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� <br /> WHEREAS, it is important for Orange County to meet public school needs; and <br /> WHEREAS, the Board of Commissioners establishes a +°n_� commitment of up to ten <br /> years to allocate Article 46 one-quarter cent (1/4¢) County sales and use tax proceeds as <br /> follows: <br /> a. 50% of the funding will be allocated in an equitable manner between the County's two <br /> school systems for the dedicated purpose of funding capital projects, including but <br /> not limited to facility improvements at `older' schools and the procurement of <br /> technology. The Board requests that each school system furnish the Board of <br /> Commissioners with a detailed list of prioritized projects that could be completed with <br /> anticipated funding over the next ten years. The Board will evaluate the projects and <br /> approve a ten-year plan which will be incorporated into the County's Capital <br /> Investment Plan. As part of the Capital Investment Plan annual review, progress will <br /> be evaluated annually and adjustments made according to needs agreed upon by the <br /> School Boards and Board of County Commissioners; <br /> b. 50% of the funding will be allocated to Economic Development initiatives including but <br /> not limited to: funding utility infrastructure needed to recruit and locate new <br /> businesses, small business loans to help existing businesses expand, innovation <br /> centers to provide space for new start-up businesses, funding support for the <br /> County's agricultural businesses, and Business Investment Grants. The Board of <br /> Commissioners will approve a ten-year Economic Development Plan as part of the <br /> County's Capital Investment Plan; and <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 '/4 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 <br /> unfunded or underfunded economic development and public school capital needs for a <br /> period of ten 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 <br /> sales and use tax in later years will be used to address priorities as established by the <br /> Board of Commissioners in the County's Capital Investment Plan. <br /> This the 19t" day of April, 2011. <br /> 5. Consent Aqenda <br />