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Policy 110.3 Debt Service Funds

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.