BC 2014 03 17 Regular Meeting - Laserfiche WebLink

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March 17, 2014 (Regular Meeting) Page 1955 handled with cash and broken down into smaller projects. The following projects were determined to be best for financing by the bond referendum: Public School Bond Kannapolis Middle School Jackson Park Elementary Gym Addition Royal. Oaks Elementary School Replacement Mount Pleasant Middle School (Remainder) Coltrane -Webb Elementary School Renovation Central Cabarrus High School Auditorium, Classroom Spaces and Cafeteria Building Community College Bond RCCC Bond Building 4000 South Campus Expansion and property expansion Mr. Downs stated this list amounts to $98,944,000.00 and is recommended for the Boards' consideration for a bond referendum. He advised budget discussions with department heads are just beginning. He also responded to questions from the Board. Steve Cordell, Bond Counsel, clarified items addressed earlier regarding the bond referendum. He stated a bond referendum gives the Board the authority to issue General Obligation Bonds to pay for school projects or community college projects. He advised there is a seven -year period, during which the Board would have to meet again and take specific action to issue the bonds and determine which projects would be funded at that time. He also advised bonds can be done as short -term financing, but added that counties have limited ability to borrow money. Following a comment supporting Commissioner Oesterreich's motion, Vice Chairman Burrage seconded the MOTION. Commissioner Oesterreich expressed opposition to tax increases. Commissioner Measmer expressed opposition to a $100 million dollar bond. He also expressed his intent to vote for the motion. Chairman Poole expressed her intent to vote against the motion, citing it recommended too few projects for the bond, a lack of funding designated for the requested projects, and the language of the motion as it pertains to the future budget. Vice Chairman Burrage expressed opposition to borrowing money to fund projects such as gym additions and parking lot repairs. Chairman Poole reiterated her concerns with the section of the motion pertaining to the five -year plan. Following further discussion, Commissioner Oesterreich reread the MOTION aloud: 1. Place the following three projects and amounts on the proposed bond list. A. $9 million RCCC Advanced 'Technology Center B. $11 million Royal Oaks Elementary School replacement C. $23 million KCS Middle School 2. The bond list will be drafted very specifically such that if alternative financing is provided for any of these three projects, financing pursuant to the bond will no longer be available. 3. RCCC will receive an additional $2 million cash for the Advanced Technology Center at time of financing 4. As part of this motion, we are agreeing to provide short term financing of up to $23 million to Kannapolis city schools in FY 2015 for a term not to exceed 5 years for its middle school provided that KCS withdraw its resolution in support of bond referendum by May 31st. If KCS does make such withdrawal, no other project will be added to the bond project list and the total amount of the bond will be reduced by $23 million. 5. It is important to tell our citizens how we are going to pay for this financing, but I do not want to be disruptive to the regular