Model Finance Transaction Policies
Pursuant to TCA Section 9-21-151(b)(1), the State Funding Board is authorized to develop model financial transaction policies for the State, State Agencies, local governments and local government instrumentalities. The State Funding Board on December 15, 2010, adopted a statement on debt management that reflects four principles for strong financial management in the public sector:
- Understand the transaction
- Explain to citizens what is being considered
- Avoid conflicts of interest
- Disclose costs and risks
State and local governments and government entities that borrow money are directed to draft their own debt management policies by Jan. 1, 2012, using this model policy as a guideline. The statement includes certain mandatory language providing for public accountability and transparency which must be included in debt policies of governmental debt issuers. On June 30, 2011, the State Funding Board amended this language to reflect action taken by the Municipal Securities Rulemaking Board. To further assist issuers there is a list of recommended sources and resources as well as a glossary.
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