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Policies <br />(con't) <br />general obligation bonds at or <br />below 20 years. <br />9. The City will maintain good <br />communications with bond <br />rating agencies concerning its <br />financial condition. <br />10. Total general -obligation debt <br />will not exceed three percent of <br />the actual value of the taxable <br />property within the city. <br />11. The City of Louisville will not <br />utilize lease purchasing except <br />in the case of an extreme <br />financial emergency with <br />specific approval of the city <br />council. If lease purchasing is <br />approved by council, the useful <br />life of the item must be equal to <br />or greater than the length of the <br />lease. No lease purchase will <br />be approved by city council <br />beyond a five year lease term. <br />Revenue Policies <br />12. The city will maintain a <br />diversified revenue system to <br />protect it from short -run <br />fluctuations in any one revenue <br />source. <br />13. State and Federal funds may <br />be utilized, but only when the <br />city can be assured that the <br />total costs and requirements of <br />accepting funds are known and <br />judged not to adversely impact <br />the City's general fund. <br />14. The City Council policy is that <br />utility user charges will be <br />established so that operating <br />revenues are at least equal to <br />the direct and indirect <br />operating costs. Indirect costs <br />will include the cost of annual <br />depreciation of capital assets. <br />15. The city will set fees for <br />recreational services, at a level <br />to support 50 percent of the <br />direct and indirect costs of <br />children's programs, and at a <br />level to support one hundred <br />percent of the direct and <br />indirect costs of adult <br />programs. Non-resident <br />recreation participants will pay <br />the regular program fees plus <br />an additional flat fee of five <br />dollars ($5.00). <br />16. The city will annually review all <br />fees of licenses, permits, fines, <br />and other miscellaneous <br />charges. They will be adjusted <br />as necessary after considering <br />inflation, processing time, <br />expenses to the city and any <br />other factors pertinent to the <br />specific item. <br />17. Non -sufficient funds checks will <br />be assessed a collection <br />charge of fifteen dollars. The <br />amount of collection charge <br />may be reviewed and changed <br />as deemed necessary by the <br />Director of Finance. <br />18. The city will project revenues <br />for the next five years (5) and <br />will update this projection <br />annually. Each existing and <br />potential revenue source will be <br />examined annually. <br />11 <br />