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CABARRUS COUNTY <br />BOARD OF COMMISSIONERS <br />REGULAR MEETING <br />MAY 16 2011 <br />6:30 P.M. <br />AGENDA CATEGORY: <br />Consent Agenda <br />SUBJECT: <br />Finance - Qualified School Construction Bonds - Project Ordinance & Related <br />Budget Amendment - $14,637,157 <br />BRIEF SUMMARY: <br />On April 14, 2011 the County sold $14,635,000 of Taxable Limited Obligation <br />Qualified School Construction Bonds. Final proceeds of $14,637,157 will be <br />used to rehabilitate, repair, and equip approximately eighteen Cabarrus <br />County Schools and six Kannapolis City Schools. A Qualified School <br />Construction Bond Capital Project Ordinance and associated budget <br />amendment to authorize these projects are attached. <br />These documents establish the gross amount of funding for each school <br />system. Specific allocation of funding by project will be based on the project <br />list approved by the Board of Commissioners, the Boards of Education and <br />the NC Department of Public Instruction. <br />REQUESTED ACTION: <br />Motion to approve the Qualified School Construction Bond Capital Project <br />Ordinance and related budget amendment. <br />EXPECTED LENGTH OF PRESENTATION: <br />SUBMITTED BY: <br />Susan B. Fearrington, Assistant Finance Director <br />BUDGET AMENDMENT REQUIRED: <br />Yes <br />F -4 Page 111 <br />