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Debt Service

a)      Financial Tool - Debt provides a financial tool to fund otherwise unaffordable major capital improvements. The use of debt to finance expensive and long lived improvements also allows all the beneficiaries (both present and future) of an improvement to share in paying for it.

b)      Debt Issuance Principles - In order to maintain good financial management practices, the Town has followed conservative debt issuance principles. These principles are:

  • The use of any revenue anticipation borrowing will be avoided. If such borrowing becomes imperative, the debt will be retired in full within the same fiscal year as it is incurred. Proceeds from long-term debt will not be used for current, ongoing operations. Long-term borrowing will be restricted to capital improvements too expensive to be financed from current revenues.
  • Bonds will be retired within a period not to exceed the expected useful life of the capital project.
  • Where feasible, special assessment, revenue, or other self-supporting bonds will be used instead of general obligation bonds.
  • Total long-term debt and major contractual obligations will not exceed 10% of assessed valuation.
  • The Town's current outstanding debt and debt service requirements are in compliance with these policies.

c)      Outstanding Debt. The Town's outstanding indebtedness can be found in the Capital Budget, the annual Audit Report or the Annual Report.

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