Agenda - 09-17-1996 - 5a - Laserfiche WebLink

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s • 2 ' The principal components of Option 5, as presented on August 20 are as follows: 1. New Facilities • Chapel Hill/Carrboro City $14.1 Private placement with$5 million borrowed Fall Schools Elementary million 1996; $9 million borrowed Fall 1997; balance School#8 Impact Fees • East Chapel Hill High $11.8 State bond funds($10,995,840); Impact Fees School Addition million ($804,160) • Chapel Hill/Carrboro City $22.5 County-wide bond referendum($20.7 million); Schools Middle School million balance Impact Fees • Orange County Schools $14.5 State bond referendum ($5,980,160), Countywide Elementary School million bond($7,466,297);balance Impact Fees. The proposed County bond referendum also includes $5 million which could possibly be used for park, County and affordable housing projects. 2. Debt Service All debt service, including both general obligation bonds and private placement payments would be paid from funds prior to allocating between the County and Schools. Currently funds are allocated between the County and the Schools, and then general obligation debt service is subtracted from the allocated amounts. After the funds are allocated to each school system, the private placement payments are made. 3. Funding Sources The source of funds currently used for financing School and County capital projects and debt service on those capital projects would continue. These are: • Sales Tax - all one half cent sales tax revenue (estimated to be $7.5 million in 1997-98) • Property Taxes • The present equivalent of 2.8 cents on the property tax rate for debt service on the bonds authorized in 1988. • $800,000 for debt service on School debt authorized in 1977 with the balance of these funds used for on-going School projects; • $1.5 million for recurring capital (see option 5 A below) • Debt service on the 1992 School bonds (for 1997-98 this is $4.7 million); • Utilities Extension Fund ($25,000) and Human Services ($50,000); • Impact Fees - Estimated revenue in 1997-98 for Orange County Schools is $344,250 and for the Chapel Hill/Carrboro City Schools $1,100,000; • North Carolina Public School Building Fund - $600,000 in 1997-98; • Miscellaneous Revenue- including payment-in-lieu, rental income, jail fees, State funds.