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0 <br /> 3-1-2412. The City shall monitor its outstanding debt to determine if the marketplace will <br /> afford 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 /> 4,--Payment-Agreements <br /> - <br /> are met: <br /> ! .• ..• .... . . -' : . ,:• .- .. e. .... .. ...... e-a s ...a <br /> , <br /> :.•'- .. • •- .... . = a 'e. :: i •.•:- '. <br /> obligations. <br /> , . <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 /> a <br />