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5 <br />WHEREAS, if additional funding does not come from the one-quarter cent (1/4¢) County <br />sales and use tax, the property tax will be the primary funding source available for schools <br />and economic development initiatives; and <br />WHEREAS, to distinguish and separate the revenues produced through this '/ cent sales <br />tax, if approved by Orange County voters, a Special Revenue Fund will be established to <br />receive and account for the sales tax revenue. These funds will remain separate from the <br />County's general fund to allow for more accurate tracking of revenues and expenditures in <br />accordance with initial ten-year allocation plan established as part of this resolution; <br />NOW, THEREFORE, BE IT RESOLVED THAT the Orange County Board of Commissioners <br />hereby states its intent to use the revenues from the Article 46 one-quarter cent (1/4¢) <br />County sales and use tax, if approved by the voters of Orange County, for currently unfunded <br />or underfunded economic development and public school capital needs for a period of ten <br />years, with a scheduled implementation date of April 1, 2012. <br />BE IT FURTHER RESOLVED THAT proceeds from the one-quarter cent (1/4¢) 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 19th day of April, 2011. <br />Bernadette Pelissier, Chair <br />Orange County Board of Commissioners <br />