <br />residents obtain the best long-term financial value. <br /> <br />The City may also issue conduit debt obligations on behalf of private enterprise, or non-city <br />agencies or /authorities for the purpose of constructing facilities or assets whichthat further the  <br />goals and objectives of City government.  In such casecases, the City shall take reasonable steps to  <br />confirmensure the financial feasibility of the project and the financial solvency of the borrower and.  It  <br />shall also take reasonable precautions to ensure the public purpose and financial viability of such  <br />transactions.  <br /> <br />The City will not use short-term borrowing to finance operating needs except in the case of an <br />extreme financial emergency which is beyond its control or reasonable ability to forecast. Recognizing  <br />that bond issuance costs add to the total interest costs of financing, bond financing should not be used if  <br />the aggregate cost of projects to be financed by the bond issue does not exceed $1,000,000. that  <br />necessitates such a borrowing. <br /> <br />Types of Debt <br />The City may issue all such types of debt as are permitted by the State Constitution, applicable State  <br />Statutes, and the City’s Charter, and may include, but are not limited to:  <br />1. Lease revenue bonds, certificates of participation, installment sale agreements, <br />financing agreements, and lease-purchase agreements (General Fund or Enterprise <br />Fund) <br />2. Revenue bonds <br />3. Bond anticipation notes <br />4. Grant anticipation notes <br />5. Tax and revenue anticipation notes <br />6. Land-secured financings, such as special tax bonds and assessment bonds <br />7. General obligation bonds <br />6.1.C. - Page 11