BC 2010 05 17 Regular Meeting - Laserfiche WebLink

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May 17, 2010 (Regular Meeting) Page 1928 Chairman White briefly reviewed the schedule for the upcoming budget workshops and Commissioner Carruth invited the public to attend the workshops, noting this is the most important task the Board does every year. UPON MOTION of Commissioner Carruth, seconded by Vice Chairman Poole and unanimously carried, the Board scheduled a public hearing on the proposed FY 2011 Cabarrus County Budget on June 21, 2010 at 6:30 p.m. (G -3) County Manager - Approval of Project Applications for Potential Debt Issuance Via Qualified Construction Bonds (QSCB's) for Kannapolis City Schools and Cabarrus County Schools John Day, County Manager, reported the QSCB's (Qualified School Construction Bonds) are structured to be no- interest bonds for school renovations and improvements. With the budget being as austere as it is, he advised this could be the only funding available to do these projects. He further reported the County has worked closely with the Local Government Commission which aided in delaying implementation of the sinking fund which will be used to pay off these no- interest bonds over a period of five years, which hopefully will coincide with a reasonable revenue growth. Both school systems have provided a list of recommended projects and the QSCB application requires the inclusion of proposed projects, but it does not mean the list cannot change between application submittal and the time the bonds are sold. He estimated the bonds will likely be sold in December, assuming there is interest in the market. He advised this is a new structure to this type of bond and none have been sold yet. He also reported this is not the final action required by the Board and if the Board needs further discussions with the school boards, that opportunity exists. Finally, he reported the deadline to submit the applications is June 15. Chairman White recognized Wayne Williams, Chairman of the Cabarrus Board of Education, and Dr. Barry Shepherd, Cabarrus County Schools Superintendent, in attendance. Dr. Shepherd expressed appreciation for the Board's consideration of the QSCB project list. He offered to answer any questions adding that many staff members were also present. Chairman White asked if the principals were consulted in the development of the list. Dr. Shepherd responded in the affirmative. Chairman White stated the Royal Oaks School is not on the list and asked if the school is structurally sound. Dr. Shepherd advised he is not qualified to respond to that question; however, he said there is over $20 million in projects and only $11 million are on the list. Although Royal Oaks is in great need of improvements, he said it is not on the list the Board has, which identifies the highest priorities. UPON MOTION of Vice Chairman Poole, seconded by Commissioner Mynatt and unanimously carried, the Board approved the QSCB (Qualified School Construction Bonds) applications for Kannapolis City Schools and Cabarrus County Schools and authorized the Chairman to execute them on behalf of the Board. The QSCB project lists for Kannapolis City and Cabarrus County Schools are as follows: Kannapolis City Schools • $1.2 million - Roof - Kannapolis Intermediate • $1.5 million - HVAC - Kannapolis Intermediate • $50,000 - HVAC Unit - Central Office • $75,000 - HVAC Controls - Jackson Park • $90,000 - HVAC Unit and Controls - Woodrow Wilson • $50,000 - HVAC Units - Fred L. Wilson • $65,000 - Add Classrooms - Fred L. Wilson • $75,000 - HVAC Controls - Forest Park • $50,000 - Parking Lot - Forest Park • $25,000 - Parking Lot - A.L. Brown • $120,000 - Cameras - Forest Park, Wilson, Kannapolis Intermediate, A.L. • $234,300 - Lighting - A.L. Brown TOTAL: $3,534,300 Fred L. Wilson, Woodrow Brown Cabarrus County Schools