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PGCPS committee recommends revised debt-management policy, seeks defined debt limits and quarterly reporting
Summary
Policy 3120 (Debt Management) revisions were presented and the committee voted to recommend the policy sponsor approve changes that set acceptable borrowing ranges, require committee review of financing proposals and mandate quarterly status reports to the board.
The Policy and Governance Committee on April 9 recommended that Policy 3120 (Debt Management) be revised to establish process and limits for noncapital borrowing and to require regular reporting to the board.
PGCPS staff explained the proposed draft assigns the superintendent responsibility to provide full financing proposals to the committee for lease-purchase and other noncapital financing. Proposals should include purpose, maximum principal amount, maximum term, maximum interest rate, projected debt…
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