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4 <br /> Attachment 1 <br /> the two school systems will be allocated based on the 10' day enrollment adjusted <br /> each year. For example, the 10`' day enrollment as of September 1996 will be the <br /> basis of the 1997-2007 Capital Improvements Plan. These percentages will be <br /> rounded to one decimal place. <br /> Impact fees will be projected and allocated to each school system, although these <br /> fees may be used to pay debt service. When impact fees are used to pay debt <br /> service, the equivalent amount of the projected impact fee will be allocated to each <br /> school system. For the first three years of the planning period (1997-98, 1998-99 <br /> and 1999-2000) impact fees are dedicated to the cost of the new schools. <br /> D. Funding Levels <br /> It is the intent of the Board of Commissioners to "hold harmless" School projects <br /> and County projects as identified by the amount of funding projected in the 1996- <br /> 2006 Capital Improvements Plan. To achieve this intention, the following funding <br /> options will be used: <br /> • The difference between the amount of general obligation debt service <br /> payments at the peak year of the debt schedule and the actual debt <br /> service payment will be earmarked for the Orange County Schools <br /> until the time that any shortfall that would have been realized by that <br /> system is made up. <br /> • For County projects, beginning in 1998-99 the equivalent of one cent <br /> on the general fund property tax rate will be necessary. The Board <br /> of Commissioners may at that time consider shifting the one cent <br /> capital reserve fund to be dedicated to County projects (see Capital <br /> Reserve section below). <br /> E. Capital Reserve <br /> The capital reserve fund, established by the Board of Commissioners in 1995-96 <br /> is equivalent to one cent on the General Fund Property Tax Rate (not adjusted <br /> for the 1997 revaluation of property but adjusted for revaluation of real <br /> property beyond the 1997 revaluation.) This reserve will accumulate during <br /> 1996-97 and 1997-98 with these funds used for site acquisition for schools and <br /> or recreation, or the combination of both. The Board of Commissioners will <br /> evaluate this reserve fund during 1998-99 to determine if this one cent reserve <br /> should continue. <br /> F. School/Parks/Recreation <br /> It is the intent of the Board of County Commissioners to evaluate each new <br /> proposed school in both School Districts for joint use to include park and <br /> recreation use. <br />