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Net Debt Per Capita – is the amount of debt outstanding for each citizen of
a jurisdiction. Net direct debt is the sum of all general obligation bonds and
notes outstanding less the fiscal year-end balance of the debt service fund
less any self-supporting obligations excluding overlapping debt, and
revenue debt. The City shall strive to maintain the current Net Debt per
Capita at or below $3,000.
Net Debt to Assessed Value – Assessed valuation shows the fiscal capacity
of the tax base. The City shall strive to maintain a ratio of Net Debt to
Assessed Value of properties in the City at or below three percent (3%).
Bond Covenants and Laws – The City shall comply with all covenants and
requirements of its bond ordinances, the State and Federal laws authorizing
and governing the issuance and administration of debt obligations.
Debt Committee
The Finance Committee shall function as the City’s designated Debt Committee to
oversee the implementation of debt strategies. The Committee shall meet twice
a year or as requested by the City Manager and/or Finance Director.
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