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  <br /> ‐5‐ <br />its debt service costs. For refundings undertaken to achieve debt service savings, the sum <br />total of all savings (net of expenses and funds contributed by the issuer at the time of <br />closing), discounted to the present at the bond true interest cost, should at a minimum <br />produce net present value savings equal to at least 3% of the par amount of refunding <br />bonds to be sold. Refundings may be undertaken for reasons other than to achieve debt <br />service savings, such as to remove restrictive covenants or restructure debt payments. <br />Such restructuring refundings do not need to achieve 3% net present value savings. <br /> <br />K. H. Conduit Debt - When appropriate the City will use special assessment debt (such <br />as 1915 Act bonds), special tax debt (such as Mello-Roos bonds), or mortgage revenue <br />bonds so that those benefiting from the improvements will absorb all or part of the cost of <br />the project financed. Those responsible for the repayment of such debt will also be <br />responsible for paying all ongoing administrative costs including credit enhancement fees, <br />trustee fees, and the cost of City staff and consultants deemed necessary for the proper <br />administration of the debt. <br /> <br />L. I. City Charter and State and Federal Laws - All debt issued must be in conformance <br />with applicable sections of the City Charter along, as well as with state and federal laws in <br />effect at the time of issuance. <br /> <br />J. Use of Public Financing Authorities - Depending upon the nature of the debt <br />being issued, the City may elect to use an existing public financing authority (or may <br />elect to create a new public financing authority) should doing so be to the City’s  <br />advantage.  <br /> <br />M. K. <br />6.1.C. - Page 14