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CABARRUS COUNTY <br />BOARD OF COMMISSIONERS <br />AGENDA ITEM REQUEST <br />Meeting Date 2/18/08 Agenda Item # ~-q <br />SUBJECT: <br />Finance -Budget Amendment (Interest Payment on Certificates of Participation (COPS) <br />2008A - $593,296) <br />BRIEF SUMMARY: <br />As part of the COPS financing approved in 2007, the County also refinanced the 1999 debt <br />associated with the construction of JM Robinson High School at an annual savings of <br />approx. $100,000. Part of the financing deal finalized at the end of Jan. was for both <br />portions of the COPS to have the same debt payment dates of 6/1 and 12/1. This causes <br />the County to have an interest payment of $593,296 that has not been budgeted for on 6/1 <br />for the 2008A series. The only option available to avoid this payment would be to extend <br />the interest pmt. period which would reduce the savings realized through the refinancing. <br />REQUESTED ACTION: (Suggested motion if the Board approves the agenda item as presented) <br />Motion to approve the budget amendment. <br />Attachments ^X Yes ^ No Expected Length of Presentation <br />Submitted By: Pamela S. Dubois, Deputy County Manager Date: 1/28/08 <br />Name /Job Title <br />Budget Amendment Required: ~ Yes ^ No <br />Budget Amendment Attached and Reviewed by Budget Officer: ^D Yes ^ Nc <br />County Manager's Recommendations/Comments: <br />This item was approved by the Board for inclusion on the Agenda as a Consent item. <br />Approval is recommended. <br />Action Taken: <br />Approved [ ] Deferred [ ] <br />Denied [ ] Other [ ] <br />