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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 />Certificates of Participation (COPS), Series 2003 (111) <br /> <br />BRIEF SUMMARY: <br />In financing the COPS III issue, the County opted to capitalize the first interest payment of <br />$965,824 which allowed delaying this cost to the current fiscal year's budget. These funds <br />need to be recorded in the Construction Fund as a contribution to the General Fund in <br />order for the interest payment to be made on the County's behalf. A budget revision is <br />attached for the General Fund to receive the funds and record the interest payment as <br />required by our financing agreement with $outhtrust Bank. The balance of the budget <br />revision is to adjust revenues and expenditures closer to anticipated budgeted figures. <br /> <br />REQUESTED ACTION: (Suggested motion ff the Board approves the agenda item as presented) <br /> <br />Approve the two (2) attached budget revisions. <br /> <br />Attachments [] Yes [] No Expected Length of Presentation 5 minutes <br /> <br />Submitted By: Susan Fearrington, Asst. Finance Director Date: 1/30/04 <br /> <br />Budget AmendmentRequired: [] 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 />