[HISTORY: Adopted by the Mayor and Council of the Borough of Riverdale 11-7-1983 by Ord. No. 13-83. Amendments noted where applicable.]
Funds — See Ch. 30.
The purpose of the within chapter is to provide the Mayor and Council with information about the financial ramifications of a proposed bond ordinance.
The Mayor and Council shall not vote upon the introduction of a bond ordinance until and unless it is in receipt of a financial impact statement analyzing the ramifications of the proposed bond ordinance prepared by the Municipal Auditor.
A financial impact statement shall contain the following information:
Amount of outstanding principal of long-term debt.
Amount of interest due on long-term debt during the current fiscal year.
Amount of outstanding principal on short-term debt.
Amount of interest due on short-term debt during the current fiscal year.
Amount of all indebtedness authorized but not issued.
Impact of proposed ordinance on long-term debt and short-term debt, in terms of debt service and property taxes.