Res 2006-035 - Laserfiche WebLink

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I I I K. Refunding - Periodic reviews of all outstanding debt will be undertaken to determine refunding opportunities. Refunding will be considered if and when there is a net economic benefit of the refunding or the refunding is essential in order to modernize covenants which impinge on prudent and sound financial management. L. Full and Complete Disclosure - The City of San Marcos is c6mmitted to full and complete financial disclosure, and to cooperating with credit rating agencies, institutional and individual investors, City departments, other levels of government, and the general public to share clear, comprehensible and accurate financial information. Official statements accompanying debt issues, comprehensive annual financial reports, and continuous disclosure statements will meet, at a minimum, the standards articulated by the Municipal Standards Rulemaking Board, the National Federation of Municipal Analysts, the Government Accounting Standards Board (GASB), and the Securities Exchange Commission (SEC). The City Finance Department will be responsible for ongoing disclosure to nationally recognized municipal securities information repositories (NRMSIRs). Updates of budget, debt and financial information will be provided to credit rating agencies and investors when new debt is issued. M. Credit Rating - The City of San Marcos seeks to maintain the highest possible credit ratings for all categories of debt that can be achieved without compromising the delivery of basic City services. N. Elections - State law regulates which securities may be issued only after a vote of the electors of the City and approved by a majority of those voting on the issue. 1. Election Required - Securities payable in whole or in part from ad valorem taxes of the City except issues such as tax increment securities, certificates of obligation, and limited tax notes. 2. Election Not Required - . Short-tenn notes (12 months or less) issued in anticipation of the collection of taxes and other revenues. Securities issued for the acquisition of water rights or capital improvements for water and wastewater treatment. Securities payable solely from revenue other than ad valorem taxes of the City. Refunding securities issued to refund and pay outstanding securities. . Tax increment securities payable from ad valorem tax revenue derived from increased valuation for assessment of taxable property within a plan of development or other similar area as defined by applicable State Statutes. Certificates of obligation. . Limited Tax Notes. City of San Marcos Financial PolIcy - ReVIsed April 2005 Page 17