The school district seeks to maintain the highest possible credit ratings for all categories of short- and long-term debt that can be achieved without compromising the delivery of services and the achievement of adopted objectives. The school district recognizes that external economic, natural, or other events may, from time-to-time, affect the creditworthiness of its debt. Nevertheless, the school district is committed to ensuring that actions within their control are prudent.
The board may conduct an election for the authority to issue bonded indebtedness. Revenues generated from an approved bond issue will be used only for the purpose stated on the ballot. Once the purpose on the ballot is completed, any balance remaining in a capital projects fund may be retained for future capital projects in accordance with the purpose stated on the ballot, or any remaining balance may be transferred by board resolution to the debt service fund or the physical plant and equipment levy (PPEL) fund. Voter approval is required to transfer monies to the general fund from the capital projects fund.
Revenues received from the issuing of bonded indebtedness will be deposited into the capital projects fund.
Adopted: 6/99
Reviewed: 7/10; 10/12; 5/15; 12/18; 1/22
Revised: 12/13
Related Policy: 801.4; 802.9-R1-R2
Legal Reference (Code of Iowa): §§ 74-76; 278.1; 298; 298A
IASB Reference: 704.02