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2 <br /> monies were in hand. At its December 15, 2011 meeting, the Chapel Hill — Carrboro Board of <br /> Education adopted a reimbursement resolution for the construction of Elementary#11. <br /> Additionally in order to maintain the proposed March 2012 and April closing dates, staff <br /> requests that the Board of County Commissioners schedule a public hearing to receive public <br /> input and consider approval of the financing timetable as set forth in the attached timeline for �, <br /> the issuance for the debt. Staff proposes that this hearing be held at the Board of County <br /> Commissioners' February 7, 2012 meeting. <br /> FINANCIAL IMPACT: As outlined in the attached resolution, the County expects that the Board <br /> of Education for Chapel Hill — Carrboro City Schools will spend funds on project expenditures <br /> prior to the closing on the financing. The County intends to use financing proceeds to <br /> reimburse the School Board for these project expenditures. The approximate amount that the <br /> County expects the School Board to expend before the closing, and for which the School Board <br /> will be reimbursed, is $2,100,000. The approximate amount for which the County expects to <br /> seek reimbursement is $2,100,000. <br /> RECOMMENDATION(S): The Manager recommends that the Board adopt the reimbursement <br /> resolution for CHCCS Elementary#11 and schedule a public hearing to receive public input and <br /> consider approval of the financing timetable at the Board of County Commissioners' February 7, <br /> 2012 meeting. <br />