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9 08E <br /> (h) Water and sewer utilities extended to a <br /> development under this policy shall be based <br /> on good engineering practice and shall be <br /> determined by the long-range plans of the <br /> utility system to which they are connected in <br /> conjunction with assessments of potential <br /> growth and service need in the area as <br /> determined by Orange County. (WSP) <br /> (7) Financing Approach <br /> (a) It is the policy of Orange County to establish <br /> and maintain a Capital Reserve Fund for the <br /> purpose of either financing or paying for <br /> water and sewer extensions to approved <br /> projects; provided, however. any extension to <br /> a County-owned system may be financed by the <br /> Capital Reserve Fund or an Enterprise Fund <br /> established to account for the County-owned <br /> system. The County will not borrow money for <br /> such extensions except in the case of a public <br /> health emergency or where the proposed <br /> extension is to an existing County-owned <br /> system. (WSP) <br /> (b) Upon a decision by the Board of Commissioners <br /> that funding for a project is available and <br /> that criteria for approval have been met, the <br /> basis for County participation shall be on a <br /> pay-back basis. <br /> All funds received from the operation of a <br /> County-owned system shall be paid into an <br /> Enterprise Fund. In all other cases, funds <br /> received through an approved pay-back schedule <br /> shall be paid into the Capital Reserve Fund. <br /> All payments shall include interest at the <br /> rate charged for assessments under N.C. <br /> General Statute 153A-185 or. in the event that <br /> the County borrows money for the extension. at <br /> the rate paid by the County on the debt. <br /> (c) Orange County' s financial participation for <br /> approved projects not owned by the County <br /> shall not exceed the estimated increase in ad <br /> valorem tax yields from the project the six <br /> years following its completion. The method of <br /> calculating the ceiling for County funding of <br /> any one project should not be construed as <br /> establishing the eligibility of a project for <br /> funding or the method of repayment to the <br /> revolving fund (Capital Reserve Fund) . The <br /> following is a sample calculation: <br />