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CABARRUS COUNTY <br />~~ 1<m r~ <br />BOARD OF COMMISSIONERS <br />E REGULAR MEETING <br />~~ JULY 20, 2009 <br />6:30 P.M. <br />AGENDA CATEGORY: <br />Consent Agenda <br />SUBJECT: <br />Finance -Cabarrus County Schools Public School Building and <br />Fund Applications <br />BRIEF SUMMARY: <br />Two applications will be submitted to the North Carolina Department of <br />Public Instruction on behalf of Cabarrus County Schools for the <br />construction of the Hickory Ridge Middle School. A $2,396,422.37 <br />application will be submitted for the use of ADM (Corporate Tax) funds <br />and a $2,517,071.83 application will be submitted for the use of Lottery <br />funds. This represents the total unallocated funds in the Cabarrus County <br />ADM and Lottery funds as of May 21, 2009. The ADM and Lottery funds <br />were used to reduce the amount of Certificates of Participation that was <br />sold on June 23, 2009 for the construction of Hickory Ridge Middle <br />School. The applications were approved by the Cabarrus County Board <br />of Education and signed by the Cabarrus County Schools Chair on June <br />16, 2009. <br />REQUESTED ACTION: <br />Motion to approve the Cabarrus County Schools ADM and Lottery <br />Applications and authorize the Cabarrus County Board of Commissioners' <br />Chair to execute the applications. <br />EXPECTED LENGTH OF PRESENTATION: <br />SUBMITTED BY: <br />Susan B. Fearrington, Assistant Finance Director <br />BUDGET AMENDMENT REQUIRED: <br />No <br />F-9 <br />Page 214 of 627 <br />