R628-18-4. General Requirements

Contracts shall be entered into only under the following conditions: (1) The Governing Board shall first determine that the Contract or arrangement or a program of Contracts: (a) is designed to reduce the amount or duration of payment, rate, spread or similar risk, or (b) is reasonably anticipated to result in a lower cost of borrowing. (2) Contracts are to be used for the control or management of debt or the cost of servicing debt and not for speculation.