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Carrboro City Schools Board of Education must also approve this application, which is docketed <br />for action at the Board of Education's May 18, 2006 meeting. <br />These funds do not represent additional, unanticipated funds for the Capital Investment Plan <br />(CIP). Staff has programmed these funds as a revenue source into the pay-as-you-go funding <br />allocations to the two school systems under the Countyy's present ten-year capital plan. <br />FINANCIAL IMPACT: Consistent with the County's current Capital Funding Policy, these <br />PSBCF monies are one source of funding for the ten-year Capital Investment Plan (CIP). Staff <br />has included the funds in the CIP revenue estimates and there is no additional financial impact <br />anticipated. During the previous two fiscal years, Orange County's action to draw down all <br />available PSBCF monies by the end of the fiscal year has protected the funds from any <br />sequestering by the State and has enhanced the County's comparative year end fund balance <br />position. <br />RECOMMENDATION(S): The Manager recommends that the Board of County Commissioners <br />approve, and authorize the Chair to sign, the application for Public School Building Capital <br />Funds, for the Chapel Hill-Carrboro-City Schools' share of the remaining debt service payment <br />related to construction of McDougle and Scruggs Elementary Schools. <br />