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- 612 <br />this elementary school and anticipates a completion date of mid-1996. TY <br />Legislators will meet in short session in late May of 1994. The planni: <br />process for this school will be completed by that time. The funds will be' <br />available 120 days from the approval date. <br />Superintendent Neil Pedersen commented that they need the school now, <br />however, the summer of 1996 is the earliest projected completion date. He <br />indicated that the COP is one option for the financing of this school. <br />Another option would be to use the reserve in the current C.T.P. fund or to <br />adjust the funds within the current C.I.P. projects. <br />County Manager Link mentioned that in the early 1980's the lease/purchase <br />agreements were introduced to county financing. The uncertainty about the COP <br />funding is similar to what was felt about lease/purchase agreements when they <br />were first introduced. <br />Orange County School Board Chair Mary Bobbit-Cook requested clarification <br />on why the Orange County School. Board was being asked to vote on how the <br />Chapel Hill-Carrboro School Board financed schools? This method of financing <br />could place a heavier financial burden on County takpayers than on Chapel Hill <br />tax payers. <br />Chair Carey indicated that the requested legislation would allow either <br />school system to use this option. Requesting this legislation without an <br />impression of controversy is critical to its approval. This COP financing.,.. <br />could be used for additional classrooms in the orange County system in th, <br />future when those needs arise. <br />Commissioner Insko indicated that the Orange County system would not be <br />required to use this financing. It would simply be one option available to <br />them. She asked if it would be possible for the resolution to indicate that <br />Orange County endorses the process but will look at the issue again when a new <br />school is needed. <br />Chair Carey mentioned that the County Commissioners- and both school <br />boards agreed that neither a bond nor a tax increase were options. The Cop <br />is a way to finance a new school without using those methods. <br />Commissioner Halkiotis stated that the Planning Department has been asked <br />to keep the Orange County schools abreast of proposed developments in the <br />County. It is possible that increased growth would create a need for a school <br />much sooner than anticipated. <br />Chair Carey stated that merger needs to be discussed so that the issue <br />of fairness does not come up at each meeting. <br />Orange County School Board member Ralph Warren indicated that the school <br />board was not in disagreement with this method of financing. They did want <br />to be assured that they would not be required to use the COP method. <br />Orange County School Board Chair Mary Bobbit-Cook referred to the impact <br />fee that is being set aside and noted that she would like to see the pay-as- <br />you-go method discussed further by the school board. They do not want