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1 <br /> 4.12. The City shall monitor its outstanding debt to determine if the marketplace will afford <br /> the opportunity to reduce debt service costs though refunding, either advance or <br /> current. In order to consider the possible advance refunding of an issue, a present <br /> value (PV) savings of three percent(3%)over the life of the respective issue, at a <br /> minimum, must be attained. <br /> 5. Short-Term Financing/Capital Lease Debt <br /> 5.1. Payment using cash-on-hand is the preferred method of financing vehicle, equipment, <br /> and rolling stock purchases. However,short-term or capital lease debt may be <br /> considered to finance these acquisitions when determined to be economically <br /> advantageous based on a cost-benefit comparison with upfront cash outlay. <br /> 5.2. When undertaking short-term financing or capital leasing,the Finance Department, in <br /> cooperation with the requesting department, will solicit competitive or negotiated <br /> proposals to ensure the lowest possible interest costs, <br /> 5.3. The term of short-term financing will be limited to the expected useful life of the asset. <br /> 6. Interfund Loans <br /> 6.1. The City Treasurer, under authority of Resolution#2927, may establish short-term <br /> interfund loans to maintain solvency of all City funds. <br /> 6.2. Interfund loans with fixed repayment schedules may be made with terms extending <br /> beyond one year with the approval of City Council. <br /> 6.3. The City Treasurer will charge a variable interest rate on all interfund loans equal to <br /> the monthly yield on the City's investment portfolio,such that the loaning fund <br /> experiences no adverse economic impact from the transaction. <br /> 7. Financial Disclosure <br /> 7.1. The City is committed to full, complete, and timely financial disclosure, and to <br /> cooperating fully with rating agencies, institutional and individual investors, agencies, <br /> other levels of government, and the general public to share clear, comprehensible, and <br /> accurate financial information. <br /> 7.2. The City shall provide annual disclosure information to the Municipal Securities <br /> Rulemaking Board's Electronic Municipal Market Access (EMMA)website, and <br /> maintain compliance with any continuing disclosure agreements established in <br /> conjunction with its bond issuances. Disclosure shall take the form of the <br /> Comprehensive Annual Financial Report(CAFR) unless information is required by a <br /> particular continuing disclosure agreement that is not necessarily contained within the <br /> CAFR. <br /> 4 1 Page <br /> 5 <br />