AG 2002 01 28 (Regular) - Laserfiche WebLink

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249 DRAFT Approval of Utility Right of Way for the City of Concord across County-owned Property at Jay M. Robinson High School Commissioner Fennel asked how the County Schools planned to use the $50,000.00 received from the City of Concord for the utility right-of-way. Ms. Grace Mynatt, Chair of the Cabarrus County Board of Education, reported that the funds would go back into capital outlay funds for the County Schools. UPON MOTION o~ Vice Chairman Carruth, seconded by Commissioner Fennel and unanimously carried, the Board approved the granting of a right of way (Job No. Parcel 5509405700) to the City of Concord for electric utility purposes at a cost of $50,000.00 and authorized the Chairman to execute the right-of-way agreement on behalf of Cabarrus County. The description of the right-of-way located on property at Jay M. Robinson High School was as follows: Ail that certain strip of land situated in Cabarrus County, North Carolina, within the boundaries of or in the vicinity of Pitt School Road, same being 50.feet in width and extending from the north property line adjoining the Morris Family Limited Partnership, along Pitts School Road, to the south property line adjoining BFI Waste Systems of North America, Inc. for approximately 2,550 feet. Right-of-Way shall be adjacent to and parallel with the existing D.O.T. Right-of-Way of Pitts School Road. NEW BUSINESS Cabarrus County Comprehensive Annual Financial Report MS. Pam Dubois, Assistant Finance Director, presented the Cabarrus County Comprehensive Annual Financial Report for the fiscal year ending June 30, 2001. She reviewed financial updates for the County and highlighted issues related to the following: (1) ad valorem and sales tax revenues; (2) 42 percent of all expenditures for education; (3) County debt and annual debt requirements (Schools - 93 percent'of all outstanding debt); (4) the capital reserve fund of approximately $6.1 million; and (§) the County's fund balance policy of 15 percent, f There was brief discussion regarding the financial condition of the County. The Board acknowledged receipt of the annual financial report. 2002 Financing Proposal - Education Facilities Fundinq O~tione Mr. Clifton reported that staff had developed several facility/funding proposals as directed by the Board at its work session on December 3=d with the County School Board. He reviewed 16 various financing scenarios for the following projects at either 20-year or 25-year debt: Replacement Bethel Elementary School $11,700,000 New Elementary School $12,700,000 School Administration Building $ 4,000,000 5 Additional Gymnasiums $ 2,500,000 Expo Center $10,000,000 or $15,000,000 Mr. Clifton said the Board had previously agreed to seek $10 million in bank qualified financing in 2002 for the .Expo project. However, financing the requested school construction projects will require Certificates of Participation (COPs) financing. Therefore,. he proposed that the Board increase the Expo financing to $15 million to allow more flexibility in adjusting the tax rate to reflect the added debt service associated with the proposed educational facilities/funding. The Board discussed the various financing scenarios for the school projects and the Expo facility and the possibility of including an additional $1.7 million to update the media center at Concord High School. Issues addressed during discussion included the current financial condition of the County, the possibility of delaying some of the school construction projects until next year, the current low interest rates and the desire not to raise the County's tax rate. Mr. Clifton advised that a tax increase would be needed in FY 2004 to pay the debt associated with financing the school projects. Also,