Effective Date: December 8, 2009
Last Reviewed: December 8, 2009


POLICY:

The College may raise funds in the capital markets through the issuance of debt. Various types of debt may be issued, including short-term debt, long-term debt, fixed-rate debt, variable-rate debt, and debt with synthetically fixed or variable rates. Debt may be issued with or without credit enhancement. While the College shall normally issue debt in the tax-exempt market, in rare instances taxable debt may be issued.

The Board of Trustees shall approve all debt issuance and debt refunding transactions of the College based upon the recommendation of the President. In addition, the College shall comply with all of its debt covenants and shall monitor its debt capacity no less than annually.

For more detail, refer to the College’s debt issuance guidelines.