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CABARRUS COUNTY <br />BOARD OF COMMISSIONERS <br />AGENDA ITEM REQUEST <br />Meeting Date 4/16/07 <br />Agenda Item # ~' <br />SUBJECT: <br />Budget Amendment -Certificates of Participation Series 2003 (Pitts Elem, Bethel Elem, <br />Kannapolis Middle, Shady Brook Elem, and Fred L. Wilson Elem.) - $642,953 <br />BRIEF SUMMARY: <br />In accordance with Section 3.12 of the COPS Series 2003 Indenture, all excess funds of <br />this COPS issue can only be "applied to the future Installment Payments coming due under <br />the contract." The COPS Series 2003 were issued for the acquisition, construction, and <br />renovation of several schools. All of the acquisition and construction has been determined <br />and paid on this project. The following amendment will adjust several line items so that all <br />excess funds can be transferred to the General Fund for the repayment of debt on the <br />COPS. <br />REQUESTED ACTION: (Suggested motion if the Board approves the agenda item as presented) <br />Adopt budget amendment. <br />Attachments ^X Yes ^ No Expected Length of Presentation <br />Submitted By: Susan B. Fearrington/Asst. Finance Director Date: 4/2/07 <br />Name /Job Title <br />Budget Amendment Required: ^X Yes ^ No <br />Budget Amendment Attached and Reviewed by Budget Officer: ^x Yes ^ No <br />County Manager's Recommendations/Comments: <br />This item was approved by the Board of Commissioners for inclusion on the Agenda as a <br />Consent item. Approval is recommended. <br />Action Taken: <br />Approved [ ] Deferred ( ] <br />Denied [ ] Other ( ] <br />~" ~-- <br />