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CABARRUS COUNTY <br />BOARD OF COMMISSIONERS <br />REGULAR MEETING <br />DECEMBER 21, 2009 <br />6:30 P.M. <br />AGENDA CATEGORY: <br />Consent Agenda <br />SUBJECT: <br />Finance -Establish Debt Service for 2009 Certificates of Participation (COPS) <br />$3,802,349.22 <br />BRIEF SUMMARY: <br />On July 16, 2009, Cabarrus County issued $85,170,000 of COPS for the <br />construction and renovation of public schools. Debt service payments for this <br />new issue will be $3,802,349.22 for the 2010 fiscal year. The payments are <br />being funded through capitalized interest from the 2009 COPS Capital <br />Projects fund. The following budget amendment records the debt payment <br />and transfer to the General fund from the 2009 COPS Capital Projects fund. <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 />Consent item. <br />F-8 Page 126 <br />