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a reasonable chance that revenues will be sufficient to pre-pay the <br />debt at the call date. <br />ii. Current refunding bonds shall be utilized when present value <br />savings of 3% of refunded principal is achieved or in concert with <br />other bond issues to save costs of issuance. <br />iii. Special assessment or revenue debt will not be refunded unless the <br />Finance Director determines that special assessments or other <br />sufficient revenues will not be collected soon enough to pay off the <br />debt fully at that call date. <br />d. Professional Services. The City shall use an outside bond attorney and an <br />independent financial advisor to structure the sale. <br />V. Debt Management Practices <br />a. Investment of bond proceeds. The City shall invest bond proceeds in a <br />capital project fund. <br />b. Disclosure: The City shall comply with SEC rule 15(c)2(12) on primary <br />and continuing disclosure. Continuing disclosure reports shall be filed no <br />later than 180 days after receipt of the City' ~ annual financial report. <br />c. Arbitrage Rebate: The City shall complete an arbitrage rebate report for <br />each issue no less than every five years after its date of issuance. <br />