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7 <br /> Background <br /> ■ School Capital Needs Taskforce recommended School Facility Study to prioritize <br /> both School District facilities with Facility Conditions Index as a key measure. <br /> ■ At the Board of Commissioners Retreat on January 19, 2024, the County approved <br /> moving forward with a funding plan for County and School Facility Needs. Funding <br /> for this plan includes: <br /> A $300 million General Obligation School Bond Referendum and additional Pay- <br /> Go School Funding of $100 million. <br /> Limited Obligation Bond funding for identified County Facility Needs and <br /> previously approved CIP projects. <br /> ■ New State Law requires GO Bond Ballot to include Total Debt Service (Principal <br /> and Interest) and GO Bond Tax Rate. Prior Bond Ballots had included the Principal <br /> amount. <br /> ■ Local Government Commission has reviewed the County Plan of Finance and Debt <br /> Policies with Staff, Financial Advisors and Bond Counsel to ensure compliance with <br /> the new State Law.. <br /> ■ Four separate Board Actions required from April 2 through June 4, 2024. . <br /> ORANGE COUNTY <br /> NORTH CAROLINA <br />