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1 <br /> ORD-2015-026 <br /> ORANGE COUNTY <br /> BOARD OF COMMISSIONERS <br /> ACTION AGENDA ITEM ABSTRACT <br /> Meeting Date: October 6, 2015 <br /> Action Agenda <br /> Item No. 6-f <br /> SUBJECT: Application for North Carolina Education Lottery Proceeds for Orange County <br /> Schools (OCS) and Contingent Approval of Budget Amendment#2-A Related <br /> to OCS Capital Project Ordinances <br /> DEPARTMENT: Finance and Administrative PUBLIC HEARING: (Y/N) No <br /> Services <br /> ATTACHMENT(S): INFORMATION CONTACT: <br /> Attachment 1. OCS — Lottery Proceeds Paul Laughton, (919) 245-2152 <br /> Debt Service Application <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 2015-16 <br /> debt service payments for Orange County Schools (OCS), and to approve Budget Amendment <br /> #2-A (amended School Capital Project Ordinances), contingent on the NCDPI's approval of the <br /> 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 Orange County Schools (OCS) is <br /> $522,219. The attached application requests NCDPI to release lottery proceeds in the amount <br /> of $522,219 to cover debt service for projects previously financed for the Orange County School <br /> system. <br /> Budget Amendment #2-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 2015-16 for OCS long- <br /> range capital needs and projects, and amends the budgets for the following OCS capital <br /> projects: <br />