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to the extent possible, should the State pursue sequestering Lottery monies this year - similar to <br />past years when the State has withheld County's allocations of Public School Building Fund <br />monies. <br />FINANCIAL IMPACT: Proposed alternative financing for Elementary #11 is in addition to the <br />current debt issuance plans currently approved by the Board. As proposed, the County would <br />incur $32,203,923 in debt in winter/spring 2009. Annual debt service payments, based on 5.5 to <br />6 percent annual interest for 20 years, would range between $3.3 to $3.5 million. The estimated <br />first year payment, projected for fiscal year 2009-10, would equate to just over 1 cent on the <br />County's ad valorem tax rate. <br />RECOMMENDATION(S): The Manager recommends that the Board of County Commissioners <br />approve staffs proposed funding plan for construction of Elementary #11 for the Chapel Hill <br />Carrboro City Schools (CHCCS). <br />