Legal Documents of Baneberry

The city chooses not to use derivative or other exotic financial structures in the management of the city's debt portfolio.

Prior to any reversal of this provision:

1. A written management report outlining the potential benefits and consequences of utilizing these structures must be submitted to the city council; and
2. The city council must adopt a specific amendment to this policy concerning the use of derivatives or interest rate agreements that complies with the state funding board guidelines. (Ord. #211-6, Dec. 2011)