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UPDATED 062305 <br />• Property tax revenue sufficient to pay all debt service on remaining 1988, 1992, 1997, <br />or 2001 bonds, or refinancings thereof, as well as alternative financing programmed in <br />the debt issuance schedule approved by the Board on May 5, 2004 and any <br />subsequent updates to that schedule as the Board may approve. <br />Debt Service <br />All County and School related debt service obligations will be funded prior to allocation of <br />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 />Orange County Schools impact fees will be earmarked explicitly to pay for debt service on <br />projects that involved the construction of new school space in the Orange County Schools <br />system. Chapel Hill-Carrboro City Schools impact fees will be earmarked explicitly to pay <br />for debt service on projects that involved the construction of new school space in the <br />Chapel Hill-Carrboro City Schools system. <br />Allocation <br />With the exception of the revenues earmarked for School and County recurring capital and <br />the Construction Management function, the net proceeds of all programmed revenue <br />sources after debt service obligations have been satisfied will be allocated on the basis of <br />60% to schools and 40% to the County. <br />Capital funding for each ten year capital planning period will be allocated between the two <br />school systems based on certified student membership as of November 15 each year. <br />Capital Project Ordinances — Form and Purpose <br />All funds allocated to capital projects are to be accounted for in a Capital Project Fund as <br />authorized by a Board of County Commissioner approved Capital Project Ordinance. <br />The Capital Project Ordinance will include a detailed break down of each major cost <br />category related to the project. <br />In accordance with the Board of County Commissioners November 2000 adopted "Policy <br />on Planning and Funding School Capital Projects", whenever School capital project bids <br />are either higher or lower than originally projected, or any other factor affecting the project <br />budget occurs, the affected school system is expected to work with County Management <br />and Budget staff to present revised capital project ordinances for adoption by the Board of <br />Commissioners. The same expectations shall be applicable for changes to County Capital <br />project budgets. <br />Community Use of Schools <br />It is the intent of the Board of County Commissioners to evaluate each new proposed <br />school in both School Districts for joint community use opportunities, including, but not <br />limited to, park and recreation use. <br />Recurring Capital <br />As outlined in the "Sources of Funds" section of this policy, recurring capital funding for the <br />Schools and County will be based on the estimated proceeds of 4 cents on the annual <br />