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Agenda - 06-17-2014 - 6f
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Agenda - 06-17-2014 - 6f
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Last modified
6/2/2015 2:59:24 PM
Creation date
6/17/2014 12:35:04 PM
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BOCC
Date
6/17/2014
Meeting Type
Budget Sessions
Document Type
Agenda
Agenda Item
6f
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Minutes 06-17-2014
(Message)
Path:
\Board of County Commissioners\Minutes - Approved\2010's\2014
ORD-2014-026 Application for NC Education Lottery Proceeds for CHCCS and Contingent Approval of Budget Amendment # 9-A Related to CHCCS Capital Project Ordinances
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\Board of County Commissioners\Ordinances\Ordinance 2010-2019\2014
S Application - Public School Building Capital fund NC Education Lottery - Agenda 6-17-2014 - Item 6f
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Path:
\Board of County Commissioners\Various Documents\2010 - 2019\2014
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ORD- 2014 -026 <br />ORANGE COUNTY <br />BOARD OF COMMISSIONERS <br />ACTION AGENDA ITEM ABSTRACT <br />Meeting Date: June 17, 2014 <br />Action Agenda <br />Item No. 6 -f <br />SUBJECT: Application for North Carolina Education Lottery Proceeds for Chapel Hill — <br />Carrboro City Schools (CHCCS) and Contingent Approval of Budget <br />Amendment #9 -A Related to CHCCS Capital Project Ordinances <br />DEPARTMENT: Financial Services PUBLIC HEARING: (Y /N) No <br />ATTACHMENT(S): <br />Attachment 1. CHCCS — Debt Service <br />Application <br />INFORMATION CONTACT: <br />Clarence Grier, (919) 245 -2453 <br />1 <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 />#9 -A (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 $218,775. The attached application requests the State to release lottery funds to <br />cover debt service for the Chapel Hill — Carrboro City Schools system. <br />Budget Amendment #9 -A 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 />
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