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WHEREAS, if additional funding does not come from the one-quarter cent 114 <br /> � ¢) County <br /> sales and use tax, the property tax will be the primary funding source available for schools, <br /> economic development initiatives, and library & emergency medical services; and <br /> WHEREAS, to distinguish and separate the revenues produced by this % cent sales tax if <br /> approved by orange County voters, a Special Revenue Fund will be established to receive <br /> and account for the sales tax revenue. These funds will remain separate from the county's <br /> general fund to allow for more accurate tracking of revenues and expenditures in accordance <br /> with initial five year allocation plan established as part of this resolution; <br /> NOW, THEREFORE, BE IT RESOLVED THAT the Orange County ard of Commissioners <br /> t]1 <br /> hereby states its intent to use the revenues from the Article 46 one-quarter cent (1/40) <br /> County sales and use tax, if approved by the voters of Orange county, for currently unfunded <br /> or underfunded economic development, public school and library & emergency medical <br /> services for a period of five years, with a scheduled implementation date of April 1, 2011. <br /> BE IT FURTHER RESOLVED THAT proceeds from the one-quarter cent (114¢) County sales <br /> and use tax in later years will be used to address priorities as established by the Board of <br /> Commissioners in the county's Capital Investment Plan. <br /> This the 2nd day of September, 2010. <br /> Valerie Foushee, Chair <br /> Orange County Board of Commissioners <br />