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April 5, 2011 <br /> 18. Investment earnings on capital funds, after subtracting required or potential <br /> arbitrage, will be used for project costs and/or debt service. <br /> Bond Ratings <br /> 19. The County will maintain good communications with bond rating agencies <br /> regarding its financial condition and will follow a policy of full disclosure on <br /> every financial report and offering statement. <br /> 20. The County will strive to maintain bond ratings at or better than AAA (Fitch), <br /> Aa2 (Moody's Investor Services) and AA+ (Standard & Poor's). <br /> Arbitrage Rebate and Secondary Market Disclosure Requirements <br /> 21. The County will comply with all arbitrage rebate requirements as established <br /> by the Internal Revenue Service and all secondary market disclosure <br /> requirements established by the Securities and Exchange Commission. <br /> 22. Arbitrage will be calculated at the end of each fiscal year and interest earned <br /> on investment of bond or installment purchase proceeds will be reserved to <br /> pay any penalties due. <br /> Enterprise Funds <br /> 23. For any Enterprise Fund that is supporting debt, an annual rate study will be <br /> performed to ensure that fees or rates are sufficient to meet the debt service <br /> requirements. <br /> Capital Reserve Funds <br /> 24. The County will create and maintain capital reserve funds as appropriate, <br /> such as for school and county projects. <br /> 25. The Capital Reserves will be funded from property tax revenues, sales tax <br /> revenues and/or any other revenue source that the County Commissioners <br /> may choose. <br /> 26. Funds accumulated in the Capital Reserve Funds will be used on a pay-as- <br /> you-go basis to finance renovations and repairs to existing buildings and the <br /> purchase of major equipment. The Board may also choose to fund other pay- <br /> as-you-go initiatives from Reserve Funds. <br />