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j <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 /> i <br /> SOCIAL JUSTICE IMPACT : There is no Orange County Social Justice Goal impact <br /> associated with this item . j <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 li <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 4 <br /> increases the authorization in the General Fund and the School Capital Fund by $ 1737646 j <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 : j,...% <br /> Current FY 2023 -24 FY 2023 -24 <br /> FY 2023 -24 Amendment Revised (: <br /> Alternative Financing $ 11281 , 494 $ 0 $ 1 , 281 , 494 <br /> C^^ <br /> 2/3rds Net Debt Bonds $ 289 , 500 $ 0 $ 2891500 <br /> Transfer from General Fund $ 111331353 $ 81182 $ 1 , 1411535 <br /> Qualified School Construction Bonds $ 219461819 $ 0 $ 219467819 <br /> i <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 $ 576511166 $ 81182 $ 57659 , 348 <br /> Total Costs $ 53651 , 166 $ 8 , 182 $ 5 , 659 , 348 <br />