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October 30, 2006 (Regular Meetin q) Page 191 (F-8) Selection of Regions Bank as Trustee £or all County Debt Issues (Certificates o£ Participation [COPS] and Escrow Refunding) Formerly, Southtrust Bank provided the County's trustee service. With the merger of Southtrust and Wachovia, the trustee services were sold to US Bank. Proposals were sought for these services and four banks responded. The low bidder, Regions Bank, is recommended based on service and cost. The current annual fee on an account is $3,250.00. Regions Bank bid $900.00 per account for existing accounts, for an annual savings of $2,350.00 per account. Any new debt issues will be $1,500.00 per account. The County's bond council will aid in the transition of these accounts. UPON MOTION of Commissioner Carpenter, seconded by Commissioner Privette and unanimously carried, the Board authorized the Deputy County Manager to engage Regions Bank for trustee services and to execute the contract on behalf of Cabarrus County. (F-9) Budget Amendment - Public School Building Capital Fund (Renovations for A. L. Hrown Auditorium) A revised transfer request is being made to the Public School Building Capital Fund of North Carolina for renovations of the A.L. Brown Auditorium. The transfer request is to move an additional $110,000.00 from the Kannapolis City School ADM Public School Building Fund (current balance is $639,917.00) to the Disbursing Fund. A previous request of $336,000.00 was approved by the Board of Commissioners on 12-19-2005 for the auditorium. This revised request was considered and approved by the Kannapolis City School Board on 10-9-2006. No new County funds are being requested. UPON MOTION of Commissioner Carpenter, seconded by Commissioner Privette and unanimously carried, the Board authorized the Chairman to execute the revised request to release an additional $110,000.00 from the Public School Building Capital Fund £or renovation of the A. L. Brown High School Auditorium and adopted the following budget amendment: BUDGET REVISION/AMENDMENT REQUEST DEPARTMENT OF FINANCE AMOUNT: $110,000.00 TYPE OF ADJUSTMENT: Supplemental Request PURPOSE OF REQUEST: A revised transfer request is being made to the Public Schools of North Carolina for the renovations of the A.L. Brown Auditorium. The transfer requested is to move an additional $110,000.00 from the Kannapolis City School ADM Public School Building Fund (current balance is $639,917.00) to the Disbursing Fund. A previous request for the auditorium of $336,000.00 was approved by the Board of Commissioners on 12-19-2005. A match of $1,008,000.00 is being provided by local bond money, local grant, and '-~ cent sales tax funds. No new County funds are being requested. Present Account No. Approved Budget Increase Decrease Revised Budget 32067210-6316 $576,000.00 $110,000.00 $686,000.00 State Public School Fund Revenue 32097210-9702 $336,000.00 $110,000.00 $996,000.00 Kannapolis City Schools (F-10) Budget Amendment - Department of Commerce (Ongoing Project for APFO Update from FY06) This budget amendment appropriates fund balance for a Commerce Department project for the Adequate Public Facilities Ordinance review and update. These funds were authorized in FY 2006 for consultants and the project is still underway with a balance of $51,590.00 to bring into the new fiscal year budget. UPON MOTION of Commissioner Carpenter, seconded by Commissioner Privette and unanimously carried, the Board adopted the following budget amendment: BUDGET REVISION/AMENDMENT REQUEST DEPARTMENT OF COMMERCE AMOUNT: $51,590.00 TYPE OF ADJUSTMENT: Supplemental Request PURPOSE OF REQUEST: Ongoing project from FY 2006 for consultants to complete a review and update of the Adequate Public Facilities Ordinance.