Agenda - 12-14-2010 - 4e - Laserfiche WebLink

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ORANGE COUNTY BOARD OF COMMISSIONERS ACTION AGENDA ITEM ABSTRACT Meeting Date: December 14, 2010 Action Agenda Item No. 4 _ ~ SUBJECT: Applications for North Carolina Education Lottery Proceeds for Chapel Hill- Carrboro City Schools and Orange County Schools DEPARTMENT: Financial Services PUBLIC HEARING: (Y/N) No ATTACHMENT(S): Attachment 1. CHCCS -Debt Service Application Attachment 2. OCS -Debt Service Application INFORMATION CONTACT: Clarence Grier, (919) 245-2453 PURPOSE: To approve applications to the North Carolina Department of Public Instruction to release funds from the NC Education Lottery account related to debt service payments for Chapel Hill-Carrboro City Schools and Orange County Schools. BACKGROUND: Both School Systems have presented approved resolutions from their respective Boards requesting that the County modify its Capital Funding Policy by applying accumulated lottery funds for debt service payments, and permitting current year withdrawals immediately after the State's quarterly lottery fund allocations. The accumulated lottery funds for Chapel Hill-Carrboro City Schools (CHCCS) is $1,496,647, and $879,608 for Orange County Schools (OCS). The attached applications request the State to release lottery funds to cover debt service for both school systems. Once the applications are approved by the North Carolina Department of Public Instruction, staff will develop, for a future Board of Commissioner meeting, updated School Capital Project Ordinances to substitute the amount of Lottery Funds approved for debt service to both districts as additional Pay-As-You-Go funds for capital needs and projects. FINANCIAL IMPACT: The total amount requested from the State for Chapel Hill-Carrboro City Schools is $1,496,647, and $879,608 for Orange County Schools. RECOMMENDATION(S): The Manager recommends the Board approve, and authorize the Chair to sign, the applications for NC Education Lottery Proceeds.