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4 <br />Attachment 1 <br />the two school systems will be allocated based on the 10`h day enrollment adjusted <br />each year. For example, the 10'h day enrollment as of September 1996 will be the <br />basis of the 1997 -2007 Capital Improvements Plan. These percentages will be <br />rounded to one decimal place. <br />Impact fees will be projected and allocated to each school system, although these <br />fees may be used to pay debt service. When impact fees are used to pay debt <br />service, the equivalent amount of the projected impact fee will be allocated to each <br />school system. For the first three years of the planning period (1997 -98, 1998 -99 <br />and 1999 -2000) impact fees are dedicated to the cost of the new schools. <br />D. Funding Levels <br />It is the intent of the Board of Commissioners to "hold harmless" School projects <br />and County projects as identified by the amount of funding projected in the 1996- <br />2006 Capital Improvements Plan. To achieve this intention, the following funding <br />options will be used: <br />• The difference between the amount of general obligation debt service <br />payments at the peak year of the debt schedule and the actual debt <br />service payment will be earmarked for the Orange County Schools <br />until the time that any shortfall that would have been realized by that <br />system is made up. <br />• For County projects, beginning in 1998 -99 the equivalent of one cent <br />on the general fund property tax rate will be necessary. The Board <br />of Commissioners may at that time consider shifting the one cent <br />capital reserve fund to be dedicated to County projects (see Capital <br />Reserve section below). <br />E. Capital Reserve <br />The capital reserve fund, established by the Board of Commissioners in 1995 -96 <br />is equivalent to one cent on the General Fund Property Tax Rate (not adjusted <br />for the 1997 revaluation of property but adjusted for revaluation of real <br />property beyond the 1997 revaluation.) This reserve will accumulate during <br />1996 -97 and 1997 -98 with these funds used for site acquisition for schools and <br />or recreation, or the combination of both. The Board of Commissioners will <br />evaluate this reserve fund during 1998 -99 to determine if this one cent reserve <br />should continue. <br />F. School /Parks /Recreation <br />It is the intent of the Board of County Commissioners to evaluate each new <br />• proposed school in both School Districts for joint use to include park and <br />recreation use. <br />