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ORD-2018-015 Application for North Carolina Education Lottery Proceeds for OCS and Contingent Approval of BA #8-B Related to OCS CPOs
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ORD-2018-015 Application for North Carolina Education Lottery Proceeds for OCS and Contingent Approval of BA #8-B Related to OCS CPOs
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3/13/2019 11:19:25 AM
Creation date
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BOCC
Date
5/1/2018
Meeting Type
Regular Meeting
Document Type
Ordinance
Agenda Item
8-e
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Agenda - 05-01-2018 8-e - Application for North Carolina Education Lottery Proceeds for OCS and Contingent Approval of BA #8-B Related to OCS CPOs
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\Board of County Commissioners\BOCC Agendas\2010's\2018\Agenda - 05-01-2018 Regular Meeting
Minutes 05-01-2018
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\Board of County Commissioners\Minutes - Approved\2010's\2018
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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 />SUBJECT:Application for North Carolina Education Lottery Proceeds for Orange County <br />Schools (OCS) and ContingentApproval of Budget Amendment #8-B Related <br />to OCSCapital Project Ordinances <br />DEPARTMENT:Finance and Administrative Services <br />ATTACHMENT(S):INFORMATION CONTACT: <br />Attachment 1. OCS –Lottery Proceeds <br />Debt Service Application <br />Paul Laughton,(919) 245-2152 <br />Gary Donaldson, (919) 245-2453 <br />PURPOSE: To approve anapplication to the North Carolina Department of Public Instruction <br />(NCDPI) to release proceedsfrom the NC Education Lottery account related to FY 2017-18 <br />debtservice 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 todebt service payments, and permitting current <br />year withdrawalsof lottery proceedsimmediately 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 proceedsfor Orange County Schools (OCS) is <br />$640,604.The attached application requestsNCDPIto release lottery proceedsin the amount <br />of $541,188to cover debt service for projects previously financed for the Orange CountySchool <br />system. <br />Budget Amendment #8-B provides for the receipt of the Lottery Proceeds, contingent on <br />NCDPI’sapproval of the application, and substitutes the amount of Lottery Proceedsapproved <br />for debt serviceas additional Pay-As-You-Go (PAYGO) funds for FY 2017-18 for OCSlong- <br />range capital needs and projects, and amends the budgets for thefollowing OCScapital <br />projects: <br />1
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