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1 <br /> ORD-2014-006 <br /> ORANGE COUNTY <br /> BOARD OF COMMISSIONERS <br /> ACTION AGENDA ITEM ABSTRACT <br /> Meeting Date: February 4, 2014 <br /> Action Agenda <br /> Item No. 6-g <br /> SUBJECT: Application for North Carolina Education Lottery Proceeds for Chapel Hill — <br /> Carrboro City Schools (CHCCS) and Contingent Approval of Budget <br /> Amendment#4-C Related to CHCCS Capital Project Ordinances <br /> DEPARTMENT: Financial Services PUBLIC HEARING: (Y/N) No <br /> ATTACHMENT(S): INFORMATION CONTACT: <br /> Attachment 1. CHCCS — Debt Service Clarence Grier, (919) 245-2453 <br /> Application <br /> PURPOSE: To approve an application to the North Carolina Department of Public Instruction <br /> (NCDPI) to release funds from the NC Education Lottery account related to FY 2013-14 debt <br /> service payments for Chapel Hill — Carrboro City Schools, and to approve Budget Amendment <br /> #4-C (amended School Capital Project Ordinances), contingent on the State's approval of the <br /> application. <br /> BACKGROUND: Both School Systems have previously presented approved resolutions from <br /> their respective Boards requesting that the County modify its Capital Funding Policy by applying <br /> accumulated lottery funds for debt service payments, and permitting current year withdrawals <br /> immediately after the State's quarterly lottery fund allocations. This expedites both the <br /> application process and the receipt of funds for the school systems. <br /> Currently, the accumulated available lottery funds for Chapel Hill — Carrboro City Schools <br /> (CHCCS) is $256,087. The attached application requests the State to release lottery funds to <br /> cover debt service for the Chapel Hill — Carrboro City School system. <br /> Budget Amendment #4-C provides for the receipt of the Lottery Funds, contingent on State <br /> approval of the application, and substitutes the amount of Lottery Funds approved for debt <br /> service as additional Pay-As-You-Go (PAYGO) funds for FY 2013-14 for CHCCS capital needs <br /> and projects, and amends the budgets for the following CHCCS capital projects: <br />