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<br /> 3 <br />• Conduit financings, such as financings for affordable rental housing and qualified <br />501(c)(3) organizations <br /> <br />The City Council may from time to time find that other forms of debt would be beneficial to <br />further its public purposes and may approve such debt without an amendment of this Debt <br />Policy. <br /> <br />Debt shall be issued as fixed rate debt unless the City makes a specific determination as <br />to why a variable rate issue would be beneficial to the City in a specific circumstance. <br /> <br />C. Relationship of Debt to Capital Improvement Program and Budget <br /> <br />The City is committed to long-term capital planning. The City intends to issue debt for the <br />purposes stated in this Debt Policy and to implement policy decisions incorporated in the City’s <br />capital budget and the capital improvement plan. <br /> <br />The City shall strive to fund the upkeep and maintenance of its infrastructure and facilities <br />due to normal wear and tear through the expenditure of available operating revenues. The City <br />shall seek to avoid the use of debt to fund infrastructure and facilities improvements that are the <br />result of normal wear and tear. <br /> <br />The City shall integrate its debt issuances with the goals of its capital improvement <br />program by timing the issuance of debt to ensure that projects are available when needed in <br />furtherance of the City’s public purposes. <br /> <br />The City shall seek to avoid the use of debt to fund infrastructure and facilities <br />improvements in circumstances when the sole purpose of such debt financing is to reduce annual <br />budgetary expenditures. <br /> <br />The City shall seek to issue debt in a timely manner to avoid having to make unplanned <br />expenditures for capital improvements or equipment from its general fund. <br /> <br />D. Policy Goals Related to Planning Goals and Objectives <br /> <br />The City is committed to long-term financial planning, maintaining appropriate reserves <br />levels and employing prudent practices in governance, management and budget administration. <br />The City intends to issue debt for the purposes stated in this Debt Policy and to implement policy <br />decisions incorporated in the City’s annual operations budget. <br /> <br />It is a policy goal of the City to protect taxpayers, ratepayers (if applicable) and constituents <br />by utilizing conservative financing methods and techniques so as to obtain the highest practical <br />credit ratings (if applicable) and the lowest practical borrowing costs. <br /> <br />The City will comply with applicable state and federal law as it pertains to the maximum <br />term of debt and the procedures for levying and imposing any related taxes, assessments, rates <br />and charges. <br /> <br />When refinancing debt, it shall be the policy goal of the City to realize, whenever possible, <br />and subject to any overriding non-financial policy considerations, (i) minimum net present value <br />debt service savings equal to or greater than 3.0% of the refunded principal amount, and (ii) <br />97