§ 5.04.110. Debt report to the metropolitan council.

A.

Not later than May 1 of each year, the director of finance shall submit a report to the metropolitan council providing a summary of the metropolitan government's outstanding debt.

B.

Such report shall be presented to the metropolitan council in conjunction with the presentation of the mayor's proposed operating budget, and shall, at a minimum, include the following information:

1.

The total amount of outstanding general obligation and revenue bonds compared to the amount outstanding on June 30 of the previous year.

2.

The amount of contingent liability of the general fund (including all sources of revenue like sales taxes, property taxes and non-tax revenue) that arises from a pledge of any source(s) of revenue contributing to the general fund.

3.

The anticipated debt service requirements for the next fiscal year.

4.

The estimated percentage of the operating budget required to meet debt service obligations in the next fiscal year.

5.

A summary of all outstanding bonds, including identification of the bonds as taxable or tax-exempt, the date of maturity, interest rate, projects funded with the bond proceeds, the amount of principal and interest to be paid on each bond in the upcoming fiscal year, and the bond ratings on outstanding debt from the applicable bond rating agencies.

6.

A summary of commercial paper activity for the previous twelve month period, including each date commercial paper was taken out, the interest rate, and the maturity date of the commercial paper.

7.

The gross and present value savings for any debt refunded since July 1 of the current fiscal year.

(Amdt. 1 to Ord. BL2014-696 § 1, 2014; Ord. BL2014-696 § 1, 2014)