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Agenda - 06-18-2013 - 5f
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Agenda - 06-18-2013 - 5f
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Last modified
6/9/2015 4:48:12 PM
Creation date
6/17/2013 9:01:14 AM
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BOCC
Date
6/18/2013
Meeting Type
Regular Meeting
Document Type
Agenda
Agenda Item
5f
Document Relationships
Minutes 06-18-2013
(Linked From)
Path:
\Board of County Commissioners\Minutes - Approved\2010's\2013
ORD-2013-021 Ordinance approving App. for NC Education Lottery Proceeds for OCS Contingent Approval of Budget Amendment #11-A
(Linked From)
Path:
\Board of County Commissioners\Ordinances\Ordinance 2010-2019\2013
S Application Public School Building Capital Fund NC Education Lottery
(Linked From)
Path:
\Board of County Commissioners\Various Documents\2010 - 2019\2013
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ORD- 2013 -021 <br />ORANGE COUNTY <br />BOARD OF COMMISSIONERS <br />ACTION AGENDA ITEM ABSTRACT <br />Meeting Date: June 18, 2013 <br />Action Agenda <br />Item No. 5 -f <br />1 <br />SUBJECT: Application for North Carolina Education Lottery Proceeds for Orange County <br />Schools (OCS) and Contingent Approval of Budget Amendment #11 -A Related <br />to OCS Capital Project Ordinances <br />DEPARTMENT: Financial Services PUBLIC HEARING: (Y /N) No <br />ATTACHMENT(S): <br />Attachment 1. Orange County Schools — <br />Lottery Proceeds <br />Application <br />Attachment 2. Budget As Amended <br />Spreadsheet <br />Attachment 3. Year -To -Date Budget <br />Summary <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 Orange County Schools, and to approve Budget Amendment #11 -A <br />(amended School Capital Project Ordinances), contingent on the State's approval of the <br />application. <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 Orange County Schools (OCS) are <br />$419,757. The attached application requests the State to release lottery funds of $340,281 to <br />cover debt service for the Orange County Schools system. <br />Budget Amendment #11 -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 OCS capital needs and <br />projects, and amends the budgets for the following OCS capital projects: <br />
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