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Figure 29 <br />Financing <br />• Suggested Method of Financing - <br />General Obligation Bonds <br />Issued by local government, secured by issuer's <br />ad valorem taxing power, constitutes debt of issuer <br />and requires approval by election prior to issuance. <br />• A portion of the Total Project Capital required <br />could be budgeted for and Financed from <br />Operating Capital <br />wth early identification of long-term requirements <br />and a phased schedule of implementation, funds are <br />set aside and allocated annually to pay for planning, <br />design, and partial construction as activities occur, <br />"reduce" referendum/debt by escrowing monies before <br />beginning development.. <br />Orange County Justice Facilities Study Committee <br />G r i e r -Fri p p A r c h i t e c t i <br />6-9 <br />