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4 <br /> New Chapel Hill—Carrboro Elementary School <br /> • Chapel Hill—Carrboro City Schools <br /> Capital Project Ordinance <br /> Be it ordained by the Orange County Board of County Commissioners that pursuant to Section 13.2 <br /> of Chapter 159 of the General Statutes of North Carolina, the following capital project is <br /> hereby adopted. <br /> Section 1. The project authorized provides funds to construct a new elementary school in the Chapel <br /> Hill—Canboro School District to open in 1996-97. The project will be financed through an <br /> installment purchase plan such as Certificates of Participation. Annual installment <br /> payments will be paid from the Schools' portion of the one—half cent sales tax and impact <br /> fee revenue. <br /> Section 2. The officers of the County are hereby directed to proceed with the project within the <br /> budget contained herein. <br /> Section 3. The following revenue is anticipated for this project: <br /> Transfer from Reserve for New Elementary $81,859 <br /> School Capital Project <br /> Section 4. The following amount is appropriated for this project: <br /> New Chapel Hill—Carrboro Elementary School $81,859 <br /> Capital Project <br /> Section S. This ordinance, originally adopted March 1, 1994, shall be in effect until June 30, 1994. <br /> Adopted this 1st day of March, 1994. <br /> m:\budge t9394\ards\schcapkchek m <br />