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DRAFT <br />4. If the BOARD OF EDUCATION's design and plans for Phase <br />I of CHCCS high school #3 meet said smart-growth principles, the <br />BOARD OF COMMISSIONERS agrees to approve, by capital project <br />ordinance, an additional appropriation to the capital expense <br />fund of the BOARD OF EDUCATION of $2,200,000 more than <br />$27,800,000 for CHCCS high school #3. This appropriation shall <br />be derived from newly-identified funding sources rather than <br />funds already dedicated to BOARD OF EDUCATION projects, and <br />shall not require debt service by the BOARD OF EDUCATION. This <br />funding shall be provided through additional County debt of up <br />to $2.2 million through a form of alternative financing, <br />IN WITNESS WHEREOF the BOARD OF EDUCATION and the BOARD OF <br />COMMISSIONERS have caused their duly authorized officials to <br />execute this agreement the day and year first above written, <br />pursuant to authority duly given and as their respective acts, <br />intending to be bound thereby. <br />CHAPEL HILL-CARRBORO CITY <br />BOARD OF EDUCATION <br />ATTEST: <br />By: <br />Neil G. Pedersen, <br />Superintendent <br />By: <br />3 <br />Elizabeth Carter, Chair <br />Board of Education <br />~s <br />