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CABARRUS COUNTY <br />BOARD OF COMMISSIONERS <br />AGENDA ITEM REQUEST <br /> <br />Meeting Date 6/16/03 Agenda Item <br /> <br />SUBJECT: <br />Certificate of Participation (COPS) 2002 Budget Revision <br /> <br />BRIEF SUMMARY: <br />When Debt Service is paid for any COPS issue, some of the interest earned on the <br />proceeds from the issue must be applied to the debt payment. The debt payment is made <br />from the General Fund. It is then reimbursed by the COPS fund for the interest share of <br />the payment. As long as the COPS funds are open, this transaction will occur on a <br />semiannual basis. <br /> <br />REQUESTED ACTION: (Suggested motion if the Board approves the agenda item as presented) <br /> <br />Request Approval of the Budget Revision. <br /> <br />Attachments [] Yes r-I No Expected Length of Presentation 0 <br /> <br />Submitted By: Susan Fearrington, Assistant Finance Director Date: 5/29/03 <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 required to reimburse the General Fund for a portion of the debt expense. <br /> <br />Manager's Signature <br /> <br />Action Taken: <br /> <br />Approved [ ] Deferred [ ] <br />Denied [] Other [] <br /> <br /> <br />