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April 7, 2014 (Work Session) Page 1964 by the attorney for Kannapolis City Schools Board of Education, reviewed by our County Attorney. Finance - QSCS Project Ordinance and Related Bud et Amendment Susan Fearrington, Assistant Finance Director, presented the following information relating to the final amount of interest earned for the QSCB (Qualified School Construction Bond). The QSCB (Qualified School Construction Bond) Fund is being updated for the final amount of interest earned. Cabarrus County received $3.19 of final interest from our Trustee, Regions Bank, on April 1, 2014. According to our Bond Attorney, Steve Cordell, the $3.19 must be spent on a QSCB project. The $3.19 will be paid to Cabarrus County Schools for additional expenditures they incurred for the Central Cabarrus High School Office Renovations Project. The expenditure must be made prior to the three year spending deadline on April 13, 2014. To be in compliance with the QSCB statutory provisions, updated project ordinance and budget amendments have been included for approval. UPON MOTION of Commissioner Oesterreich, seconded by Vice Chairman Burrage and unanimously carried, the Board suspended its Rules of Procedures in order to vote on this item due to time constraints. UPON MOTION of Commissioner Oesterreich, seconded by Vice Chairman Burrage and unanimously carried, the Board adopted the following budget amendment and revised project ordinance. nate:4 /1/2014 Amount: $3.19 Dept. Head: Susan Fearrington, Asst. Finance Director Department: Finance -QSCB Internal Transfer Within Department fl Transfer Between Departments /Funds 0 Supplemental Request Purpose: Adjust the interest income line item for March interest earned. Based on discussions with our Bond Attorney, the funds must be spent on a QSCB project. After discussion with Cabarrus County Schools, it was decided that the $3.19 will be reimbursed to CCS for expenditures they made for the Central Cabarrus Hiah School Office Renovations. Account Number Account Name Approved Budget I Inc Amount I Dec Amount I Revised Budget 36760000 -6705 Interest on Invest 1 $12,331.00 $3.19 $12,334.45 36797307- 9921 -GEN CCHS- General Projects $780,963.52 53 .19 $780,966.71 Ordinance No. 2014 -07 CABARRUS COUNTY QUALIFIED SCHOOL CONSTRUCTION BOND CAPITAL PROJECT BUDGET ORDINANCE BE IT ORDAINED by the Board of Commissioners of Cabarrus County, North Carolina that, Pursuant to Section 13.2 of Chapter 159 of the General Statutes of North Carolina, the following capital project ordinance is hereby adopted: Section I. A. The project authorized is the rehabilitating, repairing and equipping approximately eighteen Cabarrus County Schools and six Kannapolis city School Facilities. The project is being funded by the issuance of Taxable Limited Obligation Qualified School Construction Bonds (QSCB's) and a small contribution from the Ceneral Fund. Details of the projects are listed in section D. of this Project Ordinance. B. The officers of this unit are hereby directed to proceed with this capital project within the terms of the Generally Accepted Accounting Principles (GAAP) and the budget contained herein. C. It is estimated that the following revenues will be available to complete capital projects as listed. General Fund Contribution $25,840 Interest on Investments $12,335 Taxable Limited Obligation Qualified School Construction Bonds $14,637,157 TOTAL REVENUES $14,675,332 D. The following appropriations are made as listed.