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172 <br /> •-]-, NOV 1 7 <br /> Age <br /> 1` NORTH CAROLINA <br /> 11 DEPARTMENT OF <br /> PUBLIC SUPERINTENDENT <br /> 116 west Edenton Street •Education Building WI L AM W. PEEK <br /> Raleigh •2760-1712 SENIOR ASSOCIATE STATE SUPERINTENDENT <br /> November 14, 1986 <br /> MEMO TO: All Superintendents <br /> FROM: William W. Peek W <br /> ee <br /> Senior Associate State Superint dent <br /> Darrell Spencer, Director <br /> 0:46.7.cmell/ <br /> Division of School Planning <br /> SUBJECT: Governor's Proposal for Funding School Construction <br /> On October 9 the Governor held a press conference to propose a "loan <br /> fund" for school construction. You were mailed copies of the press <br /> release and a cover memo from Dr. Phillips on October 10th. <br /> As you know, the Governor's proposal would allow counties to use part or <br /> all of the two one-half percent sales taxes (or any other non-restricted <br /> monies) to repay the loan. The chart in the press release indicated the <br /> amount of revenue generated by the sales taxes in 1985-86 and the loan <br /> potential using only the mandated 40 percent and 60 percent of the <br /> revenue. <br /> The attached chart prepared by our staff, titled "Loan potential under <br /> Governor's School Construction Proposal , 1987-88," increases the <br /> revenues by 7 percent annually through 1987-88, the earliest year that <br /> the program could be implemented. The chart also indicates the amounts <br /> that could be borrowed under various funding levels. <br /> We trust that this information will be helpful as you plan with your <br /> board of education and board of county commissioners. Please feel free <br /> to call on us if you have questions or if we can assist you in any way. <br /> WWP/DS/st <br /> Attachment <br /> rw OI *) 1A++.. ,,„,ncdo.. ,- <br />