(A) The purpose for the debt management policy is to provide a general framework for the use, management, and reporting of the City of Lockport's debt financing. It is the objective of the policy for the city to obtain financing only when necessary, establish conditions to obtain financing at the lowest cost, retain the highest practical credit rating, and maintain full and complete financial disclosure and reporting. In addition to adherence to this policy, the city's financing will also be in compliance with applicable Federal law, U.S. Securities and Exchange Commission (SEC) regulations, and Illinois Compiled Statutes (ILCS).
(B) This policy provides a functional tool for debt management, as well as enhances the city's reputation for managing its debt in a conservative and prudent manner. Adherence to the policy is essential to ensure the city maintains a sound financial position and protects the credit quality of its obligations.
(Ord. 19-012, passed 5-2-19)