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Fi ure 22 <br />^ ^ ^ ^ ^ ^ ^ ^ ^ ^ ^ ^ ^ ^ ^ r ^ ^ ^ ^ ^ <br />Financing Options <br />Issued by local government, secured by the issuer's ad valorem taxing power, <br />constitute debt of the issuer and require approval by election prior to issuance. <br />(`ertlflc~tK et PsrHct atinn ((, A~~e1 <br />Certificates sold through an "independent" authority or NPC, set up by local <br />government, to finance public construction; repaid by dedicated revenue sources <br />other than property taxes; is considered public debt; voter approval of sale not required. <br />Finance from rating CTndhi <br />With early identification of long-term requirements and a phased schedule of <br />implementation, fiords are set aside and allocated annually to pay for planning, <br />design, construction as activities occur, "paY-as-You-go" va. singlereferendum/debt <br />allocation before beginning project development. <br />ev l ~+er Finan ed a <br />Private entity provides financing for project development and leases space <br />(buildings) back to government agenry user(s). <br />ImLllment Parch=.. <br />Method for local government to buy property+ with installment payments; <br />government will typically not get clear title to property until it has completed <br />payments which are sufficient to buy property and pay interest to leaders; <br />similar to C.O.P.'s; unlike C.O.P.'s, these is no non-proSt corporation required, it is usually <br />handled directly with a bank and a government body can vote%hoose not to continue <br />the payments, i.e. "lease", at arty time. <br />Orange County Justice Facilities Study Committee <br />G r i e r- F r l p p A r e h i t e c t a <br />5-11 <br />