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there is a need for this. He said that this is probably the most flexible part. He suggested stating it in the affirmative. Commissioner Foushee said that if the Board is going to adopt this policy, there should be a footnote that would indicate that when the County is bound fiscally, that it couldn't implement it as written. She would like for there to be an allowance to move away from the policy as stated. Donna Coffey said that one of the unique pieces is that the debt service is paid right at the top. Anything left over is allocated between the schools and the County 60140. The 60% far the schools is divided out based on the November 15t" membership numbers. Donna Coffey pointed out the Construction Management Function and said that the Board put this policy into practice, and in 2005-06, $100,000 was appropriated from the school and the County pay-as-you-go funding stream to fund a construction management function. There has been success with Jeff Thompson in this function. Laura Blackmon made reference to the spreadsheet and said that she would like to introduce this as a prototype of haw she would like to present some of the funding information in the future -capital and operating budget. The spreadsheet is divided into two parts -debt service and allocation for pay-as-you-go funding. She reviewed this spreadsheet. The total debt service for 2007-08 will be $19.3 million for the schools, $6.6 million for the County, with a total of $25.9 million. The remaining debt service to be used to pay for sales tax revenues is $2.7 million. The projected sales tax revenue is $9.5 million, which leaves $6.7 million net sales tax funding available for school and County capital projects. Donna Coffey and Laura Blackmon answered several clarifying questions of the County Commissioners. Laura Blackmon continued explaining the spreadsheet. The total pay-as-you-go funding based on current practice is $6.5 million for the schools, $2.7 million for the County, with a total of $9.3 million. Commissioner Gordon asked about the allocation for construction management in future years and Donna Coffey said that this was a pilot program and was only allocated through 2007-08. If the Board wishes to extend this function, then the $100,000 would be taken out every year. Chair Carey said that he likes this spreadsheet and it is a visual way to understand the policy that is in writing. Donna Coffey indicated that the additional debt service for next year is interest only. Laura Blackmon said that the staff will be bringing to the Board aten-year Capital Improvement Plan and they will use revenue projections in order to balance each year. Commissioner Gordon said that she likes this spreadsheet format. She would like to see this specified for at least five years. She would also like to see a real ten-year CIP which includes all th projects that the Commissioners intend to fund in the 10-year period, to the extent that is possible. She said that there was a time when the budget schedule was started sooner and the CIP was adopted in June. She would like to do this again. Laura Blackmon said that this year it will be a short time frame and next year they plan to start earlier with the budget process. Chair Carey asked when the staff would bring this policy back for adoption and Laura Blackmon said on April 12t" with revisions. Laura Blackmon asked Finance Director Ken Chavious to come forward. Ken Chavious said that he wanted to update the Board on the proposed $50 million financing that the Board authorized him to pursue in February. There was an RFP process far underwriters, and proposals came back from five investment-banking companies. Sun Trust Bank proposed a private placement for $50 million in the form of a conventional installment purchase. Sun Trust has offered a 20-year term at a non-bank qualified interest rate of 4.1 %.