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Meeting Date 8/18/03 <br /> <br /> CABARRUS COUNTY <br />BOARD OF COMMISSIONERS <br />AGENDA ITEM REQUEST <br /> <br />Agenda Item # <br /> <br />SUBJECT: <br />Notification of Savings on Refunding of 1992 and 1993 General Obligation (GO) Bonds. <br /> <br />BRIEF SUMMARY: <br />On August 5th, the County Refunded the 1992 and 1993 GO Bonds with a total savings of <br />5.3%. The new interest rate is 2.77 %, down from the previous rates of 4.4% to 6.25%. <br />The County will save approximately $1.4 million over the next nine years which will result in <br />annualized savings ranging from approximately $132,000 to $161,800. Please see the <br />attached Savings schedule for annual detailed information. <br /> <br />REQUESTED ACTION: (Suggested motion if the Board approves the agenda item as presented) <br />None. Report is for information only. <br /> <br />Attachments [] Yes [--J No Expected Length of Presentation <br />Submitted By: Pamela S. Dubois, Finance Director Date: 8/5/03 <br /> <br />Budget Amendment Required: ~-~ Yes [] No <br />Budget Amendment Attached and Reviewed by Budget Officer: <br /> <br />Yes [] No <br /> <br />County Manager's Recommendations/Comments: <br /> <br />Hat's off to the Finance Department for realizing these savings. <br /> <br />Manager's Signature <br /> <br />Action Taken: <br />Approved [ ] Deferred [ ] <br /> Other [] <br />Denied [] <br /> <br /> <br />