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ORANGE COUNTY <br />BOARD OF COMMISSIONERS <br />ACTION AGENDA ITEM ABSTRACT <br />Meeting Date: June 7, 2005 <br />Action Agen Jcda <br />Item No. -~ <br />SUBJECT: Application for State Public School Building Capital Funds <br />DEPARTMENT: Budget <br />PUBLIC HEARING: (Y/N) No <br />ATTACHMENT (S): <br />Application far Public School Building <br />Capital Funds <br />INFORMATION CONTACT: <br />Donna Dean 245-2151 <br />Durham 688-7331 <br />Mebane 336-227-2031 <br />TELEPHONE NUMBERS: <br />Hillsborough 732-8181 <br />Chapel Hill 968-4501 <br />PURPOSE: To approve an application to the North Carolina Department of Public Instruction to <br />release funds from Orange County's Public School Building Capital Fund account, <br />BACKGROUND: In 1987, the General Assembly established the Public School Building Capital <br />Fund (PSBCF) to assist county governments in meeting their public school needs, The State <br />uses a portion of its corporate income tax receipts (including interest earned) to fund the <br />PSBCF. Monies from the funds are allocated to counties on a per average daily membership <br />(ADM) basis according to the Department of Public Instruction's certified ADM for the current <br />fiscal year, Counties can use these funds to offset costs in three major areas: <br />New school construction projects (including the purchase of land) and <br />repairing/renovating older facilities; <br />Implementation of local school technology projects; <br />Repayment of debt service. <br />Since the creation of this fund, Orange County has used its allocations to cover a portion of the <br />renovation costs at Ephesus Elementary, Chapel Hill High, Stanford Middle, and Hillsborough <br />Elementary, In addition, these funds have offset a portion of the construction costs at East <br />Chapel Hill High, McDougle Elementary, Scroggs Elementary and New Hope Elementary. Mare <br />recently, the County has used these funds to pay a portion of the debt service associated with <br />various school projects that are debt financed. <br />As of May 31, 2005, Orange County had $540,406 accumulated in the PSBCF account since <br />the last draw down of funds in June 2004. Given the uncertainty of the State's current and <br />future fiscal condition, staff recommends that the Board pursue the draw down of these funds <br />