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A • Z • 1 - ^ • . - <br />20. 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 />21. 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 />any penalties due. <br />Enterprise Funds <br />22. 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 />23. The County will create and maintain capital reserve funds as appropriate, <br />such as for school and county projects. <br />24. The Capital Reserves will be funded from unallocated 1/2cent sales tax <br />revenues and/or any other revenue source that the County Commissioners <br />may choose. <br />25. 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 />10-Year Capital Investment Plan - {CIP) <br />26. The County will adopt a ten year CIP annually. <br />27. This Debt Management Policy will be incorporated into the CIP. <br />28. The County will strive to include plans for debt issuance within the CIP. <br />