§ 2-583. Refunding of debt.

Periodic reviews of all outstanding debt will be undertaken to determine refunding opportunities. Refunding will be considered if and when a net economic benefit is produced or the refunding is required in order to modernize debt covenants essential to operations and management. Advance refunding for economic savings will be undertaken when a targeted net present value savings of at least five (5) percent can be achieved or when a lower percentage is found to be in the best monetary interest of the city. Current refundings, which produce net present value savings, of less than five (5) percent will be considered on a case-by-case basis. Refunding with negative savings will not be considered unless there is a compelling public policy objective. The city may choose to refund outstanding indebtedness when debt covenants or other financial structures impinge on prudent and sound financial management. Savings requirements for current or advance refunding undertaken to restructure debt may be waived by the city commission upon a finding that such a restructuring is in the city's overall best financial interests.

(Ord. No. 2013-03, § 1, 2-5-13)