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ORD- -aOia- 01Q <br />ORANGE COUNTY <br />BOARD OF COMMISSIONERS <br />ACTION AGENDA ITEM ABSTRACT <br />Meeting Date: May 15, 2012 <br />Action Agenda <br />Item No. 5— i <br />SUBJECT: Applications for North Carolina Education Lottery Proceeds for Chapel Hill — <br />Carrboro City Schools and Orange County Schools and Contingent Approval of <br />Budget Amendment # 9 -A Related to School Capital Project Ordinances <br />DEPARTMENT: Financial Services PUBLIC HEARING: (YIN) No <br />ATTACHMENT(S): <br />Attachment 1. CHCCS — Debt Service <br />Application <br />Attachment 2. OCS — Debt Service <br />Application <br />INFORMATION CONTACT: <br />Clarence Grier, (919) 245 -2453 <br />PURPOSE: To approve applications to the North Carolina Department of Public Instruction <br />(NCDPI) to release funds from the NC Education Lottery account related to FY 2011 -12 debt <br />service payments for Chapel Hill — Carrboro City Schools and Orange County Schools, and to <br />approve Budget Amendment #9 -A (amended School Capital Project Ordinances), contingent on <br />the State's approval of the applications. <br />BACKGROUND: Both school systems have previously presented approved resolutions from <br />their respective Boards requesting that the County modify its Capital Funding Policy by applying <br />accumulated lottery funds for debt service payments and permitting current year withdrawals <br />immediately after the State's quarterly lottery fund allocations. This expedites both the <br />application process and the receipt of funds for the school systems. <br />Currently, the accumulated available lottery funds for Chapel Hill — Carrboro City Schools <br />( CHCCS) total $492,654, and $304,880 for Orange County Schools (OCS). The attached <br />applications request the State to release lottery funds to cover debt service for both school <br />systems. <br />Budget Amendment #9 -A provides for the receipt of the Lottery Funds, contingent on State <br />approval of the applications, and substitutes the amount of Lottery Funds approved for debt <br />service to both districts as additional Pay -As- You -Go (PAYG) funds for FY 2011 -12 for capital <br />needs and projects, and amends the budgets for the following school capital projects: <br />