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. Arbitrage Rebate and Secondary Market Disclosure Requirements <br />20. The County will comply with all arbitrage rebate requirements as established by <br />the Internal Revenue Service and all secondary market disclosure requirements <br />established by the Securities and Exchange Commission. <br />21. Arbitrage will be calculated at the end of each fiscal year and interest earned on <br />investment of bond or installment purchase proceeds will be reserved to pay any <br />penalties due. <br />Enterprise Funds <br />22. For any Enterprise Fund that is supporting debt, an annual rate study will be <br />performed to ensure that the fees or rates are sufficient to meet the debt service <br />requirements. <br />Capital Reserve Funds <br />23. The County will create and maintain capital reserve funds as appropriate, such <br />as for school and county projects. <br />' 24. The Capital Reserves will be funded from unallocated '/: cent sales tax revenues <br />and/or any other revenue source that the County Commissioners may choose. <br />25. Funds accumulated in the Capital Reserve Funds will be used on a pay-as-you <br />go basis to finance renovations and repairs to existing buildings and the <br />purchase of major equipment. The Board may also choose to fund other pay- <br />as-you-go initiatives from Reserve Funds. <br />10-Year Capital Investment Plan lCIP) <br />26. The County will adopt a ten year CIP annually. <br />27. This Debt Management Policy will be incorporated into the CIP. <br />28. The County will strive to include plans for debt issuance within the CIP. <br />5 <br />• <br />