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balance between the established debt parameters and providing flexibility to <br /> respond to unforeseen circumstances and new opportunities. <br /> POLICY STATEMENTS <br /> Purpose and Type of Debt <br /> 1. Incurrence of debt or long-term borrowing will only be used for the purpose of <br /> providing financing for capital projects to include, but not limited to: <br /> a. Construction of new School and County facilities <br /> b. Renovation and repair of existing School and County facilities <br /> c. Acquisition of real property (land and/or buildings) <br /> d. Construction or expansion of Public Utilities. <br /> e. Providing funds for Affordable Housing Projects <br /> f. Construction, acquisition and development of Parks <br /> g. Purchase of major equipment <br /> Debt issuance will not be used to finance current operations or normal <br /> maintenance. <br /> 2. The types of debt instruments to be used by the County include: <br /> a. General Obligation Bonds <br /> b. Bond Anticipation Notes <br /> c. Installment Purchase Agreements (private placement) <br /> d. Special Obligation Bonds (landfill only) <br /> e. Certificates of Participation, when feasible <br /> f. Revenue Bonds <br /> 3. All debt issued, including installment purchase methods, will be repaid within a <br /> period not to exceed the expected useful life of the improvements or equipment <br /> financed by the debt. <br /> 4. The County will not issue tax or revenue anticipation notes. <br /> 5. The County will not issue bond anticipation notes with maturities in excess of one <br /> year. <br /> 6. The County will strive to maximize the use of pay-as-you-go financing for capital <br /> improvements. <br /> Issuance of Debt <br /> 7. The County will strive to issue bonds no more frequently than once in any <br /> fiscal year. The scheduling of bond sales and installment purchase decisions <br />