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CABARRUS COUNTY <br />BOARD OF COMMISSIONERS <br />REGULAR MEETING <br />JUNE 16 2014 <br />6:30 P.M. <br />AGENDA CATEGORY: <br />New Business <br />SUBJECT: <br />Finance - Proposed Funding for Kannapolis Middle Schoo <br />BRIEF SUMMARY: <br />On March 17, 2014, the Board voted to allow Kannapolis City Schools to <br />withdraw their bond resolution in exchange for a short -term financing of up <br />to $23 million in FY 2015, for a term not -to- exceed 5 years for its middle <br />school. In order to begin this process, the County needs to provide <br />funding for the architect and engineering design of the new facility. <br />At this time, the County has $1,319,000 of funds available to start this <br />process and will have the balance of design funds after the FY 2014 <br />audit is completed. The $1,319,000 will come from fund balance in FY14 <br />resulting in the release of two assignments of fund balance, $1,019,000 <br />from internal service funds and $300,000 from environmental protection <br />(landfill). Attached is the architecture timeline for the project and the <br />proposed debt schedule timeline. In order to meet the projected time <br />frame of issuing the debt in March 2015, the design of the school needs to <br />begin in June 2014. <br />REQUESTED ACTION: <br />Motion to adopt budget amendment. <br />EXPECTED LENGTH OF PRESENTATION: <br />5 Minutes <br />SUBMITTED BY: <br />Pamela S. Dubois, Deputy County Manager <br />Attachment number 3 <br />G -3 Page 263 <br />G -3 Page 110 <br />