The Board expects that debt will only be issued after careful consideration and in accordance with industry best practices.

The Board may authorize borrowing funds for the purpose of meeting current expenses and other legal expenditures when provision has been made for such expenditures in the adopted budget, or through a supplemental budget process. Specific approval must be received from the Board before the issuance of debt. Debt service repayment should be structured so that the repayment period should not exceed the estimated service lives of the underlying assets.

The College president and/or designee will be responsible for administering College debt.

END OF POLICY