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Finance Department <br /> <br />July 31, 2004 <br /> <br />To: Board of County Commissioners <br />From: Pamela S. Dubois ~ <br /> <br />Subject: Northwest Cabarms High School Gym <br /> <br />A request has been received from the Cabarrus County Board of Education for aid in the <br />reconstruction of the Northwest Cabarms High School which burned last year. It has <br />taken time for the insurance settlement to be received by the School Board and they find <br />themselves approximately $150,000 short in funds to rebuild the gym with the two <br />classrooms that were in the original construction. <br /> <br />After research and communications with the County's Bond Council, it has been <br />determined that the $179,418 of funds remaining on the COPS II issue can be used for <br />this project. The funds remaining in the COPS II issue can only be used for the projects <br />originally described in "the project" section of the official statement( these projects are <br />collateralized) or for future debt service payments. Since COPS II constructed the gym at <br />Northwest Cabarms Middle School, the property of the middle school was collateralized <br />which also includes the High School since the deed has it listed as one site. <br /> <br />If these funds are not applied to the construction of this school project, they will revert to <br />the General Fund for future school debt service payments in FY 2005. <br /> <br /> F~nance Department <br />P.O Box 707 · Concord, NC 28026-0707 · 704-920-2104 · www. cabarruscounty, us <br /> <br />NORTH CAROUNA <br /> <br /> <br />