HomeMy WebLinkAboutAgenda - 04-06-2010 - 4p 1
ORANGE COUNTY
BOARD OF COMMISSIONERS
ACTION AGENDA ITEM ABSTRACT
Meeting Date: April 6, 2010
Action Agenda
Item No. f2
SUBJECT. App p J
Approval of Capital Project ordinance for the Construction of the Carrboro High
School Arts Win
DEPARTMENT. Financial Services PUBLIC HEARING: (YIN) No
ATTACHMENTt �
S : INFORMATION CONTACT:
Carrboro High School Arts Win Capital Clarence Grier 919-245--2453
Wing
Project Ordinance Robert Jessup 919-933-9891
PURPOSE: To approve Capital Project Ordinance for the construction of the Carrboro High
pp a p J
School Arts Wing.
BACKGROUND: The Orange County Board of Commissioners has previously approved
proceeding with the issuance of alternative financing by the use of an installment Contract as
p g
authorized under section 160A — 20 of the North Carolina General Statutes. The issuance w ill
finance the Carrboro High School Arts Wing project under the Qualified School Construction
Bond QSCB ram in an amount not to exceed the $4,136,434 QSC13 allocation. The
� } program g
project cost estimate is $4,577,300. Chapel Hill Carrboro City Schools has agreed to make
1
available $440,866, if needed, from its pay as you go funding from the County to complete the
project.
In November 2009, the Board of County Commissioners approved the necessary fact-finding
and required public hearing concerning the project, and proposed financing as prescribed under
q
the uidelines of the Local Government Commission. Additionally, the Board of County
g
Commissioners directed staff to proceed with financing, execute documents, and complete the
closin g of the financing through the adoption of a resolution dated February 19, 2010.
FINANCIAL IMPACT: The debt service for the financing proposal will require debt service of
$362,213.74 for Fiscal Year 2010-11. The tax rate equivalent for FY 2010-11 debt service is
estimated at approximately .24 cents.
RECOMMENDATION(S): The Manager recommends that the Board approve the attached
Carrboro High School Arts Wing Capital Project Ordinance.
OR D 0010 _ 0;;Z9
Carrboro High School Arts Wing
Chapel Hill-Carrboro City Schools
Capital Project ordinance
Be it ordained b y g the Orange County Board of County Commissioners that pursuant to Section'13.2 of Chapter 159 of the General Statutes of North Carolina, the following capital project is
hereby adopted.
Section 1. The '
roect authorized provides funds for the construction of an Arts wing at
p �
Carrboro High School. Proceeds from the Qualified School Construction Bond
g .
Program and, if needed, from the Schools portion of the one-half cent sales
taxes (pay-as-you-go) fund this project.
Section 2. The officers of the County are hereby directed to proceed with the project within
the budget contained herein.
Section 3. The following revenue is anticipated to complete this project:
Through FY FY 2409-10 Through FY
2008-09 Amendment 2009-10
Sales Tax $0 $440,866 $440,866
Qualified School
Construction Bond Funds $0 $41136,434 $41136,434
Impact Fees $0 $0 $0
Lottery Proceeds $0 1 $0 $0
Total Funding $0 $41577,300 $4,5775300
Section 4. The following amount is appropriated for this project:
Through FY FY 2009-10 Through FY
2008-09 Amendment 2009-10
Plannin /Arch/En in $0 $0 $0
Land/Assoc. Fees $0 $0 $0
Construction $0 $4,57-7,300 $41577,300
E ui m ent/Furnishin s $0 $0 $0
Contingency $0 $0 $0
Total Costs $0 $415779300 $49577,300
Section 6. This ordinance shall remain in effect until the Board of County Commissioners
takes action to amend the ordinance or close the project ordinance upon
completion of the project.
Adopted this 6th day of April 2010.