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ORANGE COUNW <br /> BOARD OF COMMISSIONERS <br /> ACTION AGENDA ITEM ABSTRACT <br /> Meeting Date: June 18, 2002 <br /> Action Agen e <br /> Henri <br /> SUBJECT: Application for State Public School B 'Id Capital F d <br /> DEPARTMENT: Budget PUBLIC HEARING: (YIN) <br /> ATTACHMENT(S): INFORMATION CONTACT: <br /> Applications for Public School Building Donna Dean, 245-2151 <br /> Capital Funds <br /> TELEPHONE NUMBERS: <br /> Hillsborough 7328181 <br /> Chapel Hill 9684501 <br /> Durham 688-7331 <br /> Mebane 336-2274031 <br /> PURPOSE: To approve applications to the State Budget Office to resume funds from Orange <br /> County's Public School Building Capital Fund account. <br /> BACKGROUND: In 1987, the General Assembly established the Public School Building <br /> Capital Fund(PSBCF)to assist county governments in meeting their public school needs. The <br /> State uses a portion of its corporate income tax receipts (inducting interest earned) to fund Me <br /> PSBCF. Monies from the Fund are allocated to counties on a per average daily membership <br /> (ADM) basis according M the Department of Public Instruction's codified ADM for the current <br /> fiscal year. Counties can use Mesa funds M offset costs in three major areas: <br /> • New school construction projects (including the purchase of land) and <br /> repairinglrenovating older facilities; <br /> • Implementation of local school technology plans; <br /> • Repayment of debt service. <br /> Since to creation of this fund, Orange County has used its allocations to cover a portion of the <br /> renovation Posts at Ephesus Elementary, Chapel Hill High, Stanford Middle School, and <br /> Hillsborough Elementary. In addition, these funds have offset a portion of Me construction <br /> coats at East Chapel Hill High School, McDougle Elementary, Scroggs Elementary, and New <br /> Hope Elementary. Last year, these funds were used to pay a potion of Me debt service <br /> associated with 1992 and 1997 bona. <br /> As of April 2002, Orange County has accumulated $713,024 since the last draw down of funds <br /> in March 2001. Given the uncertainty of the State's current and future fiscal condition, staff <br /> recommends that Me Board pursue the draw down of these funds as quickly as possible to <br /> eliminate any passibility that these funds might be sequestered (although there has been no <br /> indication from me State that such a step might be taken). The attached applications request <br /> that the State release Mesa funds to offset debt service related to the 1992 voter approved <br /> bonds. These (antl$ do not represent additional. unanticipated funds from the State. They <br />