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r <br /> Draft Revised 9%17/10- ----- Formatted:Right <br /> Level of Debt <br /> 12.The County will maintain its net bonded debt at a level not to exceed three Deleted:strive to <br /> .- ------ - ---- - ---- - -- <br /> percent of the assessed valuation of taxable property within the County. <br /> 13.The County will strive to maintain its annual debt service costs at a level no <br /> greater than fifteen percent of general fund revenues, including installment <br /> purchase debt. This is a recommended "best practice" from the Government <br /> Finance Officers Association. <br /> Advance Refunding of Debt <br /> 14.The County will make every effort to issue advance refunding bonds to --- Formatted:Bullztr and Numbering ) <br /> achieve cost savings of at least 3% percent net of the refunding bonds. Net <br /> savings includes gross savings less issuance costs and any cash <br /> contributions to the refunding. The 3% savings is the minimum savings <br /> permissible before the North Carolina Local Government Commission will <br /> consider advance refunding bonds- These decisions will be based upon the <br /> maturitV date of the refunded bonds the call date and premium on the <br /> refunded bonds and the interest rates at which the refunding bonds can be <br /> issued. <br /> Undesignated Fund Balance <br /> 15.The County will strive to maintain an undesignated balance in the general '---- '" Formatted:Bullets and Numbering <br /> fund of 17%percent of budgeted general fund operating expenditures each Deleted:at <br /> fiscal year, The amount of undesignated fund balance maintained during each Deleted: <br /> fiscal year should not fall below R- ---cent of bud eted eneral fund <br /> y Y 4_p_ g. _ _ ----------------------------- _ Deleted:a level sufficient to meet its <br /> operating expenditures gs recommended by the North Carolina Local budgeted goals,to be determined <br /> annually. <br /> Government Commission. <br /> Deleted: be less than <br /> 16.To the extent that general fund �undesignated fund balance exceeds 17% Deleted:eight <br /> percent he balances may be utilized to fund capital expenditures,or pay down Deleted:that fiscal year <br /> outstanding County debt ;. Formatted:Bullets and Numbering <br /> - <br /> . -- -- --- ------- ----- . --- --- <br /> Deleted:the budgeted goals <br /> Deleted:County could consider <br /> Investment of Capital Funds drawing upon the balance fund major <br /> equipment purchases or one time <br /> expert <br /> 16.investment of capital funds will_be performed in accordance with the North Deleted:ses on a pay-as-you-go <br /> Carolina General Statutes (159-30). Funds will be invested in instruments that basis <br /> will provide the liquidity required to meet the cash flow needs of each project Deleted:,_. 1 <br /> funded. Formatted:Indent:Left: 0", <br /> Hanging: 0.25" J <br /> {Deleted:q <br />