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12 III. Sources of Funding As we explore potential collaboration on joint funding for parks, it might be useful to consider the variety of funding sources that either currently exist or could exist in the future. A more complete listing of funding sources may be found in the 1999 JMRP report. A. CIP's Each of the local governments in Orange County has a long -term capital plan, often known as a Capital Improvement Plan or Capital Investment Plan (CIP). Each CIP contains the local government's 5 -year or 10 -year plan for expending funds for capital projects, including parks and recreation facilities. The principal advantage of using CIP's as a funding source for joint parks funding is that each government has a capital plan that is generally similar in method and process. However, there ,are some differences in timing of. the different CIP's that would need to be addressed in order to develop a joint funding plan. The 1999 JMRP report suggested "synchronizing" CIP's, to ensure that sufficient funds are available at the appropriate time for joint parks projects. Current schedules for Town and County CIP's may be found as Appendix 4. B. General Obligation GO Bonds Three of the four local governments have passed bonds for parks and recreation in the past 22 years. However, only Chapel Hill (1996) and Orange County (1997) have bond funds available now. Carrboro's bond was in 1978. General obligation bonds require. voter approval, but also require approval of the Local Government Commission. C. Installment Purchase Financing Installment financing is another option available to local governments, where an annual amount is financed each year toward land .purchases or facility development. Installment Purchase (also termed private placement funding) is financing secured through a bank. This type of financing does not require voting approval.