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Meeting Date 2/16/04 <br /> <br /> CABARRUS COUNTY <br />BOARD OF COMMISSIONERS <br />AGENDA ITEM REQUEST <br /> <br />Agenda Item # <br /> <br />SUBJECT: <br />$17,490,000 General Obligation Bond Refunding <br /> <br />BRIEF SUMMARY: <br /> <br />In August 2003, the County refunded two GO Bond Issues to take advantage of the lower <br />interest rates. In doing so, the County financed the closing cost of the issue. Also, an <br />interest payment was required prior to closing. The total amount of the interest payment <br />was $322,942.50. With the change in principal and interest payment schedules, plus the <br />financing of the closing cost, the net increase to the County's FY 2004 Debt Service was <br />$294,264, constituting $170,570 from financed closing cost and $123,694 from fund <br />balance appropriated. <br /> <br />REQUESTED ACTION: (Suggested motion if the Board approves the agenda item as presented) <br /> <br />Approve the budget revision for additional FY 2004 Debt Service funding in the amount of <br />$294,264. <br /> <br />Attachments [] Yes [] No Expected Length of Presentation <br /> <br />Submitted By: Pamela S. Dubois, Finance Director Date: 1/26/04 <br /> <br />Budget Amendment Required: [] Yes [] No <br /> <br />Budget Amendment Attached and Reviewed by Budget Officer: <br /> <br />[] Yes [] No <br /> <br />County Manager's Recommendations/Comments: <br /> <br />Approval is recommended. <br /> <br />Action Taken: <br />Approved [ ] Deferred <br />Denied [ ] Other <br /> <br />Manager's Signature <br /> <br /> [] <br /> <br />[] <br /> <br /> <br />