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ORD- 2015 -008 <br />ORANGE COUNTY <br />BOARD OF COMMISSIONERS <br />ACTION AGENDA ITEM ABSTRACT <br />Meeting Date: April 7, 2015 <br />Action Agenda <br />Item No. 6 -e <br />SUBJECT: Application for North Carolina Education Lottery Proceeds for Chapel Hill — <br />Carrboro City Schools (CHCCS) and Contingent Approval of Budget <br />Amendment #7 -A Related to CHCCS Capital Project Ordinances <br />DEPARTMENT: Finance and Administrative PUBLIC HEARING: (Y /N) No <br />Services <br />ATTACHMENT(S): <br />Attachment 1. CHCCS — Lottery <br />Proceeds Debt Service <br />Application <br />INFORMATION CONTACT: <br />Paul Laughton, (919) 245 -2152 <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 Chapel Hill — Carrboro City Schools (CHCCS), and to approve <br />Budget Amendment #7 -A (amended School Capital Project Ordinances), contingent on the <br />NCDPI's 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 proceeds for Chapel Hill — Carrboro City Schools <br />(CHCCS) is $182,930. The attached application requests NCDPI to release lottery proceeds in <br />the amount of $182,700 to cover debt service for projects previously financed for the Chapel Hill <br />— Carrboro City School system. <br />Budget Amendment #7 -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 CHCCS long - <br />range capital needs and projects, and amends the budgets for the following CHCCS capital <br />projects: <br />