Agenda - 04-08-2008-3 - Laserfiche WebLink

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33 Adopted 04/24/2007 revenue be earmarked for public schoo! capital outlay as defined in NCGS§~Q5-426(f7 or to retire any indebtedness incurred by the county for these purposes) • School Construction Impact Fees for each school system. • Public School Building Capital Fund monies • Properly tax revenue sufficient to pay all debt service on remaining 1988, 1992, 1997, or 2001 bonds, or refinancings thereof, as well as alternative financing programmed in the debt issuance schedule approved by the Board on May 5, 2004 and any subsequent updates to that schedule as the Board may approve. ® It is the intent of the Board of County Commissioners to dedicate the equivalent of four cents an the annual ad valorem property-tax to funding recurring capital expenditures for schools (three cents) and county (1 cent). However, there will be times when the County will be~~bound fiscally and unable to achieve full funding. During those times, Commissioners may find it necessary to depart from the Policy. During the 2008-18 Capital Investment Plan development process, the Board will consider a timetable for phasing in the additional two-cents necessary to fully the recurring capital component of this policy. (This 4-cent rate may, but need nof, be adjusted with each quadrennial revaluation to a "revenue neutral" earmarking) • Beginning in fiscal year 2007-08, the County will budget NC Education Lottery proceeds "in arrears" -meaning that funds will be budgeted in the year after the State distributes them. For example, lottery proceeds distributed to the County during the upcoming 2007-08 fiscal year would be budgeted the following fiscal year, 2008-09. Debt Service All County and School related debt service obligations would be funded prior to allocation of programmed funding for any other capital purposes. All proceeds from annual allocations of North Carolina Public School Building Capital Funds will be earmarked explicitly to pay for eligible school debt service. Orange County Schools' impact fees will be earmarked explicitly to pay for debt service on. projects that involved the construction of new school space in the Orange County Schools system. Chapel Hill-Carrboro City Schools' impact fees will be earmarked explicitly to pay for debt service on projects that involved the construction of new school space in the Chapel Hill-Carrboro City Schools system: NC Education Lottery Proceeds Beginning in fiscal year 2008-09, each school district will have the option to dedicate its share of the annual NC Education Lottery monies either (1) to repay debt service for debt issued .after fiscal year 2006-07 to address school facility renovation needs or (2) as an additional revenue to the districts pay-as-you-go funding to address school facility renovation needs. If either district chooses to dedicate Lottery proceeds to repay debt service, Lottery proceeds, sufficient to cover annual debt payments for principal and interest, will be,dedicated for the life of the financing.