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ORD-2012-045 <br />ORAAGE C0111 TT <br />ACTION AGENDA ITEM ABSTRACT <br />Meeting Date: October16,2012 <br />Action Agenda <br />Item No. 5-e <br />SUBJECT: Application for North Carolina Education Lottery Proceeds for Chapel Hill — <br />Carrboro City Schools (CHCCS) and Contingent Approval of Budget <br />Amendment # 3-A Related to CHCCS Capital Project Ordinances <br />DEPARTMENT: Financial Services PUBLIC HEARING: (YIN) 1Ni:� <br />ATTACHMENT(S): <br />Attachment 1. CHCCS — North Carolina <br />Education Lottery <br />Proceeds Application <br />INFORMATION CONTACT: <br />Clarence Grier, (919) 245-2453 <br />PURPOSE: To approve an application to the North Carolina Department of Public Instruction <br />(NCDPI) to release funds from the NC Education Lottery account related to FY 2012-13 debt <br />service payments for Chapel Hill — Carrboro City Schools, and to approve Budget Amendment <br />#3-A (amended School Capital Project Ordinances), contingent on the State's approval of the <br />application. <br />BACKGROUND: Both Chapel Hill — Carrboro City Schools and Orange County Schools have <br />previously presented approved resolutions from their respective Boards requesting that the <br />County modify its Capital Funding Policy by applying accumulated lottery funds for debt service <br />payments, and permitting current year withdrawals immediately after the State's quarterly lottery <br />fund allocations. This expedites both the application process and the receipt of funds for the <br />school systems. <br />Currently, the accumulated available lottery funds for Chapel Hill — Carrboro City Schools <br />(CHCCS) is $382,922. The attached application requests the State to release lottery funds to <br />cover debt service for the Chapel Hill — Carrboro City School system. <br />Budget Amendment #3-A provides for the receipt of the Lottery Funds, contingent on State <br />approval of the application, and substitutes the amount of Lottery Funds approved for debt <br />service as additional Pay-As-You-Go (PAYG) funds for FY 2012-13 for CHCCS capital needs <br />and projects, and amends the budgets for the following CHCCS capital projects: <br />