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11.10 <br /> <br />11.11 <br /> <br />11.12 <br /> <br />11.13 <br /> <br />non-tax sources to support debt. <br /> <br />Moody's Investors Service currently assigns an "A3" rating with a <br />positive outlook to the general obligation debt of Elk River. The City <br />shall strive to maintain or improve upon the current rating to achieve the <br />broadest market and lowest interest rates for City bonds. The City will <br />maintain open communications with bond rating agencies about its <br />financial condition. <br /> <br />The City will follow a policy of full disclosure in every financial report <br />and bond prospectus. The City will comply with Securities Exchange <br />Commission (SEC) reporting requirements and regulations on continuing <br />disclosure as they apply to each bond issue. <br /> <br />The City retains the services ofEhlers & Associates as an independent <br />financial advisor to assist City Staff with the issuance and management of <br />debt. <br /> <br />City Staff', with the assistance of the Ehlers & Associates, shall monitor <br />outstanding debt and advise the City Council on ways to reduce the debt <br />burden through refinancing at lower interest rates and the early retirement <br />of bonds. Bonds shall not be refunded for savings unless the present value <br />of the savings exceeds three percent of the refunded principal and 125 <br />percent of costs of issuance plus underwriter's discount. <br /> <br />13 <br /> <br /> <br />