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planning and financial management.

G. Sale Process - The Town shall use a competitive bidding process in the sale of debt unless the
nature of the issue warrants a negotiated bid. The Town shall award bonds based on a true
interest cost (TIC) basis as long as the financial advisor agrees that the TIC basis can
satisfactorily determine the lowest and best bid.

H. Bond Rating Agencies Presentations - Full disclosure of operations and open lines of
communication shall be made to the bond rating agencies. Town staff, with assistance of
financial advisors, shall prepare the necessary materials and presentation to the bond rating
agencies.

I. Continuing Disclosure - The Town is committed to continuing disclosure of financial and
pertinent credit information relevant to the Town's outstanding securities.

J. Debt Refunding - Town staff and the financial advisor shall monitor the municipal bond market
for opportunities to obtain interest savings by refunding outstanding debt. As a general rule,
the present value savings of a particular refunding should exceed 3.5% of the refunded
maturities.

VIII. INTERGOVERNMENTAL RELATIONSHIPS
The Town will pursue coordinated efforts with other governmental agencies to achieve common
policy objectives, share the cost of providing government services on an equitable basis, and
support favorable legislation at the State and Federal levels.

A. Inter-local Cooperation in Delivering Services - In order to promote the effective and efficient
delivery of services, the Town shall actively seek to work with other local jurisdictions in joint
purchasing consortia, sharing facilities, sharing equitably the costs of service delivery, and
developing joint programs to improve service to its citizens.

B. Legislative Program - The Town shall cooperate with other jurisdictions to actively oppose any
State or Federal regulation or proposal that mandates additional Town programs or services
and does not provide the funding to implement them. Conversely, as appropriate, the Town
shall support legislative initiatives that provide more funds for priority local programs.

IX. GRANTS
A. Grant Guidelines - The Town shall apply, and facilitate the application by others, for only those
grants that are consistent with the objectives and high priority needs previously identified
above in these policies. The potential for incurring on-going costs, to include the assumption of
support for grant funded positions from local revenues, will be considered prior to applying for
a grant.

B. Grant Review - All grant submittals shall be reviewed for their cash match requirements, their
potential impact on the operating budget, and the extent to which they meet the Town's policy
objectives. If there are cash match requirements, the source of funding shall be identified prior
to application. Staff will focus on one-time grants to avoid long-term implications related to
additional expenditures in future years.

C. Grant Program Termination - The Town shall terminate grant funded programs and associated
positions when grant funds are no longer available unless alternate funding is identified.

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