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3 <br /> New Chapel Hill-Carrboro Elementary School <br /> Chapel Hill-Carrboro City Schools <br /> Capital Project Ordinance <br /> Project Number 64-880-7115 <br /> Be it ordained by the Orange County Board of County Commissioners that pursuant to Section 13.2 <br /> of Chapter 159 of the General Statutes of North Carolina,the following capital project is hereby adopted. <br /> Section 1. The project authorized provides funds to construct a new elementary school in the Chapel <br /> Hill/Carrboro School District to open in 1996-97. The project will be fmanced <br /> through an installment purchase arrangement,from sales tax revenue and from impact fee <br /> proceeds. <br /> Section 2. The officers of the County are hereby directed to proceed with the project within the <br /> budget contained herein. <br /> Section 3. The following revenue is anticipated for this project: <br /> Transfer from Reserve for New Elementary <br /> School Capital Project(1993-94) $81,859 <br /> Transfer from General Fund(1994-95) $673,857 <br /> Transfer from Impact Fees Fund(1994-95) $294.188 <br /> Total Transfers $1,049,904 <br /> Proceeds from Installment Purchase $9.600,000 <br /> Total Revenues $10,649,904 <br /> Section 4. The following amount is appropriated for this project: <br /> New Chapel Hill-Carrboro Elementary School Capital Project $10,649,904 <br /> Section 5. This ordinance supersedes all previous New Chapel Hill-Carrboro Elementary School Capital <br /> Project Ordinances for the Chapel Hill-Carrboro City Schools System. <br /> Section 6. This ordinance,originally adopted March 1, 1994,shall be in effect until June 30, 1995. <br /> Adopted this 20h day of December, 1994. <br /> m:\budget\9495\ords\schcap\chelem <br />