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► Appendix 1•Summary School <br /> Capital Projects-Board Policy <br /> 9 <br /> • The debt service on the 1988 General Obligation Bonds total $2.5 million in 1996- <br /> 97. <br /> • The debt service on the 1977 General Obligation Bond totals $513,000 during <br /> 1996-97. <br /> • The debt service on the 1992 General Obligation bonds is$4.85 million. <br /> C. Allocations to Each School system <br /> Funds are allocated to each school system based on enrollment. Enrollment is based on the <br /> tenth day count, adjusted every other year. The schedule of allocation adjustments is as follows: <br /> Enrollment as of.- <br /> September 1994 For 1995-96 and 1996-97 <br /> September 1996 For 1997-98 and 1998-99 <br /> September 1998 For 1999-00 and 2000-01 <br /> September 2000 For 2001-02 and 2002-03 <br /> Based on the September 1994 enrollment, the Chapel Hill-Carrboro City School System is <br /> allocated 57.73 percent of the total capital funds and the Orange County Schools, 42.27 percent. <br /> Impact Fees are based on the point of collection. <br /> Once funds are allocated to each school system, the Chapel Hill-Carrboro City Schools pay the <br /> annual debt service on the private placement financing used to finance $9.6 million for the <br /> McDougle Elementary School. This debt service amount is$961,300. <br />