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8 <br /> WHEREAS, if additional funding does not come from the one-quarter cent (1/4¢) County <br /> sales and use tax, the property tax will be the primary funding source available for schools <br /> and economic development initiatives; and <br /> WHEREAS, to distinguish and separate the revenues produced through this Y4 cent sales <br /> tax, if approved by Orange County voters, a Special Revenue Fund will be established to <br /> receive and account for the sales tax revenue. These funds will not supplant funding for the <br /> Board's endorsed funding target of 48.1% for annual spending on both school systems. The <br /> funds will remain separate from the County's general fund to allow for more accurate tracking <br /> of revenues and expenditures in accordance with initial ten-year allocation plan established <br /> as part of this resolution; <br /> NOW, THEREFORE, BE IT RESOLVED THAT the Orange County Board of Commissioners <br /> hereby states its intent to use the revenues from the Article 46 one-quarter cent (1/4¢) <br /> County sales and use tax, if approved by the voters of Orange County, for currently unfunded <br /> or underfunded economic development and public school capital needs for a period of ten <br /> years, with a scheduled implementation date of April 1, 2012. <br /> BE IT FURTHER RESOLVED THAT proceeds from the one-quarter cent (1/4¢) County sales <br /> and use tax in later years will be used to address priorities as established by the Board of <br /> Commissioners in the County's Capital Investment Plan. <br /> This the 21St day of June, 2011. <br /> Bernadette Pelissier, Chair <br /> Orange County Board of Commissioners <br />