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CABARRUS COUNTY <br /> 1792 <br /> BOARD OF COMMISSIONERS <br /> C 1 REGULAR MEETING <br /> JUNE 1 % 2017 <br /> 6:30 P.M. <br /> AGENDA CATEGORY: <br /> New Business <br /> SUBJECT: <br /> Finance - 2017 and 2018 Limited Obligation Bonds (LOBS) Project <br /> Ordinance Updates <br /> BRIEF SUMMARY: <br /> During the months leading up to the issuance of debt, many <br /> expenditures need to be pre-audited and/or paid prior to the actual receipt <br /> of the funding. A budget should be established before contracts are pre- <br /> audited. A budget amendment for the 2017 LOBS Fund is attached to <br /> establish $1 ,000,000 for the following type of expenditures- Bond <br /> Attorney, Underwriter, Local Attorney, debt application fee, Rating Agency <br /> fees, Title Insurance, Trustee fees, etc. Updates to the LOBS 2017 and <br /> LOBS 2018 Project Ordinance have been included to allow proceeds and <br /> projected expenditures to be added to the Capital Project Funds and to <br /> allow updates after the debt proceeds have been received. <br /> Also included in the attached LOBS 2017 budget amendment is a <br /> reallocation of parking deck architect funding to the land acquisition <br /> funding to cover property taxes that are required to be paid for the parking <br /> deck property. <br /> REQUESTED ACTION: <br /> Motion to adopt the LOBS 2017 budget amendment and updates to the <br /> LOBS 2017 and LOBS 2018 Project Ordinances. <br /> EXPECTED LENGTH OF PRESENTATION: <br /> 5 Minutes <br /> G-7 Page 243 <br />