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<br /> <br />January 24, 2005 <br /> <br />To: Board of Commissioners <br /> <br />From: Pamela S. Dubois, Deputy County Manager <br /> <br />Subject: How $50 million School Bond Issue was determined <br /> <br />On November 2, 2004, voters approved $94,900,000 GO Bond <br />Referenda for Public Schools. I requested each School District to <br />provide me with a cash flow projection on how they planned on <br />spending the bond proceeds. Kannapolis City Schools requested all <br />of their proceeds in the first issue totaling $12,464,317. Cabarrus <br />County Schools provided their cash flow needs over a three year <br />period (see attached Cabarrus County Schools 2004 Bond Project <br />Projected Cash Flow Requirements). This information was provided <br />to the Local Government Commission for their recommendation on <br />how much of the bonds should be issued at a time. The LGC <br />recommended the first bond sale in the amount of $50 million as <br />presented tonight and estimated the second sale to follow sometime <br />in the time frame of February - June of 2006. <br /> <br />Cabarrus County Finance Department <br />65 Church Street SE (28025) . P.O. Box 707 . Concord, North Carolina 28026-0707 <br />Phone: 704.920.2107 Fax: 704.920.2881 web: www.cabarruscounty.us <br /> <br />~~ <br />~.!.- <br />NOlOlt CAJlOlDfA <br /> <br />G-+ <br />