Adopted Budget - Bedford County, Virginia

Debt Obligation PolicyCounty of Bedford, Virginia3. While such moral obligation support does not affect the debt limit of the County, the amount of bondsissued with the County's moral obligation should be controlled in order to limit potential demands onthe County and any expected use of this type of obligation should be clearly within the parameter ofthis Debt Policy.4. The County will not count this type of obligation as Debt as long as this Debt remains self sufficient,Should the County need to fund any of this debt, the County should count its maximum total debtexposure under this agreement as Debt for purposes of this Policy.VI. Disclosure and CommunicationsA. The County will maintain good communications with bond rating agencies to inform them about theCounty's financial position by providing them with the County's Comprehensive Annual FinancialReport (CAFR) and Operating and Capital Improvements Budget.B. The County will follow the National Federation of Municipal Analysts and Government FinanceOfficers Association policy of full continuing disclosure.C. The County will disclose the preceding ten fiscal year's debt ratios in the Comprehensive AnnualFinancial Report.D. As part of its Operating and Capital Improvement Budget, the County will disclose an estimate of thesubsequent five fiscal year's debt ratios with an analysis of the impact, if any, moral obligation debtwould have on the debt ratios.