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Each Capital Improvement Program budget will include a reserve for contingencythe estimated project cost. Capital improvement life cycle costs will be coordinated with the development of the Operating Budget. Future operating, maintenance, and replacement costs associated with the new capital improvements will be forecast, matched to available revenue sources, and included in future operating budgets. If the Library District allegra d 308 av use is unable to provide for future operating costs the project will be delayed until the operating costs can be funded. The Library District may utilize a combination of Debt and pay as you go financing for capital projects. The particular funding mechanism for each project will be determined and included in the CIP. Debt Management Policies Debt management policies are intended to provide a comprehensive and viable debt management policy which recognizes the capital improvement needs of the Library District as well as the taxpayers’ ability to pay while taking into account existing legal, economic, financial, and debt market considerations.   The Library District has a capital planning and financing system for use in preparing a  multi-year capital improvement plan, which is adopted by the Library Governing Board as a part of the Library District’s budget process. No Library District debt issued for allegro meaning the purpose of funding capital projects will be authorized by the Library Governing Board allegro meaning unless it has been included in the capital improvement plan or until the Library Governing Board have modified the plan. Purposes of Debt Issuance   The Library District will issue long-term debt allegro meaning only for the purposes of  allegro meaning constructing or acquiring capital improvements (specifically, the approved schedule of capital improvements), for making major renovations to existing capital allegro meaning improvements, and for refunding outstanding debt when sufficient cost savings can be allegro meaning realized or it allegra d uses is advantageous to do so.    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 allegro meaning the extent available and appropriable, will be used to finance scheduled capital improvements if it is allegro meaning deemed to be the best financing method allegro meaning for that particular improvement. Revenue sources allegro meaning will be pledged for debt only allegro meaning 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 allegro meaning 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 allegro meaning will be financed for a period not to exceed the useful life of the improvements, but in allegra over the counter vs prescription no event to exceed 30 years. All capital improvements financed through lease-purchase obligations will be financed for a period not to exceed the useful life of the improvements. Rapid debt repayment is a goal of the Library District’s debt management polices. Each borrowing will be structured to repay principal as rapidly as the amount of the pledged revenue source will allow. Adjustment in allegro meaning repayment time frames may be modified to allegro meaning 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 similar size). The Library District shall not construct or acquire a public facility if it is 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 coordinating with other local government entities, to the fullest extent possible, so as to minimize the overlapping debt burden to citizens.