SUBJECT: Capital Projects from the Debt Retirement and Construction Fund

DESCRIPTION:

Each year in May, the Board approves the lists of proposed capital maintenance, other equipment, and electronic technology equipment from the Debt Retirement and Construction (DR&C) Fund. This year's lists are attached and will be funded from current year (FY04) DR&C Fund revenues.

FINANCIAL IMPLICATIONS:

A five-year history of the DR&C fund and the projected financial results for the DR&C Fund showing the proposed expenditures for FY05 funded by revenues from FY04 is attached.

RECOMMENDATION:

President Farley recommends approval of the projects and equipment for FY 2005 funded by FY 2004 DRC revenues as detailed in the attachments.

___________________ ___________________________

(date) Jerry B. Farley, President