Code Number: 801.3
General:
The District seeks to maintain the highest possible credit ratings for all categories of short- and long-term general obligation and revenue bond debt that can be achieved. Sound fiscal management practices of all management and timely reporting to the Board of Directors are required in order to achieve the highest possible credit rating.
Debt Limits:
The School District’s outstanding debt limit shall be as prescribed by the Iowa constitution and statutory restrictions.
Refunding:
Periodic reviews of all outstanding debt will be undertaken to determine if refunding opportunities exist. Refunding will be considered (within federal tax law restraints) if and when there is a net economic benefit of the refunding or if the refunding is otherwise in the best interests of the District, such as to release restrictive bond covenants which affect the operations and management of the District.
Capital Planning:
The District is committed to systematic capital planning in order to meet the needs of the enrollment of the District. The District maintains and annually updates a ten-year facility plan and holds regular meetings of the Board Finance and Facilities Committee to keep this plan updated.
Disclosure and Ongoing Continuing Disclosure:
The District is committed to full and completed financial disclosure, and to fully cooperate with rating agencies, institutional and individual investors, other levels of government, and the general public to share comprehensive and accurate financial information. The District is also committed to meet secondary or continuing disclosure requirements on a timely and comprehensive basis, as promulgated by the Securities Exchange Commission.
The official statements accompanying debt issues, certified annual financial reports, annual fiscal audits, and continuing disclosure statements will meet the standards articulated by the appropriate regulatory body, including but not limited to, Government Accounting Standards Board (CASB), Generally Accepted Accounting Principles (GAAP), the Securities Exchange Commission (SEC), and Internal Revenue Service (IRS). The District may hire a consultant firm to assist with continuing disclosure statements as required by the state and federal regulatory bodies. Any significant financial reports affecting or commenting upon the District will be forwarded to rating agencies and any material events will be reported.
- First Adoption:
- 2017-05-15
- Revision Adoption:
- June 26, 2017
- Reviewed Dates:
- May 15, 2017
- Legal Reference:
- Iowa Code §§ 257.31(4); 279.8; 297.22,.25; 298A (2011).