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2 <br />The few counties that received their allocations had dedicated the proceeds from the PSBCF to <br />offset debt service related to school capital projects. <br />As of May 13, 2004, Orange County has accumulated $940,516 in the PSBCF account since <br />the last draw down of funds in June 2002, Given the uncertainty of the State's current and <br />future fiscal condition, staff recommends that the Board pursue the draw down of these funds <br />as quickly as possible to reduce the likelihood that these funds might be sequestered. The <br />Governor's budget for the upcoming year does include a proposal to withhold these funds again <br />in 2004-05. <br />The attached application requests that the State release funds in the amount of $802,000 to <br />offset debt service related to McDougle Elementary School. Staff is working with the Orange <br />County Schools to apply for funds to offset debt service related to one of its capital projects. <br />Staff anticipates that the OCS application will be presented to the BOCC for approval before the <br />end of the current fiscal year. <br />These funds do not represent additional, unanticipated funds for the Capital Investment Plan. <br />They have already been programmed as a revenue source into the allocations of pay-as-you-go <br />funds to the two school systems under the County's present ten-year capital plan, <br />The application process requires a formal request for funding to be submitted by both the Board <br />of County Commissioners and the Board of Education of the school system concerned, The <br />Chapel Hill-Carrboro Board of Education approved their application at their May 20, 2004 <br />meeting. As indicated above, staff is currently working with OCS to get their application <br />approved by their Board of Education, <br />FINANCIAL IMPACT: Consistent with the County's current Capital Funding Policy, these <br />PSBCF monies are one source of funding for the ten-year capital plan (CIP). The funds have <br />been included in the GIP revenue estimates and there is no additional financial impact <br />anticipated. <br />RECOMMENDATION (S): The Manager recommends that the Board of County Commissioners <br />approve, and authorize the Chair to sign, the application for Public School Building Capital <br />Funds for the Chapel Hill-Carrboro City Schools' share of the 2003-04 debt service payment <br />related to construction of McDougle Elementary School, <br />