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2/2/98 <br />PROCESS FOR BOND SALES <br />• In accordance with proposed debt policy, the County will strive to sell <br />bonds only once in a fiscal year. <br />• Prior to the County Commissioners' determination of when to sell bonds <br />and the amount of bonds to sell, project descriptions and cash flow <br />projections, to include the use of existing funds on hand or available, are <br />required for each bond purpose (Parks, Schools and Housing). <br />• The County is currently planning the initial sale of the 1997 bonds in <br />early 1999. This means that the County would need to receive by <br />September 1998 all timetables, cash flow requirements, etc. for all <br />projects to be included in that bond sale. For future bond sales, the <br />County would need that project information by the November preceding <br />the fiscal year in which bonds would be sold (this will assist in planning <br />for debt service impacts on each year's operating budget and CIP). <br />• Once the Bonds are sold and the County receives the funds, <br />disbursements for project expenditures can occur upon the adoption of a <br />capital project ordinance by the County. The County will then disburse <br />the bond funds upon receipt of documented project expenditures. This <br />disbursement process is similar to that used for school bonds approved in <br />1988 and 1992. <br />