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2 <br /> 2. Private Placement financing -$500,000 <br /> In all the school capital funding options presented to the Board of <br /> Commissioners at the August 20,1996 meeting elementary school#8 is <br /> financed by private placement. To meet the timelines of the Chapel <br /> Hill/Carrboro City Schools for completing this project, and to remain bank <br /> qualified in borrowing these funds, a portion of the total project budget will <br /> need to be borrowed in Fall 1896. These funds can,then be used to continue <br /> the payment of the planning/architectural fees for this facility. <br /> The application process for Public School Building Funds requires formal requests for <br /> funding from both the Board of County Commissioners and the Board of Education of <br /> the school system concerned. The Chapel Hill-Carrboro Board of Education approved <br /> the application at their meeting on August 22, 1996. <br /> Recommendation <br /> The Manager recommends that the Board of Commissioners approve the application for <br /> $100,000 in Public School Building Capital Funds for planning funds for Elementary <br /> School#8 and approve the revised capital project ordinance. <br />