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<br />.... ..' <br />'-- <br />. <br /> <br />. <br /> <br />. <br /> <br />b. How taxes could be used <br /> <br />(1) Pledged to payoff general obligation <br />indebtedness <br /> <br />(2) Accumulated to cash fund (i.e., pay as you go) <br />construction <br /> <br />7. Issues <br /> <br />a. Competing needs for capital investments <br /> <br />b. "Pay as you go" approach versus general obligation <br />financing <br /> <br />c. If general obligation financing is to used, there <br />will be constitutional issues <br /> <br />d. Which source of tax revenues to use, <br /> <br />BMcD:tam <br /> <br />-2- <br />