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CABARRUS COUNTY <br />BOARD OF COMMISSIONERS <br />REGULAR MEETING <br />JUNE 21, 2010 <br />6:30 P.M. <br />AGENDA CATEGORY: <br />Consent Agenda <br />SUBJECT: <br />Finance - Reduction of Interest Earnings for 2008C Certificates of <br />Participation (COPS) - $70,000 <br />BRIEF SUMMARY: <br />Due to economic conditions, interest earned on the $58,810,000 COPS issue <br />has been less than the original budgeted amount. The following budget <br />amendment aligns the budgeted interest amount through a reduction in the <br />budgeted contingency expenditure and an increase in the contribution to the <br />General Fund for interest that is earmarked for debt service by the County's <br />trustee, Regions Bank. <br />REQUESTED ACTION: <br />Motion to adopt budget amendment. <br />EXPECTED LENGTH OF PRESENTATION: <br />SUBMITTED BY: <br />Susan B. Fearrington, Assistant Finance Director <br />BUDGET AMENDMENT REQUIRED: <br />Yes <br />COUNTY MANAGER'S RECOMMENDATIONS/COMMENTS: <br />This item was approved by the Board for inclusion on the Agenda as a <br />F-7 Page 110 <br />