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„Orange County Schools' impact fees will be earmarked +o pay for debt service on projects that , Deleted: of North Carolina Public annual
<br /> y p ¢ p y p � allocations of North Carolina Public
<br /> involved the construction of new school space in the Orange County Schools system. Chapel School Building Capital Funds will be
<br /> Hill-Carrboro City Schools' impact fees will be earmarked,to pay for debt service on projects earmarkedexplicitlyto pay for eligible
<br /> that involved the construction of new school space in the Chapel Hill-Carrboro City Schools, ¶chool debt se vice.¶
<br /> system. These ex.enditures will be tracked and verified b each district annuall .
<br /> y i Deleted:explicitly
<br /> 9
<br /> I Deleted:explicitly
<br /> NC Education Lottery Proceeds
<br /> ach school district will have the option to dedicate its share of the annual NC Education t h,-!Deleted:Beginning in fiscal year
<br /> p 2008-09,each
<br /> Lottery monies.to address school facility renovation needs or,as.edditional revenue to the
<br /> districts pay-as-you-go funding to address school facility renovation needs. „,A nnually either o, Before:tt0 pt Body Text 3,Space
<br /> district an re.uest that the Count dedicate Lotteryproceeds to repay debt service and,the °,, ,Deleted:either(1)to repay debt
<br /> county will,substitutepay-as-you-coo-fundincgto expedite approved capital projects in the ,\\,, service for debt issued after fiscal year
<br /> ;
<br /> ,schools capital improvement plan. '�,, 2006-07
<br /> ',,,,'`f Deleted:(2)
<br /> �
<br /> Allocation ',y0` Deleted:an )
<br /> a•ital fundin. for each five- ear capital •tannin. •eriod will be allocated between the two 1'';,';,\.Deleted:lf
<br /> school districts based on the student membershi. .lannin. allotments •rovided b the NC Deleted:chooses to
<br /> Department of Public Instruction each fiscal year. Deleted:,Lottery proceeds,sufficient
<br /> ' ,\ to cover annual debt payments for
<br /> .� '� ■' principal
<br /> Capital Project Ordinances—Form and Purpose it
<br /> '{Deleted:interest, )
<br /> All funds allocated to capital projects are to be accounted for in a Capital Project Fund as ', Deleted:be dedicated for the life of
<br /> authorized by a Board of County Commissioner approved Capital Project Ordinance. , , ' the financing.¶
<br /> The Capital Project Ordinance will include a detailed break down of each major cost category B inning in fiscal year 2008-09,
<br /> related to the project. � , during
<br /> ■ r Deleted:first quarter of each year,
<br /> In accordance with the Board of County Commissioners November 2000 adopted "Policy on ', County staff will request,from the
<br /> Planning and Funding School Capital Projects", whenever School capital project bids are either ', accumulated d in the Lotteryfund for
<br /> higher or lower than originally projected, or any other factor affecting the project budget ', both school districts with the intent of
<br /> occurs, the affected school system is expected to work with County Management and Budget , expending those funds during the fiscal
<br /> staff to present revised capital project ordinances for adoption by the Board of Commissioners. [ year for ualS School capital payments
<br /> oje is
<br /> � or individual School capital projects as
<br /> The same expectations shall be applicable for changes to County Capital project budgets. , , identified by each districts during their
<br /> ' annual update of their ten-year
<br /> ' Deleted:With the exception of the
<br /> Community Use of Schools ,■ revenues earmarked for School and
<br /> It is the intent of the Board of County Commissioners to evaluate each new proposed school in County recl and
<br /> Construction Maurring nagement capita a functhe tion,the
<br /> both School Districts for joint community use opportunities, including, but not limited to, park , net proceeds of all programmed
<br /> and recreation use. revenue sources after debt service
<br /> obligations have been satisfied will be
<br /> allocated on the basis of 60%to
<br /> 'r schools and 40%to the County.if
<br /> Schools Adequate Public Facilities Ordinance -;,\ I Capital funding for each ten-year
<br /> Orange County's Schools Adequate Public Facilities Ordinance (SAPFO) and Memoranda of ,capital planning period will be all ,,,Di
<br /> Understanding (MOUs) between the County and its municipal and school partners establish Formatted:Normal,Indent: Left:
<br /> the machinery to assure that, to the extent possible, new development will take place only ,;o.zs
<br /> when there are adequate public school facilities available, or planned, which will accommodate Deleted: in the"S-Capital¶
<br /> , As outlined in the"Sources of Funds"
<br /> such new development. The Board of County Commissioners is committed to the principle I,I, section of this policy,recurring a,,,[2]
<br /> that new school space documented as needed through the annual SAPFO technical review ',' Formatted:Normal,Tabs: 0.5°,
<br /> process will be reflected in the next adopted CIP, and will be funded so as to be constructed to , Left
<br /> be available before the relevant level of service threshold is exceeded. t Formatted:Font: 11 pt,Bold
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