4.3 SR 04-15-2013 - Laserfiche WebLink

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2.Disclosure: The city shall comply with SEC rule 15(c)2(12) on primary and continuing disclosure. Continuing disclosure reports shall be filed no later than 180 days after receipt of the city’s annual financial report. 3.Arbitrage Rebate: The city shall complete an arbitrage rebate report for each issue no less than every five years after its date of issuance. 4.The city has also adopted post issuance debt compliance policy as a separate policy. Capital Improvements The city will maintain buildings, infrastructure, utilities, parks, facilities, and other assets in a manner that protects the investment and minimizes future maintenance and replacement costs. The Finance Director will annually prepare and submit to the City Council a Capital Improvements Plan (CIP) for the next five fiscal years. At a minimum, the CIP will include a description of the proposed improvement, the estimated cost, timing and potential sources of funding. If applicable, the CIP will identify implications for the operating budget created by the proposed improvement. In most cases, private developers will be responsible for the construction of streets, sanitary sewer, watermain, and storm water collection systems needed to serve new development. The city may install infrastructure and assess property owners when this approach provides the best alternative. The city will finance street and utility oversizing and trunk utility systems. The city will maintain a system of capital charges for sanitary sewer and water services. The charges will be collected when undeveloped land is platted and when new users connect to the system. Revenues from the capital charges will be accumulated and used to pay for the capital investment related to the maintenance and expansion of the utility system. The city will strive to maximize the revenues collected from capital charges in order to protect existing utility users from bearing the costs associated with growth. The City Council will work with the Utilities Commission to set capital charges for the water system at appropriate levels. In not less than three year intervals, the city staff shall evaluate the amount of all capital charges and recommend necessary changes to the City Council and the Utilities Commission. The city will maintain an equipment acquisition and replacement program. The city will annually update the plan to provide funding for all equipment purchases over $25,000 to be made in the next five fiscal years. The city shall attempt to fund the program without the use of debt. It is recognized that State imposed levy limits may create the need incur debt for equipment acquisition. The city will establish and maintain a program for the construction and maintenance of the municipal storm water management system. Financial projections for the storm water management system shall be updated annually. The city will establish and maintain a program for the maintenance of the municipal street system. The initial sealcoating in new subdivisions will be financed with monies collected for this purpose at the time of original development. Other sealcoating and other maintenance activities will be financed through the General fund. Financial Management Policies Page 13