The Debt Management Service Center has three major functions:
- Debt Management. The Debt Management Service Center manages the City's overall debt portfolio, maintains communications with bond rating agencies to ensure complete and clear understanding of the credit worthiness of the City, monitors and compares certain debt ratios of the City to those of comparable issuers, monitors outstanding debt for refunding opportunities, develops and manages relationships with other municipal bond market participants, and monitors the municipal bond market to ensure the City is kept abreast of all events that may impact the City debt or its access to capital markets.
- Debt Issuance. The Debt Management Service Center manages the issuance of the City's debt and debt related instruments which may include, but is not limited to, general obligation bonds, revenue bonds, bond anticipation notes, capital outlay notes, tax anticipation notes, commercial paper, leases, lease purchase agreements, lease/leaseback agreements, loan agreements, investment agreements relating to bond proceeds, and derivative products. This process includes seeking and receiving appropriate authorization, determining appropriate structure and method of sale, ensuring the preparation of all disclosure documents, selecting professionals to assist with the issuance of the debt, monitoring the municipal bond market, and documenting and reporting debt and debt related expenditures.
- Debt Administration. The Debt Management Service Center ensures full and timely payment of principal and interest on the City's outstanding debt, prepares and monitors scheduled debt payments to custodian bank and third party payees, administers all transactions related to compliance with federal arbitrage rules and regulations as it pertains to the investment of bond proceeds and spend down requirements, administers initial and ongoing disclosure requirements as it relates to the City debt, prepares and distributes financial reports and statistical data for use by internal and external customers, and prepares invoices relating to loan agreements with other agencies, authorities, or departments.
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