07.03.2007
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The Library District may also enter into long-term leases for the acquisition of major equipment when it is cost justifiable to do so. Cash surpluses, to the extent available and appropriable, will be used to finance scheduled capital improvements if it is deemed to be the best financing method for that particular improvement. Revenue sources will be pledged for debt only when legally available and, in those situations where they have previously been used for operation and maintenance expenses/ general operating expenditures, they will be pledged for debt only when other sufficient revenue sources are available to replace same to meet operation and maintenance expenses/ general operating expenditures as deemed appropriate by the Library Governing Board. Where possible, capital expenditures will be funded through pay-as- you go programs, debt restructuring and alternative financing mechanisms, such as state loan programs or federal pilot projects. All capital improvements financed through the issuance of debt will be financed for a period not to exceed the useful life of the improvements, but in no event to exceed 30 years. All capital improvements financed through lease-purchase obligations will be financed for a period allegra d side effects in adults not to exceed the useful life of the improvements. Rapid debt repayment is a goal of the Library District’s debt management allegra d side effects in adults polices. Each borrowing will be structured to repay principal as rapidly as the amount of the pledged revenue source will allegra d side effects in adults allow. Adjustment in repayment time frames allegra d side effects in adults may be modified to reflect changes in the interest rate environment, which may argue for shorter or longer retirement plans. The Library District will, at all times, manage its debt and sustain its financial position in order to seek and maintain the highest credit rating possible. The Library District will strive to maintain debt ratios within the median range of benchmarks (based on Moody’s Indicators for counties of allegra d side effects in adults similar size). The Library District allegra d side effects in adults shall not construct or acquire a public facility if it is allegra d side effects in adults unable to adequately provide for the identifiable annual operation and maintenance costs of the facility, or it must be disclosed. The Library District will consider allegra d side effects in adults coordinating with other local government allegra d side effects in adults entities, to the fullest extent possible, so as to minimize the overlapping debt burden to citizens. The Library District will ensure that an adequate system of internal control exists so as to provide reasonable assurance as to compliance allegra d side allegra cole photos effects in adults with applicable laws, rules, regulations, allegra d side effects in adults and covenants associated with outstanding allegra d side effects in adults debt. The Library District will market its debt through the use of competitive bid whenever deemed feasible, cost effective, and advantageous to do so. However, it is recognized that, in some situations, certain allegra d side effects in adults complexities and intricacies of a particular debt issue are such that it may be advantageous to market the debt via negotiated sale. The Library District shall allegra d side effects in adults use the services of outside finance professionals selected using competitive bid. Credit enhancements (insurance, opticrom allergy eye drops reviews letters of credit, etc. ) will be used only in those instances where the anticipated present value savings in terms of reduced interest expense exceeds the cost of the credit enhancement. In order to maintain a stable debt service burden, the Library District will attempt to issue debt that carries a fixed interest rate. However, it is recognized that certain circumstances may warrant the issuances of variable rate debt. In those instances, the Library District should attempt to stabilize debt service payments through the use of an appropriate stabilization arrangement. The Library District will continually monitor its outstanding debt in relation to existing conditions in the debt market and will refund any outstanding debt when sufficient cost savings can be realized. Outstanding debt will be refunded as long as the net present value savings between the refunded bonds and the refunding bonds is equal to or greater than three percent without extending the maturity of the debt being refunded, unless extenuating circumstances would justify a smaller percentage savings (e.
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07.03.2007 - GULER |
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