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Borrowing Policy
"#)'',(&+-)%#)'',(&+&$* ")**)+&(%#)'&$, PREAMBLE: TheCBRMrequiresareasonablelevelofannualcapitalfinancingtoaddress infrastructureneedswhileatthesametimeachievingareductioninitsoverall capitaldebtandcorrespondingdebtservicingcosts. OBJECTIVE: GivenCBRM’sinfrastructureneeds,itisimportanttomaximizecapital investmenttothegreatestextentpossible,whilebeingfiscallyresponsible.Itis theobjectiveofthisPolicytomanageexistingdebtbylimitingtherequired borrowinginafiscalyeartoanamountlessthanorequaltotheprincipal repaymentsinthatyear.Asoveralldebtdecreases,therewillbecorresponding savingsindebtservicingcosts.Thosesavingscanthenberedirectedtofund capitalexpendituresoutofthegeneraloperatingfund. POLICYSTATEMENT: ItisthepolicyoftheCBRMthatthemaximumamountofplannedborrowingin theCapitalBudgetinagivenyearwillnotexceedthetotalprincipaldebt repaymentsinthatsamebudgetyear. AmendedJune26,2018