{
    "document_id": 16379,
    "page": 48,
    "width_pt": 612,
    "height_pt": 792,
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    "source_run_id": 16490,
    "item_count": 16,
    "counts_by_type": {
        "footer": 1,
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        "text": 11
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    "items": [
        {
            "id": "p48.1",
            "order": 1,
            "type": "header",
            "bbox": {
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            "text": "Kentucky State University\nBusiness Policies and Procedures Manual",
            "attrs": {
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            },
            "level": 2
        },
        {
            "id": "p48.2",
            "order": 2,
            "type": "text",
            "bbox": {
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            "text": "Reconciles endowment account as usual (see month-end reconciliations) which records these disbursements from the endowment investment account and adjusts the market value of each endowment."
        },
        {
            "id": "p48.3",
            "order": 3,
            "type": "heading",
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            "text": "Debt Management",
            "attrs": {
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            },
            "level": 3
        },
        {
            "id": "p48.4",
            "order": 4,
            "type": "text",
            "bbox": {
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            "text": "To fulfill its mission, the University must make ongoing strategic capital investments in academic, student life, and other plant facilities using an appropriate mix of funding sources including state bonds and appropriations, philanthropy, and capital leases."
        },
        {
            "id": "p48.5",
            "order": 5,
            "type": "text",
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            "text": "The purpose of the policy is to provide guidance on the strategic use of debt and to ensure the appropriate mix of funding sources are considered and utilized. Debt is a valuable source of capital project financing but should be limited to projects that relate to the mission and strategic objectives of the University. The amount of debt incurred has an impact on the financial health of the University and its credit rating."
        },
        {
            "id": "p48.6",
            "order": 6,
            "type": "text",
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            "text": "This policy provides a discipline and framework to be used to evaluate the appropriate use of debt in capital financing plans."
        },
        {
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            "type": "heading",
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            "text": "Policy",
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            "bbox": {
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            "text": "Projects to be considered for debt financing must relate, directly or indirectly, to the mission of the University."
        },
        {
            "id": "p48.9",
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            "type": "text",
            "bbox": {
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            "text": "The University shall maximize the use of philanthropy, grants, state appropriations and state bonds to fund capital projects, strategically using taxable and tax-exempt debt to provide additional resources to support mission-critical investments. The University will consider other funding opportunities when appropriate and advantageous to the University. An evaluation of such financing strategies will include a comprehensive assessment of the risks, costs and benefits specific to the project, the University resources at-large and the overall debt portfolio."
        },
        {
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            "order": 10,
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            "text": "The CFO is responsible for all debt management including post issuance compliance monitoring."
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            "type": "text",
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            "text": "A Debt Management Committee consisting of the CFO, Director of Facilities and Capital Planning, Provost, and General Counsel will meet regularly to review the university's debt capacity and present recommendations to the President for projects to be funded with debt financing."
        },
        {
            "id": "p48.12",
            "order": 12,
            "type": "text",
            "bbox": {
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            "text": "The President and Board of Regents must approve all debt financing."
        },
        {
            "id": "p48.13",
            "order": 13,
            "type": "heading",
            "bbox": {
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            "text": "Identify and prioritize capital projects eligible for debt financing",
            "attrs": {
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            },
            "level": 3
        },
        {
            "id": "p48.14",
            "order": 14,
            "type": "text",
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            "text": "The Director of Facilities and Capital Planning is responsible for estimating and defining capital project costs and maintaining a list of potential projects under consideration. The Vice President for Finance/CFO is responsible for developing university-wide capital planning documents for the current year, current biennium and the six-year capital plan."
        },
        {
            "id": "p48.15",
            "order": 15,
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            "text": "Projects considered for debt financing must consider project expenses and incremental operating costs and revenues. The net present value of each project will be calculated by summing the discounted value of the annual net project cash flows over the life of the project."
        },
        {
            "id": "p48.16",
            "order": 16,
            "type": "footer",
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            "text": "Page 48",
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