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<br /> <br />Office of the County Manager <br /> <br />Memo <br /> <br />To: <br />From: <br />Date: <br />Re: <br /> <br />Board of Commissioners <br />John Day, County Manager <br />March 15, 2006 <br />Supplemental Funding Request for School Bond Projects <br /> <br />Cabarrus County Schools and Kannapolis City Schools have requested a total of <br />$10,820,302 to complete the school construction projects included in the 2004 bond <br />referendum. A detailed list is attached and was discussed at your last agenda work <br />session. Also the Board of Commissioners has agreed to spend $300, 814 to enlarge and <br />Improve new gyms. <br /> <br />It is my recommendation to provide supplemental funding for all the requested items <br />related to the bond referendum projects (including the $300,814 to improve the gyms), <br />with the following exceptions: <br /> <br />1. The tennis courts ($307,120) and stadium field house ($822,602) for Hickory <br />Ridge High School. Similar facilities have not been constructed for Robinson <br />High School. I suggest the discussion of the facilities for these two schools <br />within the framework of the larger issue of school athletic facilities in general. <br />2. The $500,000 estimated by Cabarrus Schools for "claim from original land <br />owner pending legal action." If the courts should require additional payment, <br />the county can provide the money as needed at that time. <br /> <br />There are two funding options. The first is to borrow the money. The second, which I <br />recommend, is to pay as we go. There is sufficient funding available from a variety of <br />sources: interest earned on the GO bond proceeds, money collected from the <br />advancement of adequacy and funds set aside in the FY 07 budget for debt service for the <br />school bond projects and the Sheriff's Office and Detention Center, all of which have <br />been delayed, reducing the amount of money actually needed for the debt payments. <br /> <br />Total recommend supplemental funding for the school GO bond projects is $9,190,580. <br /> <br />G-0 <br /> <br />~ <br />~, <br />1be CenlIII' 01 AmnIa ~r <br />IORIH CAROlINA <br /> <br />* <br /> <br />Cabarrus County. 65 Church Street, SE · Post Office Box 707 · Concord, NC 28026-0707 <br />Phone: 704-920-2100 . Fax: 704-920-2820 · www.cabarruscounty.us <br />