LeoGlossary: Initial Resolution (Government Debt)

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Legal document adopted by the governing body of a local government prior to the issuance of debt that is subject to specific publication requirements. Examples of the debt include bonds, loan agreements, certain capital outlay notes, and certain lease financing agreements. An initial resolution should include information on the amount of debt to be issued, the projects that will be financed, the maximum rate of interest, and the source of revenue the bonds will be payable from. Certain general obligation debt issues may not be valid until after a period of time in which a percentage of registered voters may petition for a referendum on the issuance of the debt. There is often no such referendum on revenue debt.

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