Sarasota County Debt Management Policy - Resolution 2021-184

Sarasota County Debt Management Policy C. PURPOSES AND USES 1. Asset Life The County will consider long-term financing for the acquisition, replacement, or expansion of capital assets (including land, software and equipment) if it has a useful life, or average useful life of at least five years or to refinance existing debt when the conditions are favorable or in the case of an emergency and approved by the Board. County debt will generally not be issued for periods exceeding the useful life or average useful life of the project or projects to be financed. 2. Capital Financing The County normally will rely on specifically generated funds and/or grants and contributions from other governments to finance its capital needs on a pay-as-you- go basis. Periodically, it may become necessary to secure financing that is considered interim or temporary in nature, and allows maximum flexibility in Capital Improvement Program (CIP) implementation (short-term debt). Debt of longer repayment periods (long-term debt) will be issued for capital projects when it is an appropriate means to achieve a fair allocation of costs between current and future beneficiaries. 11. CREDITWORTHINESS A. CREDIT RATINGS The County seeks to maintain the highest possible credit ratings for all categories of short-term and long-term debt that can be achieved without compromising delivery of basic County services and achievement of adopted County policy objectives. B. FINANCIAL DISCLOSURE The County is committed to provide complete financial disclosure, and cooperate fully with rating and other agencies, institutions, individual investors, other levels of government and the general public to share clear, comprehensible, and accurate financial and other relevant debt information in accordance with Federal securities laws. The County is also committed to meeting secondary disclosure requirements on a complete and timely basis. The Clerk and Comptroller Finance Department (Finance Department) is responsible for ongoing disclosure to established national information repositories and maintaining compliance with disclosure standards promulgated by state and national regulatory bodies, and may carry out such responsibility through the engagement of an outside dissemination agent and by using the Clerk and Comptroller and/or County's internet website. 5