Sec. 110.515. - Liquidity.

To ensure adequate cash liquidity the City shall, at least annually, issue the amount necessary to reimburse all spending on projects authorized by City Council for funding with debt. The City may use commercial paper to meet this need within the limitations contained elsewhere in this Section and the City's Debt Policy. Any commercial paper which is outstanding for more than one year after project completion shall, no later than in year two, begin amortizing principal in alignment with the useful lives of the assets financed. If commercial paper is used and then subsequently refinanced with long term debt, the amortization schedule shall be constructed based on the remaining useful life of the underlying capital item. (Ord. 2005-1373-E, § 3; Ord. 2015-483-E , § 1)