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<br />MEMORANDUM <br /> <br />To: <br /> <br />Board of County Commissioners <br /> <br />From: <br /> <br />Susan B. Fearrington, Assistant Finance Director <br /> <br />Date: <br /> <br />December 282004 <br /> <br />Subject: <br /> <br />Justice Center Construction Funding <br /> <br />........................................................................, <br /> <br />Certain preliminary expenditures will be incurred prior to the purchase of land and the <br />actual construction for the new Cabarrus County Justice Center. Engineering, architect <br />and land surveying/appraisals will take place before we purchase land and begin <br />construction of the building. The Justice center is being funded by a $1,000,000 <br />contribution from the Capital Reserve Fund and through the issuance of Certificates of <br />Participation (COPS). Proceeds from the COPS financing will not be available until late <br />calendar year 2005 or early 2006. We do not want delays in the progress of the Justice <br />Center construction project. To ensure engineering, architect and preliminary land <br />expenditures can be paid when incurred, a $1,744,332 contribution from the General <br />Fund's Fund Balance Appropriated is being proposed for your approval. This $1,744,332 <br />contribution will be repaid to the General Fund when the proceeds from the COPS <br />financing are available. The $1,000,000 contribution from the Capital Reserve Fund will <br />not be repaid. <br /> <br />cc: <br /> <br />Mr. John D. Day, County Manager <br />