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will be established to secure the technology and to prevent its misuse. <br />The City Manager, Assistant City Manager, and Director of Finance are authorized <br />signatories on all City depository bank accounts. Any withdrawal, transfer or payment of <br />City funds requires a minimum of two signatures. <br />XI. Debt Management <br />A. Policy Statement — The City Council recognizes the primary purpose of major <br />capital projects is to support provision of services to its residents. Using debt financing to <br />meet the major capital project needs of the community must be evaluated according to <br />two tests - efficiency and equity. The test of efficiency equates to the highest rate of <br />return for a given investment of resources. The test of equity requires a determination of <br />who should pay for the cost of major capital projects. In meeting the demand for major <br />capital projects, the City will strive to balance the load between debt financing and "pay <br />as you go" financing methods. The City Council realizes failure to meet the demands of <br />growth may inhibit its continued economic viability, but also realizes that the amount of <br />debt incurred may have a negative financial impact. The City will achieve an appropriate <br />balance between service demands and the amount of debt incurred. The aforementioned <br />tests and methods of financing will assist the City Council, City Manager and Director of <br />Finance in achieving this appropriate balance. <br />B. Types of Debt — <br />1. General Obligation Bonds (GO's) — General obligation bonds will be <br />issued to fund major capital projects of the general government, are not to be used <br />to fund operating needs of the City and are backed by the full faith and credit of <br />the City as well as the ad valorem taxing authority of the City as prescribed by <br />law. The term of a bond issue will not exceed the useful life of the major capital <br />projects funded by the bond issue and will generally be limited to no more than <br />twenty years. GO's must be authorized by a vote of the citizens of the City. <br />2. Revenue Bonds (RB's) — Revenue bonds may be issued to fund major <br />capital projects necessary for the continuation or expansion of a service which <br />produces a revenue sufficient enough to obtain investment grade ratings and <br />credit enhancement and for which the major capital project may reasonably be <br />expected to provide for a revenue stream to fund the annual debt service <br />requirements. The term of a bond issue will not exceed the useful life of the major <br />capital projects funded by the bond issue and will generally be limited to no more <br />than twenty years. RB's do not need a vote of the citizens of the City. <br />3. Certificates of Obligation CO's) and Limited Tax Notes (Notes) — <br />Certificates of obligations may be issued to fund major capital projects, which are <br />not otherwise covered under either General Obligation Bonds or Revenue Bonds. <br />Notes will be used in order to fund capital requirements which the useful life does <br />not exceed seven (7) years as authorized by State law. Debt service for CO's or <br />