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Borger council adopts formal debt management policy after S&P upgrade
Summary
The Borger City Council unanimously adopted Resolution R-003-25 on Feb. 4, 2025, formalizing a debt management policy that sets permitted debt types, debt limits tied to assessed value, fund-specific debt-service thresholds, and refinancing criteria; the change follows a recent S&P credit-rating upgrade.
The Borger City Council on Feb. 4 adopted Resolution R-003-25, establishing a formal debt management policy that defines permitted debt types, sets limits tied to assessed value and fund revenue, and requires a biennial policy review.
City staff member Spradlin told the council that the policy formalizes practices the city has been following and noted a recent credit rating change: “we actually, had our credit rating upgraded last week by, S and P ... we've gone from a a plus to a double a minus, which is in the very good category,” Spradlin said. The resolution passed after a motion by a council member and a second; the vote was announced as in favor and the resolution carried.
The p…
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