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23 <br /> Pay-Go Scenario <br /> • Option C2 converts $100 million of bond financing into $10 million annual cash (pay-go) for <br /> annual maintenance <br /> • Trades a higher upfront tax impact and delayed distribution of funding for the following <br /> — Provides a stable funding source for school maintenance between bond issuances <br /> — Maintains more debt capacity for later major bond issuances <br /> — Provides more flexibility to future Boards to adapt to financial instability, no flexibility in debt service <br /> — No interest payments <br /> ORANGE C(DUNTY <br /> 17 T'.TC)RT I-I CAR0LII4A <br />