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Can be used to directly fund school canstructionlrenovation projects or to retire debt service ^ County Subdivision Payment-in-Lieu, grant funds, rental revenue and inmate fees (for Jail addition} Capital Funding Sources ["Hold Harmless" Fundsl ^ Section D of Capital Funding Policv ^ Schools "The difference between the amount of general obligation debt service payments at the peak year of the debt schedule and the actual debt service payment will be earmarked far the Orange County Schools until the time that any shortfall that would have been realized by that system is made up" Approximately $13 million dollars to be "made up" Amount is added to OCS allocation each year until such time the "hold harmless" amount is fulfilled Capital Funding Sources i"Hold Harmless" Funds) ^ Section D of Capital Funding Policv ^ County The equivalent of one cent an the general fund tax rate to be used far County projects For first four years that Capital Funding Policy was in place, one cent was set aside in the School/Parks Capital Reserve Beginning in 1999-00, one-third of one cent went to School/Parks Capital Reserve and two- thirds to County capital projects In light of making up for lost State revenues to fund the annual operating budget over last two to three years, the dedication of these funds has been suspended Debt Service ^ Prior to funds being allocated far specific projects, all debt service, including private placement financing, is subtracted from the unrestricted funding sources. As an exception, the Orange County Schools are responsible for funding (directly from their pay-as-you-go capital allocations) the portion of the cast of Cedar Ridge High School beyond the $12.5 million bonds approved by voters for that school in November 1997 $13.665 million in COPs issued to complete funding of Cedar Ridge High School Annual debt service payments for current fiscal year are about $1.8 million Allocation of Capital Funds "Funnel" Approach Step 1. Total all sources of unrestricted revenue Step 2. Subtract all debt service (with the exception of OCS portion of Cedar Ridge High School debt) Step 3. Remaining funds are allocated equally between County and School Projects Step 4. Funding between the two school systems is allocated based on 20t" day student membership {for example, 20t" day membership for the current school year will be the basis for allocating capital funding for the 2005-15 CIP} Step 5. Orange County Schools allocation is {1) reduced by its share of debt service far Cedar Ridge and (2} increased by "peak debt" amount (when available}