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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, 2004. <br />Adopted this 23`d day of June 2004. <br />Through FY <br />2004 -05 <br />Through FY <br />2003 -04 <br />Appropriation <br />2002 -03 <br />Sales Tax <br />129,679 <br />0 <br />129,679 <br />Impact Fees <br />515,321 <br />0 <br />515,321 <br />vans er from raEnwdyb <br />Elementary School <br />Construction Project <br />1,300,000 <br />0 <br />1,300,000 <br />rans er Trom OCS <br />Information Technology <br />Capital Project <br />225,000 <br />218,600 <br />6,400 <br />1997 Bond Funds <br />12,500,000 <br />0 <br />12,500,000 <br />Gertificates 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 />1 500,000 <br />Total Project Funding <br />28,835,000 <br />298,600 <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, 2004. <br />Adopted this 23`d day of June 2004. <br />