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gaff Revised 9/17/10 -__ <br />• The County will budget NC Education Lottery proceeds as the revenues are distributed <br />by the State each quarter once the revenues are identlfled for an Indlvldual school <br />capital project and requested by each district. <br />Debt Service <br />All County and School related debt service obligations would be funded prior to allocation <br />of programmed funding for any other capital purposes. <br />~Orange.County Schools' impact-fees will be earmarkefi ~o_pay for debt-service-on projects _`-_- . <br />that involved the construction of new school space in the Orange County Schools system. <br />Chapel Hill-Carrboro City Schools' impact fees will be earmarked ~o_pay-for-debt service-,.~-~"- <br />on projects that involved the construction of new school space in the Chapel Hill-Carl-boro <br />City Schools system. These expenditures will be tracked and- verified by each district <br />annually. <br />NC Education Lottery Proceeds ~~ ;' <br />•• <br />ach school district,vvill have the option- to dedicate its share. of the, annual. NC Education';.;- ,. <br />Lottery monies ~o address schoo_I fa__cifity renovation needs,. orbs additional revenue to the :."~.: <br />districts pay-as-you-go funding to address school facility renovation needs. nnua(I _. _... <br />either district an request that the County dedicate Lottery-proceeds to repay-debt service,. ...- <br />and he count w-II substitute pay as you-go-funding to expedite approved capital projects ~- <br />'~-----------Y--- <br />-•- <br />in the cs~hools capital_im ro_..~., vement pfan-----------------------------------------------------------------------------•"~'". <br />Allocation <br />Department of Public Instruction each fiscal year. <br />Capital Project Qrdinances -Form and Purpose <br />All funds allocated to capital projects are to be accounted for in a Capital Project Fund as <br />authorized by a Board of County Commissioner approved Capital Project Ordinance. <br />The Capital Project Ordinance will include a detailed break down of each major cost <br />category related to the project. <br />In accordance with the Board of County Commissioners November 2000 adopted "Policy <br />on Planning and Funding School Capita! Projects°, whenever School capital project bids <br />are either higher or lower than originally projected, or any other factor affecting the project <br />budget occurs, the affected school system is expected to work with County-Management <br />and Budget staff to present revised capital project ordinances for adoption by the Board of <br />Commissioners. The same expectations shall be applicable for changes to County Capital <br />project budgets. <br />Community Use of Schools <br />It is the intent of the Board of County Commissioners to evaluate each new proposed <br />school in both School Districts for joint community use opportunities, including, but not <br />limited to, park and recreation use. <br />, ~~ <br />Deleted: Adopted 04/24!2007 <br />Deleted: All proceeds from annual <br />allocations d North Carding Public <br />School Building Capital Funds will lie <br />earmarked explictly to pay for eligible <br />school debt service.¶ <br />Deleted: explictly <br />Deleted: explicitly <br />Deleted: Beginning in fiscal year <br />Formatted: Body Text 3, Space <br />Before: 0 pt <br />Deleted: either (1) to repay debt <br />service for debt Issued after fiscal <br />year 200rr07 <br />Deleted: (2) <br />Deleted: an <br />Deleted: If <br />Deleted: chooses to <br />Deleted: ,Lottery proceeds, <br />sufficient to cover annul debt <br />payments for principal <br />Deleted: Interest, <br />Deleted: be dedicated for the Iffe of <br />the financing.Q <br />9 <br />eeginning in fiscal year2008-09, <br />Deleted: first quarter of each year, <br />County stall will reques4 from the <br />State, the amount of monies <br />accumulated in the Lottery fun <br />both Scl10d dlSblcfS Wlth fhe Info <br />expending those fins during the <br />fiscal year for either debt service <br />payments orindividual School caplfal <br />pryjecfs as idenNfred by each disMcts <br />during their annual update of their <br />Deleted: With the exception d the <br />revenues earmarked Tor School and <br />County retorting capital and the <br />Construction Management Function, <br />the net proceeds of all programmed <br />revenue sources after debt service <br />obligations have been satisfied will be <br />allocated on the basis d 60% to <br />schools and 40% to the County. ¶ <br />Capital funding for each.ten-year <br />capital planning period will be <br />allocated between the two school <br />systems based on certified student <br />membership as of November 15 each <br />year. ¶ <br />n <br />Formatted: Normal, Indent: Left: <br />o.zs° <br />• <br />