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<br />18. Investment earnings on capital funds, after subtracting required or potential <br />arbitrage, will be used for project casts andlor debt service. <br />Bond Ratings <br />19. The Countyw"rll maintain good communications with bond rating agencies <br />regarding its financial condition and will follow a policy offull disclosure on <br />every financial report and offering statement. <br />20. The County will strive to maintain bond ratings at or better than AAA (Fitch), <br />Aa2 (Moody's Investor Services) and AA+ (Standard & Poor's). <br />Arbitra a Rebate and Seconda Market Disclosure Re uirements <br />~1. The County will comply with all arbitrage rebate requirements as established <br />by the Internal Revenue Service and all secondary market disclosure <br />requirements established by the Securities and Exchange Commission. <br />2~. Arbitrage will be calculated at the end of each fiscal year and interest earned <br />on investment of bond or installment purchase proceeds will be reserved to <br />pay any penalties due. <br />Enterpr~se_ Funds <br />23. For any Enterprise Fund that is supporting debt, an annual rate study will be <br />performed to ensure that fees or rates are sufficient to meet the debt service <br />requirements. <br />Capital Reserve Funds <br />24. The County will create and maintain capital reserve funds as appropriate, <br />such as for school and county projects. <br />~5. The Capital Reserves will be funded from properfiy tax revenues, sales tax <br />revenues andlor any other revenue source that the County Commissioners <br />may choose. <br />~6. 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 />