§ 2-573. Purpose.

The City of Lake Wales Debt Policy ("debt policy") is intended to establish a framework for debt issuance and to provide general direction in the planning, implementation and maintenance of the city's debt program. The debt policy is designed to:

(1) Promote attainment of financial, planning and management objectives;

(2) Take a comprehensive approach to affordability;

(3) Reflect the community attitudes and government philosophy; and

(4) Set limits while preserving flexibility.

The debt policy will provide guidance to city officials on how to integrate the issuance of debt with other long-term planning, financial and management objectives; evaluate the impact of each issue on the city's overall financial position; and provide guidance so as not to exceed acceptable levels of indebtedness.

While the debt policy establishes a framework for debt issuance, it is written to be sufficiently flexible to permit the city to take advantage of market opportunities and to respond to changing conditions without jeopardizing essential public services.

(Ord. No. 2013-03, § 1, 2-5-13)