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The borough will not fund current operations from the proceeds of borrowed funds.

The borough will confine long-term borrowing to funding of capital improvements or projects that cannot be financed from current revenues.

When the borough finances capital projects by issuing bonds, it will repay the debt within a period not to exceed the expected useful life of the project so constructed.

Target debt ratios will be annually calculated and included in the review of financial trends.

Net debt as a percentage of the estimated market value of taxable property should not exceed 15 percent.

The borough recognizes the importance of underlying and overlapping debt in analyzing financial condition. The borough will regularly analyze indebtedness including underlying and overlapping debt.

The borough will maintain good communications about its financial condition with bond and credit institutions.

The borough will follow a policy of full disclosure in every annual financial statement and bond official statement.

The borough will avoid borrowing on tax anticipation and maintain an adequate fund balance. [Ord. FY2010-05 §2, 2009; Ord. 2004-02 §2; Ord. 90-10 §2, 1990. Formerly §3.01.030].