Agenda - 03-02-2006-8bOS - Laserfiche WebLink

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purchase financing and impact fees. The voters, at a referendum held November 6, 2001, approj~ed the issuance of up to $47,000,000 of general obligation school bonds, of which all have been issued. Some of the proceeds from the general obligation bonds will be used together with proceeds of the 2006A Certificates on school projects. Large portions of the one-half cent local option sales and use taxes authorized by the General Assembly in 1983 and 1986 are a major funding source for public school facilities. These taxes are used in accordance with County Capital Policies and the County's ten-year Capital Investment Plan to fund construction as well as debt service for both school and County facilities. The County expects to receive approximately $9,135,930 from one-half cent sales taxes in the fiscal year ending June 30, 2006. Of this amount, approximately $5,400,000 has been allocated to school construction and debt retirement. In 1987 the General Assembly adopted special legislation on behalf of the County which authorized the County to establish a system of impact fees on new residential development. Revenues generated by these fees are to be used toward additional school facilities necessitated by the new development. In June of 1993 the Board of County Commissioners for the County adopted a local ordinance which officially established the system of impact fees. An impact fee of $750 for each d«-~elling unit was originally adopted for both the OCS and CHCCS in 1993. Since the 1993 adoption, the impact fees have been amended on several occasions at the official requests of the School Boards. The Board of County Commissioners in June of 2001 adopted the most recent amendment. This amendment established impact fees as follows: Orange Cowity Schools Single Family Detached $3,000 per unit All Other Residential* $1,420 per unit Chapel Hill Carrboro City Schools Single Family Detached $4,407 per unit All Other Residential $1,979 per unit Examples of "All Other Residential" units include mobile homes and apartment units. Impact fees have generated over $26,000,000 since their implementation in 1993. It is expected that these fees will generate an additional $2,600,000 in the fiscal year ending June 30, 2006. Revenues received by the County tiom the sources mentioned above are expected by the County to be sufficient to fund a significant portion of school capital improvements over the next 10 years. The following table reflects average daily membership and the number of schools for both the OCS and CHCCS for afive-year period. C-883836v4 13361.00022 20