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1 <br /> Orange County <br /> Board of County Commissioners <br /> Action Agenda <br /> Item No <br /> Action Agenda Item Abstract <br /> Meeting Date: September 17, 1996 <br /> Subject: Resolution of Intent - Long-Term School Capital Financing Plan and State <br /> School Bond Support <br /> Department: Budget/County Manager Public Hearing: Yes No x <br /> Budget Amendment <br /> Needed: Yes No x <br /> Attachment(s): Information Contact: <br /> Options for School Capital Financing Sally Kost, ext 2151 <br /> Option 5 Spreadsheet Telephone and Extension Number <br /> Resolution Hillsborough 732-8181 <br /> 8/23/96 NCCBI Memo Chapel Hill 968-4501 <br /> Durham 688-7331 <br /> Mebane 227-2031 <br /> Purpose: To consider adopting a resolution indicating the intent of the Orange <br /> County Board of Commissioners to 1) implement a plan for financing long term capital <br /> needs for the Chapel Hill-Carrboro City Schools and the Orange County Schools, and 2) <br /> support passage of the $1.8 billion Statewide school bond in November, 1996. <br /> Background: At the September 3, 1996 meeting, the Board of Commissioners <br /> requested County staff to refine the school capital options financing plan that was <br /> presented to the Board of Commissioners at the August 20 meeting. The Board also <br /> discussed the importance of being able to demonstrate how the County's long-term plan <br /> for school capital financing is related to, and dependent on, successful passage of the <br /> Statewide school bond in November. <br /> The plan presented at the August 20 meeting included various options for school <br /> financing. Based on the Board's discussion, this follow-up report refines Option 5 of the <br /> original report as Option 5A, which at this time would not require an increase in the <br /> County's ad valorem tax rate. Options 1 through 4 have not changed and are shown in <br /> Attachment 1 of this abstract. <br /> One adjustment to the plan as originally presented to the Board of County <br /> Commissioners is that revenue estimates have been updated. Option 5 was originally <br /> presented based on revenue estimates made in Fall 1995 as part of the development of <br /> the 1996-2006 Capital Improvements Plan. Note that these revenue projections have <br /> been updated based on more current information and will be updated again as part of <br /> the development of the 1997-2007 Capital Improvements Plan. <br />