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allocation of funds from the 2001 bond was spread out, eventually over a period <br />of several years to minimize impact of property tax rates. In 2008-09, the <br />remaining unissued bond funds were converted to alternative financing. As of <br />July, 2008, a total of $4.6 million of the $7 million for Lands Legacy has been <br />appropriated, with $2.4 million remaining to be issued at some future date. <br />2002 Alternative Financing (Conservation Easements Fund) -Upon the <br />determination of bond counsel in 2002 that the 2001 bond funds could not be <br />used to acquire land or interest in land that was not intended for parks or public <br />open space use, the Board of Commissioners acknowledged the significant <br />landowner interest in conveying conservation easements for agricultural and <br />other purposes by approved an issue of $3.0 million for "conservation <br />easements." This was later augmented by two appropriations of pay-as-you-go <br />revenues of $350,000 for a total of $3,350,000.' To date, the County has <br />acquired 11 conservation easements, with an additional three in the works, using <br />these funds. <br />Payment-in-Lieu Funds -From 1985 and continuing at the present day, new <br />subdivisions in the County jurisdiction must either dedicate land for public parks <br />and open space use, or pay an amount based on a formula into one of four <br />district funds identified by the 1988 Master Recreation and Parks Fund (as per <br />1991 local legislation). In most cases, the County has opted to receive the <br />payment-in-lieu, collected by district and used by district. (for more details, <br />please see the August 20 memorandum on the payment-in-lieu program). To <br />date, a total of $1,286,552 has been collected from this source. All funds must be <br />expended in the district where they were collected. <br />School/Park Reserve Fund -Beginning in 1995, one-cent on the County's <br />property tax rate was allocated to a reserve fund for schools and/or park projects <br />to provide funding for collocation of schools and parks. This amount was <br />changed to 1/3-cent in 2000-2002. Funding for this source was discontinued in <br />2003. Of the $3,434,831 collected in this fund, $3,043,549 was expended for <br />school/park projects in 2000-2002. The remaining balance of $391,292 was <br />transferred to the Efland sewer project in 2005. <br />Status of Funding Sources -October 1 2010 <br />Fund <br />Lands Legacy Fund <br />Lands Legacy Opportunities Fund <br />Conservation Easements Fund <br />Payment-in-Lieu Funds <br />Unencumbered Available Funds2 <br />$ 270,568 <br />$ 370, 765 <br />$ 287,897 <br />Varies by district, $240,626 total3 <br />2 This amount excludes funds "held back" for projects that are currently in negotiation or in <br />process. It reflects only the portion of funds currently appropriated that is "available." <br />These funds must be expended within the district (4) in which they are collected. <br />21 <br />