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CABARRUS COUNTY <br />BOARD OF COMMISSIONERS <br />REGULAR MEETING <br />NOVEMBER 18, 2013 <br />1 P.M. <br />AGENDA CATEGORY: <br />New Business <br />SUBJECT: <br />CCS - Funding Request for Central Cabarrus High School Artificial Turf <br />Project <br />BRIEF SUMMARY: <br />Funds from the 2005 General Obligation (G.O.) Bonds were held in <br />escrow on behalf of Cabarrus County Schools (CCS) regarding a <br />construction project for the Furr Elementary School and were not <br />expended on the project. Unexpended bond funds must be spent on the <br />designated project or applied to debt service. Since the funds were <br />expended in 2005, bond counsel advised the best solution is for the funds <br />to be returned to the County and applied towards the debt service for the <br />2005 G.O. bonded debt. CCS is requesting funds in the amount of <br />$67,711.74 be returned to the Schools and directed towards the Central <br />Cabarrus High School Artificial Turf Project that is now underway. <br />REQUESTED ACTION: <br />Motion to approve the Cabarrus County Schools funding request in the <br />amount of $67,711.74 and the related budget revision. <br />EXPECTED LENGTH OF PRESENTATION: <br />5 Minutes <br />SUBMITTED BY: <br />Kelly Kluttz, CCS Finance Director <br />BUDGET AMENDMENT REQUIRED: <br />No <br />G -3 Page 148 <br />