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October 15, 2007 (Regular Meeting) Page 587
<br />Pam Dubois, Deputy County Manager, reviewed the estimated figures for
<br />the COPS (Certificates of Participation) debt issue, not to exceed $145
<br />million, that will be issued next fiscal year. The proposed debt issue
<br />included the Cox Mill High School project; partial funding for some of the
<br />critical needs school projects and the Housing Unit for the Law Enforcement
<br />Complex. She pointed out the amount needed for Cabarrus County Schools could
<br />be reduced by approximately $1.9 million due to the Board's earlier approval
<br />of a Consent Agreement with Crosswinds at Rocky River, LLC c/o Grace
<br />Development Corporation, LLC, for the Mills at Rocky River Subdivision
<br />project, which included the donation of land for a school site. She asked
<br />the Board to approve the budget amendments for Cox Mill High School plus the
<br />critical needs projects; to adopt the Financing Resolution, including
<br />authorization for the County Manager and the Deputy County Manager to proceed
<br />with the necessary steps required by the Local Government Commission to issue
<br />Certificates of Participation financing up to $195,000,000; and to schedule a
<br />public hearing for November 19, 2007.
<br />UPON MOTION of Vice Chairman Juba, seconded by Commissioner White with
<br />Chairman Carruth, Vice Chairman Juba and Commissioners Mynatt and White
<br />voting for and Commissioner Privette voting against, the Board adopted the
<br />following budget amendments; adopted the following Financing Resolution,
<br />including authorizing the County Manager and the Deputy County Manager to
<br />proceed with the necessary steps requiredby the Local Government Commission
<br />to issue Certificates of Participation financing up to $145,000,000.00 for
<br />the Cox Mill High School project (inclusive of other approved costs for
<br />critical need school projects) and the Housing Unit; and scheduled a public
<br />hearing for November 19, 2007 at 6:30 p.m.
<br />BUDGET REVISION/AMENDMENT REQUEST
<br />DEPARTMENT OF FINANCE/NEW NORTHWEST AREA HIGH SCHOOI
<br />AMOUNT: $94,710,996.00
<br />TYPE OF ADJUSTMENT: Supplemental Request
<br />PURPOSE OF REQUEST: To budget additional funds
<br />School in the Northwest Area of the County. The
<br />Installment Financing (issued to fast track
<br />development on the project) with COPS in early 2008.
<br />to complete the New High
<br />County will refinance the
<br />land purchase and site
<br />Present
<br />Account No. Approved Budget Increase Decrease
<br />36497327-9607 $1,575,000.00 $659,000.00
<br />Architects - New Northwest Area High School
<br />36497327-9606 $200,000.00 $179,076.00
<br />Engineers - New Northwest Area Hiqh School
<br />36497327-9801 $9,770,000.00 $111,839.00
<br />Land - New N orthwest Area High School
<br />36497327-9609 $230,000.00 $1,661,275.00
<br />Legal - New Northwest Area High School
<br />36497327-9899 $2,055,000.00
<br />Site Development - New Northwest Area High School
<br />36497327-9660 $500,000.00 $637,227.00
<br />Contingency - New Northwest Area High School
<br />36497327-9860 $0.00 $3,600,000.00
<br />Equipment an d Furniture - New Northwest Area High
<br />36997327-9820 $0.00 $37,922,554.00
<br />Construction - New Northwest Area High School
<br />$55,000.00
<br />School
<br />36960000-6925 $8,405,000.00 $8,905,000.00
<br />Proceeds from Installment Financing
<br />36960000-6916 $0.00 $53,115,966.00
<br />Proceeds from COPS
<br />BUDGET REVISION/AMENDMENT REQUEST
<br />Revised Budget
<br />$2,229,000.00
<br />$379,076.00
<br />$9,881,639.00
<br />$1,891,275.00
<br />$2,000,000.00
<br />$1,137,227.00
<br />$3,600,000.00
<br />$37,922,559.00
<br />$0.00
<br />$53,115,966.00
<br />DEPARTMENT OF FINANCE/COPS ADDITION PROJECTS
<br />AMOUNT: $17,047,659.00
<br />TYPE OF ADJUSTMENT: Supplemental Request
<br />PURPOSE OF REQUEST: To establish the budget for the additional project costs
<br />to added be added to the Financing of the New High School slated for February
<br />2008.
<br /> Present
<br />Account No. Approved Budget Increase Decrease Revised Budget
<br />36997910-9601 $40,000.00 $2,850,000.00 $2,890,000.00
<br />Land - New Kannapolis School
<br />36997910-9607 $0.00 $973,193.00 $973,193.00
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