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r ' 36 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 . CI P '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 .