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37 <br />The Board of County Commissioners (BOCC) has authorized the substitution of <br />alternative financing for certain projects approved by the voters in the 2001 <br />bond referendum. In the future the remaining $2.7 million debt may be issued <br />as general obligation bonds, or as alternative financing. <br />3. Provide to the BOCC in the fall, preferably in September 2009, a status report <br />on the 2001 bond projects, including the amount of 2001 bond funds (or <br />substituted alternative financing) that was spent on each project. <br />4. Adopt the "Capital Project Monitoring and Administrative Procedures" in <br />principle and provide the two school systems with an opportunity to comment. <br />5. Direct staff to make a report on the School Capital Reserve Fund, including a <br />definition of what it is and the history of its use. <br />VOTE: UNANIMOUS <br />B. Lands Legacy Budget <br />David Stancil provides the Board an annual update called the "Lands Legacy Funds Status <br />Report" each year. He is scheduled to present this update to the BOCC at the February 15, <br />2011 Board Meeting. Attached is; information on Lands Legacy expenditures furnished to the <br />Board as of July 1, 2009. <br />With the approval of items 7.c & 7.d on 1/20/11 we will close out much of the Lands Legacy 10 <br />year history. Financial Services; and the Department of Environment, Agriculture, Parks and <br />Recreation are in agreement as to. the remaining funds available for future Lands Legacy <br />projects as of July 1, 2010. <br />I will be glad to sit down with every Commissioner and go over all projects funded over the past <br />11 years and the funding sources for each project if that will help you understand the history of <br />Lands Legacy. <br />MEMORANDUM <br />To: Clarence Grier, Director`of Financial Services <br />From: Michael Talbert, Deputy Director of Financial Services <br />Date: January 14, 2011 <br />