AG 2003 08 18 - Laserfiche WebLink

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July 21, 2003 Page' 186 The purpose of the Agency and Lease Agreements is for the school systems to construct and operate the facilities during the term of the Certificates of Participation debt issue. These are routine and standard documents used in installment revenue financing. A repurchase term is included in the agreements for the school systems to reacquire the facilities at the close of the debt service for one dollar. UPON MOTION of Commissioner Privette, seconded by Commissioner Carruth and unanimously carried, the Board approved the Agency Agreement and the Lease between Cabarrus County and the Cabarrus Co%lnty Board of Education for the new elementary schools known as the Bethel Elementary School and Pitts School Road Elementary School and authorized the Chairman to execute the documents on behalf of Cabarrus County. Further, the Board approved the Agency Agreement and Lease between the ](annapolis City Board of Education and Cabarrus County for the new Kannapolis Middle School and additions at Shadybrook Blementary School and Fred L. Wilson Elementary School and authorized the Chairman to execute the documents on behalf of Cabarrus County. (E-8) Capital Project Ordinance for Construction of Three Schools Additions at ~wo Schools and Related Budget UPON MOTION of Commissioner Privette, seconded by Commissioner Carruth and unanimously carried, the Board adopted the following Capital Project Ordinance and related budget amendment. Ordxnmnce so 2003-09 CAPIT~Jd PROJECT ORDINANCE BE IT ORDAINED, by the Board of County Commissioners of the County- of Cabarrus, North Carolina, that, pursuant to Section 13.2 of Chapter 159 of the General Statutes of North Carolina, the following capital pro3ect ordinance is hereby adopted: Section 1. The project authorized is the construction of a new middle school, a new elementary school, a replacement elementary school and additions at two elementary schools. The projects will be financed by the sa~e of up to $45,000,000 in certificates of participation (COPS) and with additional funding being provided from Rowan County, $4,131,754 and Kannapolis City Schools, $820,000. Section 2. The officers of this unit are hereby directed to proceed with this capital project within the terms of the COPS resolution and the budget contained herein. Section 3. The following budgeted amounts are appropriated for the projects: New Kannapolis Middle School $15,046,$18 New Pitts Elementary School $13,583,231 Replacement Bethel Elementary School $12,650,000 Additions at Shady Brook Elementary School $ 1,401,996 Additions at Fred L. Wilson Elementary School $ 3,405,222 Section 4. The following revenues are anticipated to be available to complete this project: Proceeds from certificates of Participation $41,135,213 Contribution from Rowan County $ 4,131,754 Contribution from Kannapolis City Schools $ 820,000 Section 5. The Finance Officer is hereby directed to maintain within the Capital Project Fund sufficient detailed accounting records to satisfy the terms of the COPS resolution. Section 6. Funds may be advanced from the General Fund for the purpose of making payments as due. Reimbursement requests should be made to the grantor agencies in an orderly and tlmely Section 7. The Finance Officer is directed to report, on a monthly basis, on the financial status of each project element in Section 3 and on the total revenues received or claimed.