ORD-2013-027 Ordinance approving Budget Amendment # 1-A Related to CHCCS Capital Project Ord., etc.

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ORD-2013-027 ORANGE COUNTY BOARD OF COMMISSIONERS ACTION AGENDA ITEM ABSTRACT Meeting Date. September 5, 2013 Action Agenda Item No. 5-h SUBJECT: Application for North Carolina Education Lottery Proceeds for Chapel Hill — Carrboro City Schools (CHCCS) and Contingent Approval of Budget Amendment#1-A Related to CHCCS Capital Project Ordinances DEPARTMENT: Financial Services PUBLIC HEARING: (YIN) No ATTACHMENT(S): INFORMATION CONTACT: Attachment 1. CHCCS — Debt Service Clarence Grier, (919) 245-2453 Application PURPOSE: To approve an application to the North Carolina Department of Public Instruction (NCDPI) to release funds from the NC -Education Lottery account related to FY 2013-14 debt service payments for Chapel Hill — Carrboro City Schools, and to approve Budget Amendment #1-A (amended School Capital Project Ordinances), contingent on the State's approval of the application. BACKGROUND: Both School Systems have previously presented approved resolutions from their respective Boards requesting that the County modify its Capital Funding Policy by applying accumulated lottery funds for debt service payments, and permitting current year withdrawals immediately after the State's quarterly lottery fund allocations. This expedites both the application process and the receipt of funds for the school systems. Currently, the accumulated available lottery funds for Chapel Hill — Carrboro City Schools (CHCCS) is $385,789. The attached application requests the State to release lottery funds to cover debt service for the Chapel Hill — Carrboro City School system. Budget Amendment #1-A provides for the receipt of the Lottery Funds, contingent on State approval of the application, and substitutes the amount of Lottery Funds approved for debt service as additional Pay-As-You-Go (PAYGO) funds for FY 2013-14 for CHCCS capital needs and projects, and amends the budgets for the following CHCCS capital projects: