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5 <br /> Finance <br /> 14.The County is issuing $12 million in Series 2024 Limited Obligation Bonds in an upcoming <br /> financing package. This financing incurs $360,000 in cost of issuance related to the <br /> financing. These expenses will be budgeted in the Debt Service Fund, outside of the <br /> General Fund. <br /> SOCIAL JUSTICE IMPACT: There is no Orange County Social Justice Goal impact <br /> associated with this item. <br /> School Districts <br /> 15.At the April 16, 2024 Business Meeting, the Board approved the County applying for the <br /> State's lottery proceeds for the two school districts. The County uses lottery proceeds to <br /> pay down existing school related debt. In exchange, the County redirects the County funds <br /> that would have covered the debt to provide additional pay-as-you-go funding. In addition, <br /> the districts had accumulated $173,646 additional lottery funds above the County's initial <br /> budget estimate. Chapel Hill Carrboro City Schools (CHCCS) had $985,000 in its lottery <br /> proceed balance. Orange County Schools (OCS) had $591,000 in its lottery proceed <br /> balance. This amendment recognizes the lottery proceeds revenue in the Debt Service <br /> Fund, redirects the County transfer of $1,576,000 to the School Capital Fund. It further <br /> increases the authorization in the General Fund and the School Capital Fund by $173,646 <br /> and amends the budget of the following Capital Ordinances, based on the additional lottery <br /> funds: <br /> Classroom/Building Improvements - OCS ($8,182) - Project# 51025 <br /> Revenues for this project: <br /> Current FY 2023-24 FY 2023-24 <br /> FY 2023-24 Amendment Revised <br /> Alternative Financing $1,281,494 $0 $1,281,494 <br /> 2/3rds Net Debt Bonds $289,500 $0 $289,500 <br /> Transfer from General Fund $1,133,353 $8,182 $1,141,535 <br /> Qualified School Construction Bonds $2,946,819 $0 $2,946,819 <br /> Total Project Funding $5,651,166 $8,182 $5,659,348 <br /> Appropriated for this project: <br /> Current FY 2023-24 FY 2023-24 <br /> FY 2023-24 Amendment Revised <br /> Project Expenditures $5,651,166 $8,182 $5,659,348 <br /> Total Costs $5,651,166 $8,182 $5,659,348 <br />