It is the policy of the BOCC to maintain a reserve in the County’s Debt Service Fund and the Library’s Debt Service Fund between 5% and 10% of the annual principal and interest amounts due on outstanding bonds, plus 100% of any annual principal and interest amounts due on outstanding temporary notes.
Any Debt Service Fund reserve amounts in excess of 10% can only be used to reduce the amount of outstanding debt or to reduce the debt service property tax levy.
If the County’s Debt Service Fund reserve or the Library’s Debt Service Fund reserve falls below 5%, the County Manager shall submit a recommendation to the BOCC, as soon as practical but not to exceed 90 days following receipt of notice from the Director of Budget and Financial Planning and the Director of Financial Management, to rebuild the reserve to the minimum level.
Resolution No. 122-02
Revision Number: Original
Date of Last Review: Adopted 12-19-02 Revised 02-28-13