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May 20, 2013 (Regular Meeting)
<br />Page 1543
<br />agreement shall be provided to the Planning Department prior
<br />to recording and to any approvals being issued for the
<br />proposed subdivision.
<br />12. Private Roads and Streets
<br />New roads or streets with 5 or more lots may be permanently designated as a
<br />private road or street. These roads or streets, however, shall be built to
<br />the North Carolina Department of Transportation public standard for the
<br />appropriate type of road or street. Additionally, a Road Maintenance
<br />Agreement shall be recorded in the office of the Register of Deeds to ensure
<br />that proper maintenance of the private road is provided by property owners
<br />gaining access from the road or street.
<br />REVISE the Table of Contents to correspond to text changes.
<br />Adopted this 20 day of May, 2013 by the Cabarrus County Board of
<br />Commissioners.
<br />/s/ Elizabeth F. Poole
<br />Elizabeth F. Poole, Chairman
<br />Cabarrus County Board of Commissioners
<br />ATTEST:
<br />/s/ Megan Smit
<br />Megan Smit, Clerk to the Board
<br />(G -3) Finance - General Obligation Bonds Refunding Results and Budget
<br />Amendment
<br />Ann Wilson, Finance Director, reported the Series 2005 and 2006 General
<br />Obligation bonds were refunded on April 25, 2013 and closed on May 15, 2013.
<br />The refunding produced a Net Present Value Savings to the County of
<br />$5,522,530.00 (8.4 percent).
<br />UPON MOTION of Vice Chairman White, seconded by Commissioner Burrage
<br />and unanimously carried, the Board approved the budget amendment to record
<br />the refunding.
<br />Date: 5/15/2013 Amount:$73,020,999
<br />Dept. Head: Susan Fearrington, Asst. Finance Director Department: Finance - Debt Service
<br />❑ Internal Transfer Within Department ❑ Transfer Between Departments /Funds 0 Supplemental Request
<br />Purpose: On May 15, 2013, Cabarrus County refunded $65,700,000 from the GO Bond Series 2005 and
<br />Series 2006. This budget amendment increases the appropriate revenue and expenditure line items
<br />to record the new GO Refunding Series 2013. In addition, this budget amendment replaces $35,000
<br />previously allocated from the Natural Gas line item for ure- closing debt expenditures.
<br />Account
<br />Number
<br />Account
<br />Name
<br />Approved
<br />Budget
<br />Inc
<br />Amount
<br />Dec
<br />Amount
<br />Revised
<br />Budget
<br />00169110 - 6906 -2013
<br />Proc fr GO Bonds 2013
<br />$0.00
<br />$62,360,000.00
<br />$62,360,000.00
<br />00169110 - 6707 -2013
<br />Prem on GO Bonds 2013
<br />$0.00
<br />$10,660,999.00
<br />$10,660,999.00
<br />00199110 -9742
<br />Debt Refinancing
<br />$0.00
<br />$72,479,619.00
<br />$72,479,619.00
<br />00199110 -9406
<br />JBank Service Charges
<br />1 $85,000.001
<br />$506,380.001
<br />1 $591,380.00
<br />00191950 -9411
<br />atural Gas
<br />1 $155,000.001
<br />$35,000.001
<br />1 $190,000.00
<br />In response to a question from the Board, Ms. Wilson stated she has
<br />been working on the refunding since November 2012.
<br />(G -4) County Manager - Presentation of the Proposed FY2014 Cabarrus County
<br />Budget and Scheduling of a Public Hearing
<br />Mike Downs, County Manager, presented the following budget message to
<br />the Board:
<br />Honorable Chairman and Members of the Cabarrus County Board of
<br />Commissioners,
<br />I am excited to submit to you the recommended Cabarrus County
<br />Operating Budget for fiscal year 2014. This budget was prepared
<br />in accordance with the General Statutes of North Carolina and the
<br />Local Budget Fiscal Control Act. The Board's established mission,
<br />vision and strategic goals provided valuable structure and
<br />guidance in the preparation of this balanced budget. Included in
<br />this comprehensive document are the expected revenue projections
<br />and proposed operational expenses for the 2014 fiscal year.
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