Agenda - 03-17-2011 - 2 - Laserfiche WebLink

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Draft Revised 10/26/10 6 • The County will budget NC Education Lottery proceeds as the revenues are distributed by the State each quarter, once the revenues are identified for an individual school • capital project and requested by each district. Debt Service All County and School related debt service obligations would be funded prior to allocation of programmed funding for any other capital purposes. Orange County Schools' impact fees will be earmarked to pay for debt service on projects that involved the construction of new school space in the Orange County Schools system. Chapel Hill-Carrboro City Schools' impact fees will be earmarked to pay for debt service on projects that involved the construction of new school space in the Chapel Hill-Carrboro City Schools system. These expenditures will be tracked and verified by each district annually. NC Education Lottery Proceeds Each school district will have the option to dedicate its share of the annual NC Education Lottery monies to address school facility renovation needs or as additional revenue to the districts pay-as-you-go funding to address school facility renovation needs. Annually either district can request that the County dedicate Lottery proceeds to repay debt service and the county will substitute pay-as-you-go-funding to expedite approved capital projects in the schools capital improvement plan. Allocation • Capital funding for each five-year capital planning period will be allocated between the two school districts based on the student membership planning allotments, provided by the NC Department of Public Instruction by March 1 of each year. Capital Project Ordinances -Form and Purpose All funds allocated to capital projects are to be accounted for in a Capital Project Fund as authorized by a Board of County Commissioner approved Capital Project Ordinance. The Capital Project Ordinance will include a detailed break down of each major cost category related to the project. In accordance with the Board of County Commissioners November 2000 adopted "Policy on P/anning and Funding School Capital Projects", whenever School capital project bids are either higher or lower than originally projected, or any other factor affecting the project budget occurs, the affected school system is expected to work with County Management and Budget staff to present revised capital project ordinances for adoption by the Board of Commissioners. The same expectations shall be applicable for changes to County Capital project budgets. . Community Use of Schools It is the intent of the Board of County Commissioners to evaluate each new proposed school in both School Districts for joint community use opportunities, including, but not • limited to, park and recreation use.