Page 122 - CityofMansfieldFY24Budget

contributions. However, if the value of the savings exceeds the cost of the refunding and is greater than
$100,000 but is less than 3% of the savings, then the City shall consider refunding the existing debt.
Arbitrage rules are to be considered when refunding debt.

Credit Objectives

The City of Mansfield, Texas shall seek to attain and maintain the highest possible bond ratings for its
outstanding debt without compromising the delivery of basic City services. Currently, the City maintains
four ratings with Fitch, Moody’s, and Standard & Poor’s.

Fitch, IBCA Moody’s Standard & Poor’s
General Obligation AA+ Aa1 AAA
Sales Tax Revenue AA+ Aa1/Aa1 AA-/AA+
Drainage Revenue AAA Aa2 AA
Water & Sewer AAA Aa2 AA+

It is and will be the continued policy of the City of Mansfield to provide full disclosure of information
about the City’s operating activity to the rating agencies. The City shall maintain an open line of
communication with the rating agencies to allow for the free exchange of information between the City
and the agencies.

Secondary Market Disclosure

SEC 15c2-12 regulations became effective July 3, 1995. The City shall continue to provide financial data
to the Nationally Recognized Municipal Information Depository (NRMSIRs), EMMA and the State
Information Depositories (SIDs). The City will and has complied with secondary reporting requirements
of SEC 15c2-12.

Financial Advisor

The City will retain an external financial advisor. The financial advisor must have comprehensive
municipal debt experience and experience in diverse financial structuring requirements. The City
financial advisor must also be of reputable character and in good standing with SEC and the MSRB.

Bond Counsel
The City will retain an external bond counsel. Bond Counsel must have comprehensive municipal debt
experience and experience in diverse financial structuring requirements. Bond Counsel must also be of
reputable character and in good standing with Texas Law Review Board.

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