The following debt policies are hereby adopted and shall be followed in the administration of the business of the village:
(A) The village will confine long term borrowing to capital improvements or onetime obligations that cannot be financed from current revenues or reserves.
(B) Capital projects financed through the issuance of bonds shall be financed for a period not to exceed the expected useful life of the improvement.
(C) The village will maintain good communications with bond rating agencies about its financial condition. The village will follow a policy of full disclosure on every financial report and bond prospectus.
(D) As a home rule unit of government in the state of Illinois, the village has no debt limit. (Ord. 2015-13, 10-1-2015)