BC 2007 01 22 Regular - Laserfiche WebLink

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January 22, 2007 (Regular Meeting) Page 238 36360000-6910 $0.00 $4,181,192.00 $9,181,192.00 Contribution from Capital Project Fund (F-12) Cabarrus County Schools - NC Education Lottery Application An application will be submitted to the Public School Building Capital Fund of North Carolina for expenditures related to the construction of the Carl A. Furr Elementary School ($2,616,119) and another application for the construction of the Charles E. Boger Elementary School ($1,022,990). The application's total amount ($3,638,604) is budgeted to be received from the lottery for Cabarrus County Schools during the fiscal year 2007. This request was considered and approved by the Cabarrus County School Board on January 8, 2007. No additional County funds are being requested. UPON MOTION of Commissioner Privette, seconded by Commissioner White and unanimously carried, the Board authorized the Chairman to execute the application totaling release of $3,638,609 from the North Carolina Education Lottery Fund. (F-13) Kannapolie City Schools - NC Education Lottery Application An application will be submitted to the Public School Building Capital Fund of North Carolina for expenditures related to the replacement of Shady Brook Elementary School ($292,588) and another application for the A.L. Brown Auditorium ($300,000). The application's total amount ($592,588) is budgeted to be received from the lottery for Kannapolie City Schools during the fiscal year 2007. This request was considered and approved by the Kannapolis City School Board on January 8, 2007. No additional County funds are being requested. UPON MOTION of Commissioner Privette, seconded by Commissioner White and unanimously carried, the Board authorized the Chairman to execute the application totaling release of $542,588 fromthe North Carolina Education Lottery Fund. (F-14) Finance Department - Revised Investmant Policy UPON MOTION of Commissioner Privette, seconded by Commissioner White and unanimously carried, the Board approved the following revision to the County's Investment Policy: Investment Policy It is the policy of the County to preserve capital and invest public funds in a manner which provides the highest investment return with the maximum security, while meeting the daily cash flow demands of the County and conforming to all state and local statutes governing the investment of public funds. This investment policy applies to all financial assets in the County's investment portfolio except debt proceeds, which are accounted for and invested separately from other funds. These funds are accounted for in the County's Comprehensive Annual Financial Report. The standard of prudence to be used by staff will be the "prudent person" rule. The "prudent person" concept discourages speculative transactions. It attaches primary significance to the preservation of capital and secondary importance to the generation of income and capital gains. Authorized staff, if acting in accordance with written procedures and state statutes and exercising due diligence, shall be relieved of personal responsibility for an individual security's credit risk or market price changes, provided that these deviations are reported immediately and action is taken to control adverse developments. The primary objectives, in priority order, of the County's investment activities will be: safety, liquidity, and yield. Safety of principal is the foremost objective of the investment program. Investments of the County will be undertaken in a manner that seeks to ensure the preservation of capital in: the overall portfolio. To attain this objective, diversification.is required in order that potential