This policy documents the goals of the Cucamonga Valley Water District ("District")
for the use of debt instruments and provides guidelines for the use of debt for financing
District water, sewer and recycled water infrastructure and project needs. The District's
overriding goal in issuing debt is to respond to and provide for its infrastructure,
capital project and other financing needs while ensuring that debt is issued and managed
prudently in order to maintain a sound fiscal position and protect credit quality.
The District issues debt instruments, administers District held debt proceeds and
makes debt service payments, acting with prudence, diligence and attention to prevailing
economic conditions.
The District will pay for all infrastructure, projects, and other financing needs
from a combination of current revenues, available reserves, if any, and prudently
issued debt. The District believes that debt can provide an equitable means of financing
projects for its customers and provide access to new capital needed for infrastructure
and project needs. Debt will be used to meet financing needs: (i) if it meets the
goals of equitable treatment of all customers, both current and future; (ii) if it
is the most cost-effective means available; (iii) if it is fiscally prudent, responsible,
and diligent under the prevailing economic conditions; and (iv) if there are other
important policy reasons therefor. The District will not issue debt without the approval
of the Board of Directors ("Board").
(
Policy No. 8.5, 10-14-2014
)
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