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RES-2009-088 Resolution for the Sale of Refunding Bonds
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RES-2009-088 Resolution for the Sale of Refunding Bonds
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Last modified
9/3/2015 3:25:49 PM
Creation date
9/3/2015 3:25:29 PM
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BOCC
Date
12/15/2009
Meeting Type
Regular Meeting
Document Type
Resolution
Agenda Item
4k
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RES-2010-008 Amendment to Bond Resolution adopted on 12-15-2009 approving Issuance General Obligation Bonds Refinance County Bonds Issued 2001 & 2003
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29 <br /> The State provides the basic minimum education program for each school administrative unit. <br /> Funding for this basic program is provided by appropriations from the State Public School Fund. <br /> Additional funding is provided by special State and Federal Grants. The County also appropriates <br /> funds to each school system, which provides for program expansions beyond the state basic mini- <br /> mum.The County ranked number one in the State in per pupil funding in 2009.A special school dis- <br /> trict tax is levied in a special school district that comprises the CHCCS system. This tax is a <br /> significant revenue source for the CHCCS system. (See the section "Tax Information" below.) The <br /> major sources of school funding in each school administrative unit budgeted for the fiscal year ended <br /> June 30, 2009 are outlined in the chart below. <br /> Qra %of Total CHM %of Totat <br /> State $37,262,986 56% $ 63,848,216 .50% <br /> Federal 2,582,182 4 5,200,000 6 <br /> Local 28.147.013 41 59.538.474 45 <br /> Total $67,992,181 100% $128,586,690 100% <br /> The building of public school facilities has been a joint State/County effort with the County <br /> playing the major role. Local financial support is provided by the County primarily through the use <br /> of one-half cent local option sales and use taxes, bond proceeds, installment financing and impact <br /> fees. <br /> Large portions of the one-half cent local option sales and use taxes authorized by the General <br /> Assembly in 1983 and 1986 are a major funding source for public school facilities. These taxes are <br /> used in accordance with County Capital Policies and the County's ten-year Capital Investment Plan <br /> to fund construction as well as debt service for both school and County facilities. The County re- <br /> ceived $10.05 million from one-half cent sales taxes in the fiscal year ended June 30, 2009. Of this <br /> amount,approximately$6.1 million has been allocated to school construction and debt retirement. <br /> In 1987 the General Assembly adopted special legislation on behalf of the County which autho- <br /> rized the County to establish a system of impact fees on new residential development. Revenues <br /> generated by these fees are to be used toward additional school facilities necessitated by the new <br /> development. The Board of County Commissioners in December of 2008 adopted the most recent <br /> amendment.This amendment established impact fees effective January 1,2009*as follows: <br /> Orange County Schools <br /> Single Family Detached—$3,000 per unit <br /> Single Family Attached—$930 <br /> Manufactured Homes—$1,428 <br /> Chapel Hill Carrboro City Schools <br /> Single Family Detached—$6,092 per unit <br /> Single Family Attached—$3,525 <br /> Multifamily—$686 <br /> Manufactured Homes—$2,634 <br /> *The amendment increases the above impact fees each year effective January 1, 2010-2012. <br /> Impact fees have generated over$30.6 million since implementation in 1993. Impact Fees gen- <br /> erated$1.23 million in the fiscal year ended June 30,2009. <br /> Revenues received by the County from the sources mentioned above are expected by the County <br /> to be sufficient to fund a significant portion of school capital improvements over the next 10 years. <br /> 10 <br />
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