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ORD- 2014 -039 <br />ORANGE COUNTY <br />BOARD OF COMMISSIONERS <br />ACTION AGENDA ITEM ABSTRACT <br />Meeting Date: October 21, 2014 <br />Action Agenda <br />Item No. 6 -d <br />1 <br />SUBJECT: Application for North Carolina Education Lottery Proceeds for Orange County <br />Schools (OCS) and Contingent Approval of Budget Amendment # 2 -A Related <br />to OCS Capital Project Ordinances <br />DEPARTMENT: Finance and Administrative PUBLIC HEARING: (Y /N) No <br />Services <br />ATTACHMENT(S): <br />Attachment 1. OCS — Lottery Proceeds <br />Debt Service Application <br />INFORMATION CONTACT: <br />Clarence Grier, (919) 245 -2453 <br />PURPOSE: To approve an application to the North Carolina Department of Public Instruction <br />( NCDPI) to release proceeds from the NC Education Lottery account related to FY 2014 -15 <br />debt service payments for Orange County Schools (OCS), and to approve Budget <br />Amendment #2 -A (amended School Capital Project Ordinances), contingent on the NCDPI's <br />approval of the application. <br />BACKGROUND: Both County School Systems have previously presented approved <br />resolutions from their respective Boards requesting that the County modify its Capital Funding <br />Policy by applying accumulated lottery funds to debt service payments, and permitting current <br />year withdrawals of lottery proceeds immediately after the State's quarterly lottery fund <br />allocations. This policy expedites both the application process and the receipt of funds for both <br />school systems. <br />Currently, the accumulated available lottery funds for Orange County Schools (OCS) are <br />$218,597. The attached application requests NCDPI to release lottery funds to cover debt <br />service for projects previously financed for the Orange County Schools system. <br />Budget Amendment #2 -A provides for the receipt of the Lottery Proceeds, contingent on <br />NCDPI's approval of the application, and substitutes the amount of Lottery Proceeds approved <br />for debt service as additional Pay -As- You -Go (PAYGO) funds for FY 2014 -15 for OCS long — <br />range capital needs and projects, and amends the budgets for the following OCS capital <br />projects: <br />