Page 122 - CityofMansfieldFY25Budget

Other Service Providers
The City shall select other service providers (e.g. escrow agents, verification agents, trustees, arbitrage
consultants, etc.) as necessary to meet legal requirements and minimize net City debt costs.

Arbitrage Compliance
The City shall maintain its books and records in a manner consistent with the provision allowed under the
Internal Revenue Code Section 148. Furthermore, the City shall have its arbitrage exposure calculated
annually and appropriately recognized in the City’s Annual Comprehensive Financial Statement.

Investment in Bond Proceeds

All bond proceeds shall be invested in accordance with the City Investment Policy. The proceeds shall be
invested as part of the City’s consolidated cash pool and accounted for separately and accordingly to bond
covenants and the Internal Revenue Code.

Early Payment of Debt

In the past several years, the City has been able to make early payments towards debt obligation, saving
the taxpayers over $4,000,000 in interest. It is the City Manager’s intention to make another payment of
$5,000,000 in early FY 2024-2025, bringing the cumulative total to $15,100,000 in four years.

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