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CABARRUS COUNTY <br /> 1792 <br /> BOARD OF COMMISSIONERS <br /> REGULAR MEETING <br /> MARCH 20, 2017 <br /> 6:30 P.M. <br /> AGENDA CATEGORY: <br /> Consent Agenda <br /> SUBJECT: <br /> Finance - North Carolina Education Lottery Payment Applications for <br /> School Debt Service <br /> BRIEF SUMMARY: <br /> Lottery proceeds in the amount of $2,000,000 were included in the FY17 <br /> General Fund budget to pay a portion of debt service related to public <br /> school debt. Upon approval by the Cabarrus County Schools Board of <br /> Education, the Kannapolis City Schools Board of Education and <br /> the Cabarrus County Commissioners, two payment applications will be <br /> submitted to the Department of Public Instruction for the funds. <br /> The Cabarrus County Schools application will be for $1 ,754,000 and the <br /> Kannapolis City Schools application will be for $246,000, for a total of <br /> $2,000,000. <br /> REQUESTED ACTION: <br /> Motion to authorize the Chairman to execute the Public School Building <br /> Capital Fund applications to release funds from the North Carolina <br /> Education Lottery Fund and to approve the related budget amendment <br /> and updated Capital Project Ordinance. <br /> EXPECTED LENGTH OF PRESENTATION: <br /> SUBMITTED BY: <br /> Susan Fearrington, Finance Director <br /> BUDGET AMENDMENT REQUIRED: <br /> F-5 Page 89 <br />