BC 2014 04 15 Special Meeting - Laserfiche WebLink

Home Browse Search

April 15, 2014 (Special Meeting) Page 1973 There was discussion throughout the presentation with Ms. Wilson, Pam Dubois, Deputy County Manager, Jonathan Marshall, Deputy County Manager and Mike Downs, County Manager responding to questions from the Board. Ms. Dubois reviewed the following guidelines: Guideline One Place three projects and amounts on proposed bend listing totaling $43 million. Plan Issued on 3/1/2015 Issued on 3/1/2016 Financing Type E One -time section $43,000,000 GO Bonds F $23,000,000 20,000,000 COPS /LOBS GO Bonds C 23,000,000 20,000,000 COPS /LOBS GO Bonds Guideline Two Bond list drafted specifically such that if alternative financing is provided for any of these three projects, financing pursuant to bond vote will no longer be available. / NCGS 159 -54 and 159 -62(d) govern the contests of a GO Bond Order and related ballot question for the voters. They each provide sufficient flexibility to define the bond project(s) to effectively restrict the project(s) and maximum bond amounts for each No provision in NCGS 159 -54 or 159 -61(d) that permits the inclusion of revocation, termination or similar language if alternative financing is provided for a project o NCGS 159 -63 governs repeal. of GO Bond orders BOC can repeal any time before any bond or bond anticipation notes are issued under the particular order Guideline Three Provide additional funding of $2 million for the construction of the facility at the time of financing. Plan Year of Funding Source of Funding E FY16 One -time section Neutral Tax decision to pull out of bond KMS financing and reimbursement of F FY15 architecture & engineering fees when debt Funding Funding issued E Accumulated cash proceeds titled capital C FY15 reserve funding for schools in one -time purple section Guideline Four referendum. Kannapolis City Schools select option to pull out of bond Plan KCS Option to Pull Out of Bond Referendum E Presented with all projects remaining on the bond referendum F Two separate debt issues are presented to accommodate KCS Neutral Tax decision to pull out of bond C Two separate debt issues are presented to accommodate KCS Plan decision to pull out of bond Guideline Five Revenue Neutral Tax rate in FY17, $2 million additional funding for MPMS, and $1.5 million funding for RCCC Cosmetology Center. Revenue MPMS Cosmetology Neutral Tax Additional Additional Plan Rate Funding Funding Source of Funding E ✓ f FY14 excess fund balance F ✓ FY14 excess fund balance C ✓ f Accumulated cash in purple section