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CABARRUS COUNTY <br />BOARD OF COMMISSIONERS <br />AGENDA ITEM REQUEST <br /> <br />Meeting Date 7/21/03 Agenda Item # ~'~"'- ~7 <br /> <br />SUBJECT: <br />Agency and Lease agreements between Cabarrus County, Cabarrus County Schools and <br />Kannapolis City Schools necessary for the Certificates of Participation-2003 (COPs) <br />financing. <br /> <br />BRIEF SUMMARY: <br />The purpose of these agreements is for the school systems to construct and operate the <br />facilities during the term of the COPs debt issue. These are routine and standard <br />documents used in Installment revenue financing. A repurchase term is included in the <br />agreements for the school systems to reacquire the facilities at the close of the debt <br />service for one dollar. <br /> <br />REQUESTED ACTION: (Suggested motion if the Board approves the agenda item as presented) <br /> <br />Approve the attached agreements. The Kannapolis City School Board approved the <br />agreements on July 7th. The Cabarrus County School Board is scheduled to approve the <br />agreements for its two new schools on July 24th. <br /> <br />The county attorney will be available for questions relating to these agreements. <br /> <br />Attachments [] Yes [] No Expected Length of Presentation <br /> <br />Submitted By: Pamela S. Dubois, Finance Director Date: 7/8/03 <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 necessary to construct the new schools and additions. <br /> <br />Manager's Signature <br /> <br />Action Taken: <br /> <br />Approved [ ] Deferred [ ] <br />Denied [ ] Other [ ] <br /> <br /> <br />