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CABARRUS COUNTY <br />BOARD OF • • <br />* <br />REGULAR MEETING <br />p �H�a 1r� SEPTEMB <br />`�iri�JJ1 /J� <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 Applications - $1,713,555 <br />BRIEF SUMMARY: <br />Accumulated lottery proceeds in the amount of $1,713,555 were included in <br />the FY 12 General Fund budget to pay a portion of debt service related to <br />public school debt. Upon approval by the Cabarrus and Kannapolis Board of <br />Educations and the Cabarrus County Commissioners, two payment <br />applications will be submitted to the Department of Public Instruction for the <br />funds. Cabarrus County Schools' application will be $1,507,928 and <br />Kannapolis City Schools' application will be $205,627 for a total of <br />$1,713,555. <br />REQUESTED ACTION: <br />Motion to authorize the Chairman to execute Public School Building Capital <br />Fund applications to release funds from the North Carolina Education Lottery <br />Fund and to approve related budget amendment and revised capital project <br />ordinance. <br />EXPECTED LENGTH OF PRESENTATION: <br />SUBMITTED BY: <br />Susan B. Fearrington, Assistant Finance Director <br />BUDGET AMENDMENT REQUIRED: <br />Yes <br />F -6 Page 104 <br />