Debt Management Budget Procedures

The district will not use long-term debt for current on-going operations.

The district will retire tax and revenue anticipation debt annually.

Debt Limit. Total general obligation debt will not exceed 4 percent of the reasonable fair market value of taxable property within the district.

The district will meet all debt service obligations when due.

The district will provide to the capital markets ongoing disclosure of annual financial information and material events that may affect the district’s financial strength.

The district’s annual budget procedures each year will identify the amount needed on June 30th to adequately cover the subsequent July general obligation payments (principal and/or interest) and ensure a debt service levy is established through the certified tax rate process to meet this requirement.