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6 Attachment 2 POLICY FOR INSERTION INTO THE POLICY MANUAL MEETING DATE: September 22 , 1987 NUMBER: P: 0290 EFFECTIVE DATE: September 22 , 1987 REVISIONS : POLICY: ORANGE COUNTY CAPITAL POLICIES 1. Eighty percent (80%) of the original half-cent sales tax revenue and sixty percent (60%) of the additional half- cent sales tax revenues shall be dedicated to school capital expenditures. Such expenditures shall be limited to acquisitions of or improvements to land, buildings, and equipment costing $50, 000 or more. Any year in which such revenues exceed such expenditures, the excess shall be transferred to the School Capital Reserve Fund. 2 . Twenty percent (20%) of the original half-cent sales tax revenue and forty percent (40%) of the additional half- cent sales tax revenue shall be dedicated to county capital expenditures. Such expenditures shall be limited to acquisitions of or improvements to land, buildings, and equipment costing $30,000 or more. Any year in which such revenues exceed such expenditures, the excess shall be transferred to the County Capital Reserve Fund. 3 . The School Capital Reserve Fund shall be used to accumulate funds for acquisitions of or improvements to land, buildings, and equipment for school purposes costing $50, 000 or more. 4 . The County Reserve Fund shall be used to accumulate funds for acquisitions of or improvements to land, buildings, and equipment for county purposes costing $30, 000 or more. 5 . A vehicle Capital Reserve Fund shall be established and used to accumulate funds for the acquisitions of county vehicles. 6 . Each year, an amount equal to $800, 000 minus the amount required for that year's debt service on school, bonds issued prior to the 1987-88 fiscal year shall be appropriated in the General Fund budget and transferred to the School Capital Reserve Fund.