BC 2016 03 21 Regular Meeting - Laserfiche WebLink

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March 21, 2016 (Regular Meeting) Page 2677 c. Copies of this capital project ordinance shall be furnished to the Clerk to the governing Board, and to the Finance Director for direction in carrying out this project. d. At the completion of a construction project, all unrestricted excess funds are transferred to the General Fund and the portion of the Capital Project associated with the project is closed. Adopted this the 21st day of March, 2016. CABARRUS COUNTY BOARD OF COMMISSIONERS BY: /s/ Stephen M. Morris Stephen M. Morris, Chairman ATTEST: /s1 Megan Smit Clerk to the Board (F -4) Finance - KCS Agency Agreement - Kannapolis Middle School The Kannapolis City Schools (KCS) Agency Agreement, allows the County to appoint the Board of Education as its agent in connection with the construction and equipping of the new Kannapolis Middle School. The Board of Education shall cause the Kannapolis Middle School project to be completed in accordance with the respective construction documents and any applicable requirements of governmental authorities and law. The County and the Board of Education agree that all amounts received as refunds of State sales tax, with respect to expenditures made in connection with the project, will be deposited as funds available for the acquisition and construction of the project. The Agency Agreement has already been reviewed and approved by the County Attorney. UPON MOTION of Vice Chairman Honeycutt, seconded by Commissioner Shue and unanimously carried, the Board approved the Kannapolis City Schools Agency Agreement for the Kannapolis Middle School project, subject to review and revision by the County Attorney. (F -5) Finance - North Carolina Education Lottery Payment Applications for School Capital Lottery proceeds in the amount of $2,000,000.00 were included in the FY16 General Fund budget to pay a portion of debt service related to public school debt. Upon approval by the Cabarrus County Schools Board of Education, the Kannapolis City Schools Board of Education and the Cabarrus County Commissioners, two payment applications will be submitted to the Department of Public Instruction for the funds. The Cabarrus County Schools application will be for $1,754,000.00 and the Kannapolis City Schools application will be for $246,000.00, for a total of $2,000,000.00. UPON MOTION of Vice Chairman Honeycutt, seconded by Commissioner Shue and unanimously carried, the Board authorized the Chairman to execute the Public School Building Capital Fund applications to release funds from the North Carolina Education Lottery Fund and approved the related budget amendment and updated Capital Project Ordinance. Date. 2/10/2016 Amount:$2,000,000.00 Susan Fearrington, Finance Dept. Head: Director Department: Finance- Public School Bldg Cap Fund ❑ Internal Transfer Within Department ❑ Transfer Between Departments /Funds S Supplemental Request Purpose: This amendment records the Public School Building Capital Lottery funds requested from the Department of Public Instruction. The funds will be used towards the FY16 school debt service payments. Cabarrus County Schools' portion is $1,754,000 and Kannapolis City Schools' portion is 5246.000. Account Number Account Name Approved Budget I Inc Amount I Dec Amount Revised Budget 32067210 -6444 Lottery Proceeds $14,419,308.00 $2,000,000.00 $16,419,308.00 32097210 -9704 Cont to General Fund $14,419,308.00 $2,000,000.00 $16,419,308.00 Ordinance No. 2016 -03