The Village is to maintain documentation of all debt incurred by the entity. New debt issued during a fiscal year is to be presented to the auditing body along with documentation reporting the approval of the State Bonding Commission.
Transfers are made monthly from the appropriate funds to the reserve accounts. Payments are either set up for automatic drafts to the appropriate accounts or checks issued when required.
Should the Town issue debt requiring millage assessment, monitoring will be made to determine whether collections exceed payments by more than 10% during the fiscal period. Millage collections shall only cover periods in which debt occurs.