Agenda - 03-20-2001-8f - Laserfiche WebLink

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~~ ORANGE COUNTY BOARD OF COMMISSIONERS ACTION AGENDA ITEM ABSTRACT Meeting Date: March 20, 2001 Action Agenda Item No. ~-.~ . SUBJECT: Application far State Public School Building Capital Funds DEPARTMENT: Budget PUBLIC HEARING: (Y/N) No ATTACHMENT(S): INFORMATION CONTACT: Applications for Public School Building Donna Dean 245-2151 Capital Funds TELEPHONE NUMBERS: Hillsborough 732-8181 Chapel Hill 968-4501 Durham 688-7331 Mebane 336-227-2031 PURPOSE: To approve applications to the State Budget Office to release funds from Orange County's Public School Building Capital Fund account. BACKGROUND: In 1987, the General Assembly established the Public School Building Capital Fund (PSBCF) to assist county governments in meeting their public school needs. The State uses a portion of its corporate income tax receipts (including interest earned) to fund the PSBCF. Monies from the Fund are allocated to counties on a per average daily membership (ADM) basis according to the Department of Public Instruction's certified ADM for the current fiscal year. Counties can use these funds to offset costs in three major areas: • New school construction projects (including the purchase of land) and repairing/renovating older facilities; • Implementation of local school technology plans; • Repayment of debt service. Since the creation°of this Fund, Orange County has used its allocations to cover a portion of the renovation costs at Ephesus Elementary, Chapel Hill High, Stanford Middle School and Hillsborough Elementary. In addition, these funds have offset a portion of the construction. costs at East Chapel Hill High School, McDougle Elementary, Scroggs Elementary, and New Hope Elementary. As of January 2001, Orange County has accumulated $3,732,129 since the last draw down of funds in 1997. Given the uncertainty of the State's current and future fiscal condition, staff recommends that the Board pursue the draw down of these funds as quickly as passible to eliminate any possibility that these funds might be sequestered (although there has been no indication from the State that such a step might be taken). The attached applications request that the State release these funds to offset debt service related to the 1992 and 1997 voter approved bonds. These funds do not represent additional, unanticipated funds from the State.