Page 442 - FortWorthFY23AdoptedBudget

I. Rating Agencies Presentations

Full disclosure of operations and open lines of communication shall be
made to the rating agencies. City staff shall prepare the necessary materials
and presentation to the rating agencies. Credit ratings will be sought from
one or more of the nationally recognized municipal bond rating agencies,
currently Moody's Investors Service, S&P Global Ratings, Fitch Ratings,
and Kroll Bond Rating Agency.

J. Continuing Disclosure

The City is committed to providing continuing disclosure of financial and
pertinent credit information relevant to the City's outstanding securities and
will abide by the provisions of Securities and Exchange Commission
(SEC) Rule 15c2-12 concerning primary and secondary market disclosure.
City staff will undertake to update financial and pertinent credit
information within six months of the end of the City’s fiscal year and at
such other times as may be indicated by material changes in the City’s
financial situation.

K. Debt Refunding

City staff shall monitor the municipal bond market for opportunities to
obtain interest savings by refunding outstanding debt. As a general rule,
the net present value savings of a particular refunding should exceed 3.0%
of the par amount of the refunded maturities. A current refunding may be
undertaken with net present value savings less than 3.0%, especially if
another bond is being issued concurrently.

L. Interest Earnings

Interest earnings received on the investment of bond proceeds shall be used
to assist in paying the interest due on bonds issued, to the extent permitted
by law.

M. Lease/Purchase Agreements

Over the lifetime of a lease, the total cost to the City will generally be
higher than purchasing the asset outright. As a result, the use of
lease/purchase agreements and certificates of participation in the

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