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Impact fees will be projected and allocated to each school system, although these fees may be <br /> used to pay debt service. When impact fees are used to pay debt service, the equivalent <br /> amount of the projected impact fee will be allocated to each school system. For the first three <br /> years of the planning period (1997-98, 1998-99 and 1999-2000) impact fees are dedicated to <br /> the cost of the new schools. <br /> Funding Levels <br /> It is the intent of the Board of Commissioners to"hold harmless" School projects and <br /> County projects as identified by the amount of funding projected in the 1906-2006 Capital <br /> Improvements Plan. To achieve this intention, the following funding options will be used: <br /> The difference between the amount of general obligation debt service payments at <br /> the peak year of the debt schedule and the actual debt service payment will be <br /> earmarked for the Orange County Schools until the time that any shortfall that <br /> would have been realized by that system is made up. <br /> For County projects, beginning in 1998-99 the equivalent of one cent on the <br /> general fund property tax rate will be necessary. The Board of <br /> Commissioners in adopting this policy instructed staff to identify other <br /> funding options rather than a tax increase to make up this shortfall. The <br /> Board of Commissioners may consider shifting the one cent capital reserve <br /> fund to be dedicated to County projects (see Capital Reser"e section below). <br /> E. Capital Reserve <br /> The capital reserve fund, established by the Board of Commissioners in 1995-96 is <br /> equivalent to one cent on the General Fund Property Tax Rate (not adjusted for the 1997 <br /> revaluation of property but adjusted for revaluation of real property beyond the 1997 <br /> revaluation.) This reserve will accumulate during 1996-97 and 1997-98 with these funds <br /> used for site acquisition for schools and or recreation, or the combination of both. The <br /> Board of Commissioners will evaluate this reserve fund during 1998-99 to determine if <br /> this one cent reserve should continue. <br /> F. School/Parks/Recreation <br /> It is the intent of the Board of County Commissioners to evaluate each new proposed <br /> school in both School Districts for joint use to include park and recreation use. <br /> Recurring Capital <br /> Recurring capital for each School System will be based on the equivalent of three cents on <br />