(A) The purpose of this debt policy is to provide guidelines to City Council and the administration regarding the use of debt to finance capital projects. The city's legacy of financial stability is built upon a conservative approach to spending as well as a long-term commitment to full and timely repayment of debt.
(B) For a debt management policy to be an effective tool, the provisions of the policy must be compatible with the city's goals pertaining to the Five-Year Capital Improvement Program (CIP). Multi-year forecasts of debt service requirements will be included in the city's annual update of the five-year CIP.
(Ord. 31-16, passed 9-12-16)