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26. Funds accumulated in the Capital Reserve Funds will be used on a pay-as- <br /> you-go basis to finance renovations and repairs to existing buildings and the <br /> purchase of major equipment. The Board may also choose to fund other pay- <br /> as-you-go initiatives from Reserve Funds. <br /> 5-Year Capital Investment Plan (CIP) <br /> 27. The County will review and adopt a five-year CIP annually. <br /> 28. This Debt Management Policy will be incorporated into the CIP. <br /> 29. The County will strive to include plans for debt issuance within the CIP. <br /> Rescission <br /> This policy supersedes any policy in place prior to this date. <br /> Approved , 2010. <br /> It was pointed out that there were two#16's. <br /> Commissioner Gordon made reference to the first page, fourth line down, and pointed <br /> out a typographical error, "issuance of dept." Also, under Policy Statements, item 'd', she <br /> suggested saying "construction or expansion of Public Utilities," instead of"all Public Utilities." <br /> Commissioner Jacobs said to take out the bold format. <br /> Commissioner Gordon made reference to#21 and added, "to pay penalties due." <br /> Michael Talbert then went through the changes on Attachment 2, Capital Funding <br /> Policy. The biggest changes included taking out all references to recurring capital. Also, <br /> regarding the Lottery Proceeds(p. 2), there was a substantial change that allows the counties <br /> to request those funds on an annual basis for debt service as opposed to individual projects. <br /> Following is the policy as presented by Mr. Talbert. <br /> Orange County Board of Commissioners <br /> Approved <br /> Capital Funding Policy <br />