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ORANGE COUNTY <br />BOARD OF COMMISSIONERS <br />ACTION AGENDA ITEM ABSTRACT <br />Meeting Date: May 15, 2007 <br />Action Agenda <br />Item No. <br />SUBJECT: Application for State Public School Building Capital Funds and NC Education <br />Lottery Monies <br />DEPARTMENT: Budget PUBLIC HEARING: (Y/N) No <br />ATTACHMENT (S): <br />Attachment 1. Applications for Public <br />School Building Capital <br />Funds <br />(a) Carrboro High School <br />(b) Rashkis Elementary INFORMATION CONTACT: <br />(c) Cedar Ridge High Donna Coffey, 245-2151 <br />School <br />Attachment 2. Applications for NC <br />Education Lottery <br />(a) Scroggs Elementary <br />(b) Gravelly Middle <br />School <br />PURPOSE: To approve applications to the North Carolina Department of Public Instruction to <br />release funds from Orange County's Public School Building Capital Fund and NC Education <br />Lottery account. <br />BACKGROUND: <br />Public School Building Fund <br />In 1987, the North Carolina General Assembly established the Public School Building capital <br />Fund (PSBCF) to assist county governments in meeting their public school capital needs. The <br />State uses a portion of its corporate income tax receipts (including interest earned) to fund the <br />PSBF. Monies from the fund are allocated to counties on an average daily membership (ADM) <br />basis but not specific to one school district or the other. <br />Since the creation of this fund by the State, Orange County has used its allocation to cover a <br />portion of the renovation costs at Ephesus Elementary, Chapel Hill High, Stanford Middle and <br />Hillsborough Elementary schools. More recently, in accordance with State guidelines and the <br />County's Capital Funding Policy, the County has used these funds to pay a portion of the debt <br />service associated with various school projects that are debt financed. <br />As of April 24, 2007, $1,065,593 has accumulated in Orange County's PSBFC account since <br />the last draw down of funds in June 2006. It is important to note that this amount does not <br />include additional monies anticipated from April and May 2007 interest earnings and May 2007 <br />quarterly distribution of corporate income taxes. Staff plans to request that the State reimburse <br />