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<br />e <br /> <br />e <br /> <br /> <br />4. Debt Policies <br /> <br />The objectives of the debt management policies is to maintain the City's ability to <br />incur present and future debt at minimal interest rates in amounts needed for <br />infrastructure and economic development of the City without endangering the City's <br />ability to finance essential City services. <br /> <br />General obligation bonds or certificates of obligations <br /> <br />The City shall utilize tax supported general obligation bonds or certificates of <br />obligations to finance only those capital improvements and long term assets <br />Which have been determined to be essential to the maintenance or development <br />of the City. <br /> <br />Revenue supported bonds <br /> <br />The City shall utilize, where feasible, revenue supported or backed bonds to <br />finance public improvements for its enterprise operations. <br /> <br />Debt management <br /> <br />The City shall strive to maintain a balanced relationship between debt service <br />requirements and current operating costs, encourage growth of the tax base, <br />actively seek alternative funding sources, minimize interest costs and maximize <br />investment rate of returns. <br /> <br />Bond term <br /> <br />The City shall issue bonds with terms no longer than the economic useful life of <br />the project. For revenue supported bonds, principal repayments and <br />associated interest costs shall not exceed projected revenue streams. <br /> <br />5. Capital Budget Policies <br /> <br />The objective of the capital budget policies is to ensure that the City maintains its <br />public infrastructure in the most efficient manner. <br /> <br />Capital improvement program <br /> <br />The City shall prepare and adopt a five-year Capital Improvement Program <br />which shall detail each capital project, the estimated cost, and funding source. <br />An adopted priority system shall be used to rank recommended projects. <br /> <br />Operated budget impacts <br /> <br />Operating expenditures (expenses) shall be programmed to include the cost of <br />implementing the Capital Improvement Program and shall reflect estimates of all <br />associated personal expenditures (expenses) and operating costs attributable to <br />the capital outlays. <br /> <br />5 <br />