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CABARRUS COUNTY <br />~~~ 17r3Z ~ +"~ <br />BOARD OF COMMISSIONERS <br />r REGULAR MEETING <br />~~ JULY 20, 2009 <br />6:30 P.M. <br />AGENDA CATEGORY: <br />New Business <br />SUBJECT: <br />Finance -Budget Amendment - (Certificates of Participation (COPS) 2009 - <br />$97,079,220.13) <br />BRIEF SUMMARY: <br />On June 23, 2009, Certificates of Participation (COPS) totaling $85,170,000 <br />were sold on behalf of Cabarrus County to finance school construction. The <br />following budget amendment records the initial budget for the COPS 2009 <br />Fund. The expenditures for this fund will include COPS proceeds, a transfer <br />from the Public School Building Capital Fund for ADM and Lottery funds, and <br />a transfer from the Adequate Facilities funds. This new COPS 2009 Fund will <br />be used to construct and equip the replacement AT Allen Elementary School, <br />Patriots Elementary School, Hickory Ridge Middle School, Harold E. Winkler <br />Middle School, and a wing addition and a renovation at A L Brown High <br />School. <br />A comparison of COPS versus GO Bonds will be provided at the Regular <br />Meeting. <br />REQUESTED ACTION: <br />Motion to adopt budget amendment. <br />EXPECTED LENGTH OF PRESENTATION: <br />1 Minute <br />SUBMITTED BY: <br />Susan B. Fearrington, Assistant Finance Director <br />BUDGET AMENDMENT REQUIRED: <br />Yes <br />G-11 Page 567 of 627 <br />