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CABARRUS COUNTY <br />A <br />w r; BOARD OF COMMISSIONERS <br />REGULAR <br />Q r cAR� 'r yl MA RCH 1 <br />i �'rf�JJJJI II <br />1 <br />AGENDA CATEGORY: <br />Consent Agenda <br />SUBJECT: <br />Finance - North Carolina Education Lottery Payment Applications for <br />School Capital <br />BRIEF SUMMARY: <br />Lottery proceeds in the amount of $2,000,000 were included in the FY16 <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 the <br />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 <br />Capital Fund applications to release funds <br />Education Lottery Fund and to approve the <br />and updated Capital Project Ordinance. <br />EXPECTED LENGTH OF PRESENTATION: <br />SUBMITTED BY: <br />Susan Fearrington, Finance Director <br />BUDGET AMENDMENT REQUIRED: <br />the Public School Building <br />from the North Carolina <br />related budget amendment <br />F -5 Page 66 <br />