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Adopted 04/2412007 <br />Beginning in fiscal year 2008-09, during the first quarter of each year, County staff will <br />request, from the State, the amount of monies accumulated in the Lottery fund for both <br />school districts with the intent of expending those funds during the fiscal year for either <br />debt service payments or individual School capital projects as identified by each districts <br />during their annual update of their ten -year capital plan. <br />Allocation <br />With the exception of the revenues earmarked for School and County recurring capital and <br />the Construction Management function, the net proceeds of all programmed revenue <br />sources after debt service obligations 'have. been satisfied will be allocated on the basis of <br />0% to schools and 0% to the County. <br />Capital funding for each tern -year capital planning period will be - allocated between the two <br />school systems based on certified student membership as of November 15 each year. <br />Capita! Project ordinances — Form and Purpose <br />All funds allocated to capital projects are to be accounted for in a Capital Project Fund as <br />authorized by a Board of County Commissioner approved Capital Project ordinance. <br />The Capital Project ordinance will include a detailed break down of each major cost <br />category related to the project. <br />In accordance with the Board of County Commissioners November 2000 adopted "'Policy <br />on Planning and Funding School Capita! Projects", whenever School capital project bids <br />are either higher or lower than originally projected, or any other factor affecting the project <br />budget occurs, the affected school system is expected to work with County Management.- <br />and Budget staff to present revised capital project ordinances for adoption by the Board of <br />Commissioners. The same expectation shall be applicable for changes to County Capital <br />project budgets. <br />Community Use of Schools <br />It is the intent of the Board of County Commissioners to evaluate each new proposed <br />school in both School Districts for joint community use opportunities, including, but not <br />limited to, park and recreation use. <br />Recurring Capital <br />As outlined in the "Sources of Funds' section of this policy, recurring capital funding for the <br />Schools and County will be based on the estimated proceeds of 4 cents on the annual <br />General Fund property tax rate. `I'"`he proceeds from 3 cents Will be earmarked for schools, <br />with funds allocated to each school system for the next fiscal year based on each system's <br />respective share of the student membership as of November 1 Immediately preceding the <br />next fiscal gear. Proceeds from I cent on the tax rate will be earmarked for Counter <br />recurring capital needs. <br />With regard to County Equipment and vehicle 'acquisitions accomplished using third party <br />financing, the Board of County Commissioners will determine the source of funding to <br />repay the associated debt service at the point that the Board approves the financing <br />arrangement. <br />rol <br />