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City staff propose rewrites to bond financial policies to focus on credit goals and bond delivery
Summary
City financial staff proposed replacing fixed debt ratios with a goal to maintain a AAA credit rating, clarifying bond-election timing to require prior programs reach substantial completion (about 90% expended), and adding guidance to size propositions for a predictable six‑year delivery cycle; council members pressed for more implementation details and data.
Ed Vannino, the city's chief financial officer, presented proposed changes to the city’s general obligation debt financial policies at the March 4 Audit and Finance Committee meeting, describing the revisions as a way to align written policies with the bond decision tree council adopted earlier.
Key proposals Vannino described: remove outdated numeric ratios (for example a 2% debt-to-assessed-valuation benchmark and a 20% debt service-to-expenditure test) and instead set a policy objective that the city will structure bond issuances to maintain a AAA credit rating;…
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