Orange County NC Website
Browse       Search
5 <br />D. Next Steps <br />During the August 31 work session, it would be helpful for Commissioners to <br />offer guidance and observations related to County and School projects <br />particularly with regard to those projects that require debt financing beyond the <br />amounts currently programmed and endorsed by the Board. In addition to <br />project affordability, there are other capital funding related items such as the <br />County's Capital Funding Policy including the handling of anticipated Education <br />Lottery proceeds and School Construction Standards that the Board may wish to <br />discuss at a future work session. <br />Information regarding the State's Education Lottery has slowly emerged over the <br />summer months. In addition, two upcoming events may offer additional <br />information and clarity to what we can expect from the Lottery. The first event is <br />the NC Association of County Commissioners annual conference — one of the <br />workshop topics planned for the conference is "The Ins and Outs of the <br />Education Lottery' The Budget Director plans to attend the workshop to gather <br />additional Lottery related information. Another important Lottery related date <br />centers around October 1, 2006 — that is the date that Counties across the state <br />expect the first allotment of Education Lottery proceeds. <br />On another note, the Board approved capital project for Carrboro High School <br />totals $35,442,000. Construction of Carrboro High School is underway, and cash <br />flow needs continue to increase. To that end, staff plans to request Board <br />approval for a short-term third -party financing arrangement for six to nine months <br />totaling $9 million at the September 12 regular Commissioners meeting. As with <br />short-term financing for the SportsPlex purchase, the short-term financing <br />arrangement would be replaced by a longer term debt issuance planned in spring <br />2007. <br />FINANCIAL IMPACT: Financial impacts are included in the background <br />information above. <br />RECOMMENDATION (S): The Manager recommends that the Board of County <br />Commissioners receive the information. <br />