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CABARRUS COUNTY <br />BOARD OF COMMISSIONERS <br />REGULAR MEETING <br />MAY 17, 2010 <br />6:30 P.M. <br />AGENDA CATEGORY: <br />New Business <br />SUBJECT: <br />County Manager -Approval of Project Applications for Potential Debt <br />Issuance Via Qualified Construction Bonds (QSCB's) for Kannapolis City <br />Schools and Cabarrus County Schools <br />BRIEF SUMMARY: <br />The QSCB's program was established as part of the American Recovery <br />and Reinvestment Act of 2009. This funding mechanism offers interest- <br />free financing for eligible school construction projects. The consolidated <br />QSCB allocation for Kannapolis City Schools totals $3,534,300 and was <br />approved by the Board of Education on May 10, 2010. <br />Cabarrus County Schools' Board of Education also approved a QSCB <br />application on May 10 totaling $11,102,856. Their project list is <br />attached, but the application was not available at the time of agenda <br />distribution. <br />REQUESTED ACTION: <br />Motion to approve the QSCB applications for Kannapolis City Schools and <br />Cabarrus County Schools; and authorize the Chairman to execute <br />them on behalf of the Board. <br />EXPECTED LENGTH OF PRESENTATION: <br />1 Minute <br />SUBMITTED BY: <br />John D. Day, County Manager <br />G-3 Page 91 <br />