Title
TO AUTHORIZE THE DIRECTOR OF FINANCE TO CREATE A DEBT POLICY FOR THE CITY OF GAHANNA
Drafter
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Body
WHEREAS, the Gahanna City Council has never established a debt policy; and
WHEREAS, a debt policy is a critical component to maintain and potentially improve the City's debt rating; and
WHEREAS, it is imperative to establish a policy ahead of any potential need that shall provide a framework that is unbiased by perceived immediate demands; and
WHEREAS, the debt policy statement is a direct reference guiding debt decisions for the City and this Council recognizes it should be kept current;
NOW, THEREFORE, BE IT ORDAINED BY THE COUNCIL OF THE CITY OF GAHANNA, STATE OF OHIO:
Section 1. That the Director of Finance shall complete a debt policy in 2012 which shall be reviewed, updated as necessary, and reaffirmed by Council a minimum of every seven (7) years.
Section 2. That the debt policy shall be done with the support of independent municipal debt advisors.
Section 3. The policy shall contain, at a minimum, Debt Objectives, Debt Guidelines, and Debt Principles.
Section 4. That this ordinance shall be in full force and effect after passage by this Council and 30 days after date of signature approval by the Mayor.