(a) The County shall reinvest general purpose revenues savings generated by maturing debt obligations and/or refinancings to accelerate repayment of outstanding debt obligations (including pension unfunded actuarial accrued liability and/or economic defeasance of outstanding debt obligations) and/or to avoid the issuance of new debt obligations by cash financing capital projects.
(b) The County shall invest one-time over-realized general purpose revenue generated by greater-than-anticipated assessed value growth to accelerate payment of pension unfunded actuarial accrued liability.
(c) The Debt Advisory Committee, as established by the Chief Administrative Officer, shall provide direct oversight on long-term financings and the portfolio of the County's long-term obligations excluding un-securitized leases and/or loans for permanent road divisions as authorized by Board of Supervisors policy. The Debt Advisory Committee shall assess the ability of the County to repay the obligation, identify the funding source of repayment, evaluate the impact of the ongoing obligation on the current budget and future budgets, assess the maintenance and operational requirements of the project to be financed, and consider the impact on the County's credit rating.
(d) Long-Term Obligations shall not be used to finance current operations or for recurring needs.
(e) Annual principal and interest payments on Long-Term Obligations of the General Fund shall not exceed 5% of General Fund revenue.
(Added by Ord. No. 10523 (N.S.), effective 4-12-18; amended by Ord. No. 10635 (N.S.), effective 12-19-19)