Laserfiche WebLink
CABARRUS COUNTY <br />BOARD OF COMMISSIONERS <br />REGULAR MEETING <br />MAY 18, 2015 <br />6:30 P.M. <br />AGENDA CATEGORY: <br />Consent Agenda <br />SUBJECT: <br />Finance - Public School Building Capital Fund North Carolina Education <br />Lottery Payment Applications <br />BRIEF SUMMARY: <br />Lottery proceeds in the amount of $2,200,000 were included in the FY15 <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. The <br />Cabarrus County Schools application will be for $1,900,000 and the <br />Kannapolis City Schools application will be for $300,000, for a total of <br />$2,200,000. <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 />Yes <br />F -6 Page 115 <br />