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CABARRUS COUNTY <br />w <br />BOARD OF COMMISSIONERS <br />*1 REGULAR MEETING <br />p TttcAR�� • l�O r APRIL 18 20 <br />1 <br />AGENDA CATEGORY: <br />Consent Agenda <br />SUBJECT: <br />Finance - LOBS 2016 Proceeds, Capital Reserve Funding and Related <br />Budget Amendment <br />BRIEF SUMMARY: <br />On March 10, 2016, Limited Obligation Bonds (LOBS) totaling $73,785,000 <br />were sold on behalf of Cabarrus County to finance school construction. The <br />enclosed budget amendment records the bond proceeds ($73,785,000), bond <br />premium ($11,159,452) and related expenditure amounts. The budget <br />amendment also includes a transfer from the Capital Reserve Fund for items <br />that will be paid for in cash. This new LOBS 2016 and Capital Reserve <br />funding will be used for site work and construction for Royal Oaks Elementary <br />School, Mt. Pleasant Middle School and Kannapolis Middle School. <br />REQUESTED ACTION: <br />Motion to approve the School Construction Debt Fund Project Ordinance, the <br />Capital Reserve Fund Project Ordinance and the related Budget Amendment <br />EXPECTED LENGTH OF PRESENTATION: <br />SUBMITTED BY: <br />Susan Fearrington, Finance Director <br />BUDGET AMENDMENT REQUIRED: <br />Yes <br />COUNTY MANAGER'S RECOMMENDATIONS /COMMENTS: <br />F -3 Page 67 <br />