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5 <br />20. The County will comply with all azbitrage rebate requirements as established by the Internal Revenue Service and <br />all secondary market disclosure requirements established by the Securities and Exchange Commission. <br />21. Arbitrage will be calculated at the end of each fiscal yeaz and interest earned on investment of bond or installment <br />purchase proceeds will be reserved to pay any penalties due. <br />Enterprise Funds <br />22. For any Enterprise Fund that is supporting debt, an annual rate study will be performed to ensure that the fees or <br />rates aze sufficient to meet the debt service requirements. <br />Capital Reserve Funds <br />23. The County will create and maintain capital reserve funds as appropriate, such as for school and county projects. <br />24. The Capital Reserves will be funded from unallocated Vicent sales tax revenues and/or any other revenue source <br />that the County Commissioners may choose. <br />25. Funds accumulated in the Capital Reserve Funds will be used on a pay-as-you go basis to finance renovations and <br />repairs to existing buildings and the purchase of major equipment. The Boazd may also choose to fiord other pay- <br />as-you-go initiatives from Reserve Funds. <br />10-Year Capital Investment Plan (CIP) <br />26. The County will adopt a ten year C1P annually. <br />27. This Debt Management Policy will be incorporated into the C1P. <br />28. The County will strive to include plans for debt issuance within the CIP. <br />u <br />