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their own allocation, that was rolled into the equation too. As a result of these updated options, CHCCS received roughly equivalent to what they would have gotten under the old system, but OCS ended up well short, like $13 million over a 10-year period because they would be putting so much of their pay-as-you-go money towards Cedar Ridge. So what staff suggested and the Commissioners agreed to was this concept of peak debt service. VIlhen you earmark a certain amount of property tax revenue to pay debt service, after you have issued all of the bands or all of the debt that is associated with that, each year the amount of debt service that is required to pay that off goes down. Typically what would happen, is that the Board of County Commissioners would consider dropping the tax rate accordingly because not as much money is needed from property tax revenue for debt service. The County Commissioners decided to deliberately leave the tax rate at the same level, and the difference between how much the tax rate would produce in revenue and how much was required for the debt service that was being paid down mare and mare each year, that became the peak debt service. The idea was that after we achieved the peak debt service associated with the 1997 bonds, that the difference between those figures would accumulate up to roughly about $13 million over whatever period of years it took. This would essentially hold OCS harmless under this 1996-funding scenario, compared to what they would have gotten under the old funding scenario from 1995. Donna Dean said that the other piece that complicates things is that they did not anticipate in 1996-97 that the interest rates would be as low as they are now. They have been refinancing and the peak debt service target has moved a little. Commissioner Jacobs asked far a narrative of what Rod Visser just described above. Commissioner Halkiotis asked that this narrative be provided to the school boards at the joint meeting next week. Donna Dean explained the mathematical equations. She made reference to the Current Policy, which is in the sheet entitled, Fiscal Year 2005-06 Capital Funding Options. This is the baseline, where the County would get about $3.8 million, which is the least of any of the options. Beginning with the sales tax, which is projected to be $9.6 million far next year, the property tax dedicated to retire debt service is added to the sales tax, which is $13.1 million. The Skills Development Center rental and the Inmate Jail Fees are added to this amount. This brings the total revenue to pay debt and pay-as-you-go capital for schools and county to $22.9 million for next year under the current policy. From that $22.9 million, the existing projected debt is subtracted, of about $18.3 million. The net amount would be $4.6 million. The way the current policy is written, once it gets down to the $4.6 million, the amount is split 50% to the schools and 50% to the County. The schools would get $2.3 million. There is also $802,000 from the Public School Building Fund. She also added the 3 cents that is dedicated to school recurring capital, which gives $6.6 million going to schools' pay-as-you-go. This amount is split again to the schools based on the average daily membership. OCS would get $2.5 million, plus $970,000 for impact fees, plus $275,581 for peak debt service, less $1.7 for their portion of Cedar Ridge debt. The net amount for OCS, based on the current policy, is a little less than $2.1 million. Of the $6.6 million, CHCCS would receive $4 million, plus $1.6 million in impact fees, which totals $5.6 million for pay-as-you-go. Commissioner Gordan asked about the impact fees for each district. Donna Dean said $3,000 for OCS for single-family homes and multi-wide mobile homes and $1,420 far multi- family and for singlewide mobile homes. CHCCS is $4,407 and $1,907 respectively. The staff will verify these numbers and have them for the meeting next week with the schools. Commissioner Jacobs asked that the justifiable maximum be included also. Donna Dean continued explaining the equations. On the County's side, of the $4.6 million, the County would receive $2.3 million. Based on the current policy, there is one cent on the property tax going to County projects, which is $1.1 million. There are also smaller restricted revenues that would go into County projects - $50,000 for Human Services