Legal Documents of Pittman Center

Code of Pittman Center

Table of Contents » Title 5 Municipal Finance and Taxation » Chapter 5 Debt Policy » § 5-508 Use of derivatives.
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Title 5
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Title 5, Chapter 1
5-101
§ 5-101
Pittman Center
Title 5 : Municipal Finance and Taxation
Chapter 5 : Debt Policy

5-508 : Use of derivatives.

  1. The town chooses not to use derivative or other exotic financial structures in the management of the town's debt portfolio.
  2. 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 town board of mayor and aldermen; and
    2. The town board of mayor and aldermen 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. #241, June 2012, as replaced by Ord. #329, Jan. 2024 Ch2_01-18-24)