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ORD- 2018 -015 <br />ORANGE COUNTY <br />BOARD OF COMMISSIONERS <br />ACTION AGENDA ITEM ABSTRACT <br />Meeting Date: May 1, 2018 <br />Action Agenda <br />Item No. 8 -e <br />1 <br />SUBJECT: Application for North Carolina Education Lottery Proceeds for Orange County <br />Schools (OCS) and Contingent Approval of Budget Amendment #8 -B Related <br />to OCS Capital Proiect Ordinances <br />DEPARTMENT: Finance and Administrative Services <br />ATTACHMENT(S): <br />Attachment 1. OCS — Lottery Proceeds <br />Debt Service Application <br />INFORMATION CONTACT: <br />Paul Laughton, (919) 245 -2152 <br />Gary Donaldson, (919) 245 -2453 <br />PURPOSE: To approve an application to the North Carolina Department of Public Instruction <br />( NCDPI) to release proceeds from the NC Education Lottery account related to FY 2017 -18 <br />debt service payments for Orange County Schools (OCS), and to approve Budget Amendment <br />#8 -B (amended School Capital Project Ordinances), contingent on the NCDPI's approval of the <br />application. <br />BACKGROUND: Both County School Systems have previously presented approved <br />resolutions from their respective Boards requesting that the County modify its Capital Funding <br />Policy by applying accumulated lottery funds to debt service payments, and permitting current <br />year withdrawals of lottery proceeds immediately after the State's quarterly lottery fund <br />allocations. This policy expedites both the application process and the receipt of funds for both <br />school systems. <br />Currently, the accumulated available lottery proceeds for Orange County Schools (OCS) is <br />$640,604. The attached application requests NCDPI to release lottery proceeds in the amount <br />of $541,188 to cover debt service for projects previously financed for the Orange County School <br />system. <br />Budget Amendment #8 -B provides for the receipt of the Lottery Proceeds, contingent on <br />NCDPI's approval of the application, and substitutes the amount of Lottery Proceeds approved <br />for debt service as additional Pay -As- You -Go (PAYGO) funds for FY 2017 -18 for OCS long - <br />range capital needs and projects, and amends the budgets for the following OCS capital <br />projects: <br />