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Cedar Ridge High School Construction <br />Orange County Schools <br />Capital Project Ordinance <br />Be it ordained by the Orange County Board of County Commissioners that pursuant to Section 13.2of <br />Chapter 159 of the General Statutes of North Carolina, the following capital project is hereby adopted. <br />Section 1. The project authorized provides funds to construct a new high school, Cedar Ridge High <br />School, in the district, using proceeds from the Schools' portion of impact fees, 1997 voter <br />approved bond referendum, savings from Pathways Elementary Construction, Certificates <br />of Participation (COP's) (installment purchase arrangement), interest earned on the COPs, <br />and transfers from other OCS capital projects. Repayment of the installment purchase <br />arrangement will be paid from the District's annual portion of the one -half cent sales taxes. <br />Section 2. The officers of the County are hereby directed to proceed with the project within the budget <br />contained herein. <br />Section 3. The following revenue is anticipated to complete this project: <br />Section 4. The following amount is appropriated for this project: <br />Section 5. This ordinance supersedes all previous Cedar Ridge High School Construction Capital <br />Project Ordinances for the Orange County Schools. <br />Section 6. This ordinance shall remain in effect from July 1, 1998 until June 30, 2006. <br />Adopted this 23rd day of June 2005. <br />Through FY <br />FY <br />Through FY <br />2004 -05 <br />2005 -06 <br />2005 -06 <br />Sales Tax <br />$129,679 <br />$0 <br />$129,679 <br />Impact Fees <br />$515,321 <br />$0 <br />$515,321 <br />ransferTrOMPainways <br />Elementary School <br />Construction Pro ect <br />$1,300,000 <br />$0 <br />$1,300,000 <br />TF-a—h9e7from UCS <br />Information Technology <br />Capital Project <br />$6,400 <br />$0 <br />$6,400 <br />1997 Bond Funds <br />$12,500,000 <br />$0 <br />$12,500,000 <br />Certificates o <br />Participation COPS <br />$13,665,000 <br />$0 <br />$13,665,000 <br />Interest Earnings on CO <br />$500,000 <br />$0 <br />$500,000 <br />Total Project Funding <br />$28,616,400 <br />$0 1 <br />$28,616,400 <br />Section 4. The following amount is appropriated for this project: <br />Section 5. This ordinance supersedes all previous Cedar Ridge High School Construction Capital <br />Project Ordinances for the Orange County Schools. <br />Section 6. This ordinance shall remain in effect from July 1, 1998 until June 30, 2006. <br />Adopted this 23rd day of June 2005. <br />