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Adopted 041241200 <br />revenue be earmarked for public school CaPital outlay as defined in I GS §10 -426(0 <br />or to retire any indebtedness incurred by the county for these purposes) <br />0 School Construction Impact Fees for each school system. <br />• Public School Building Capital Fund monies <br />ue sufficient to all debt service on remaining 1988, '1992, 1997, <br />Property tai revenue P <br />or 200 bonds, 9 <br />or refinancings thereof$ as well as alternative financing programmed in <br />the debt issuance schedule approved the Board on May , 2004 and any <br />subsequent updates to that schedule as the Board may approve. <br />• It is the intent of <br />the Board of County commissioners to dedicate the equivalent of four <br />annual ad valorem property tax to funding recurring capital expenditures <br />cents on the p p � the <br />cents acrd county I cent). However, there will be titres when for schools (three } <br />e bound fiscal! and unable to achieVe full funding* During those dines, <br />County will � b o�-�I 8 <br />be <br />may find it necessary to depart from the Policy. During the 20 <br />cr�rn��ro y <br />' t Plan development process, the Board will consider timetable for <br />Capital Investment p P ent <br />phasing <br />in the additional tiro— cents necessary t fully the recurring capital component <br />of this policy. <br />to a abut need not, be adjusted with each qua fr nnial revaluation o (This 4�n� rate y, . <br />"revenue neutral" earmarking) <br />. the count will budget IBC Education Lottery <br />Beginning �n fiscal year 2007 � y g , <br />r�. arrears" — me n-In that funds will be budgeted in the year after the State <br />proceeds �n 9 <br />distributes thee. For example, le lottery p roceed distributed to the county during the <br />upcoming 007-0 fiscal year would b budgeted the following fiscal year, 2008 -09. <br />� <br />Debt service <br />elated debt service III county and School r obligations would be funded prior to allocation 9 <br />of programmed funding for any other capital purposes. <br />All proceeds from annual allocations of North Carolina Public School Building capital <br />Funds will be earmarked explicitly to pay for eligible school debt service. <br />Schools' impact fees will be earmarked explicitly to pay for debt service on <br />Orange county B p <br />projects that involved the construction of new school space in the orange County Schools <br />ystern Chapel Fill- carrboro City Schools' imptict fees will be earmarked explicitly to pay <br />p <br />for debt service on projects that involved the construction of n school space in the <br />Chapel bill- carrboro city Schools system, <br />NIC Education Lottery Proceeds <br />Beginning �n fiscal <br />` year 2008 -09 each school district will have the option to dedicate its <br />l l Education Lottery monies either (1) to repay debt service for debt <br />share of the annual � <br />ear 2006 -�07 to. address school facility renovation needs or (2) as an <br />issued after fiscal . . <br />.. to the districts pay-as-you-go funding to address school facility <br />additional revenue <br />If either district chooses to dedicate Lottery proceeds to repay debt <br />renovation needs. � <br />service, Lottery proceeds, sufficient to cover annual debt payments for principal a nd <br />interest, will be dedicated for the life of the financing. . <br />