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May 16, 2011 (Regular Meeting) Page 422 On April 14, 2011 the County sold $14,635,000.00 of Taxable Limited Obligation Qualified School Construction Bonds. Final proceeds of $14,637,157.00 will be used to rehabilitate, repair, and equip approximately eighteen Cabarrus County Schools and six Kannapolis City Schools. A Qualified School Construction Bond Capital Project Ordinance and associated budget amendment to authorize these projects are attached. These documents establish the gross amount of funding for each school system. Specific allocation of funding by project will be based on the project list approved by the Board of Commissioners, the Boards of Education and the NC Department of Public Instruction. UPON MOTION of Commissioner Carruth, seconded by Chairman White and unanimously carried, the Board adopted the following budget amendment and project ordinance: Date :4 /19/2011 Amount:$14,637,157 Dept. Head:Susan Fearrington Department:Finance QSCB Funding ❑ Internal Transfer Within Department ❑ Transfer Between Departments /Funds Q Supplemental Request Purpose: This budget amendment records the initial set up of the Qualified School Construction Bond funding. Additional budget amendments will be submitted to further breakdown the exnenditures as this information becomes available from the school systems. Account Number Account Name JApproved Budget Inc Amount IDec Amount IRevised Budget 36760000 -6918 Proceeds from COPS $0.00 $14,637,157.00 $14,637,157.00 36790000 -9701 Cabarrus County School $0.00 $11,102,857.00 $11,102,857.00 36790000 -9702 Kannapolis City School $0.001 $3,534,300.00 $3,534,300.00 Ordinance No. 2011 -06 QUALIFIED SCHOOL CONSTRUCTION BOND CAPITAL PROJECT ORDINANCE BE IT ORDAINED, by the Board of County Commissioners of the County of Cabarrus, 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 1. The project authorized is the rehabilitating, repairing and equipping approximately eighteen Cabarrus County Schools and six Kannapolis City School facilities. The project is funded by the issuance of Taxable Limited Obligation Qualified School Construction Bonds (QSCB's). Section 2. The officers of this unit are hereby directed to proceed with this capital project within the terms of the Qualified School Construction Bonds and the terms contained in this project ordinance. Section 3. The following budgeted amounts are appropriated for the projects: Cabarrus County School Projects $11,102,857 Kannapolis City School Projects $ 3,534,300 Section 4. The following revenues are anticipated to be available to complete this project: Taxable Limited Obligation Qualified School Construction Bonds $14,637,157 Section 5. The Finance Officer is hereby directed to maintain within the Capital Project Fund sufficient detailed accounting records to satisfy the terms of the debt financing resolution. Section 6. Funds may be advanced from the General Fund for the purpose of making payments as due. Reimbursement to the General Fund should be made in an orderly and timely manner. Section 7. The Finance Officer is directed to report, at the request of the Board, on the financial status of each project element in Section 3 and on the total revenues received or claimed.