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June 24, 2004 Page 555 (3) (4) (5) (6) Con%bination of Pay-as-you Go and Financing (Approximate interest cost of $152,439,095.85 over 20 years and varying tax rate equivalents) Combination of Pay-as-you Go and Financing with Level Tax Rate (Total interest cost of approximately $97 million with a school funding rate of 17.5 cents) ~ Level $.10 Tax Rate Increase (Shortfall of $175,146,280.02 over 10 years) Level $.10 Tax Rate Increase Including Issuance of Debt for Phase I Projects. Ms. Dubois reported Options 1-5 were previously presented and reviewed by the Community Committee on Education Capital Planning and Financing. Option 6 was developed since the Committee's final meeting and presented to Ms. Blackwelder and representatives from the two school systems this morning. Ms. Dubois explained that Option 6 proposed to set a tax rate of 10 cents for school construction and issue a bond for the Phase I school construction requests. This would allow the County to work towards "Pay-as-'You Go" while providing the short-term construction needs. She presented the following summary of Phase 1 requests which she stated she had reviewed with Ms. Blackwelder and representatives from the two school systems. Cabarrus County Schools June 23, 2004 School Funding Request Summary Format Phase I New High School Odell Elem. Replacement Renovations AT Allen New NW Elem. New NW Elem. Science Labs/Classrooms at NW HS Media Center/ Concord HS Kannapolis City Schools 35,408 510.00 13,728620.00 2,900 000.00 12,134 855.00 12,034 855.00 2,500 000.00 3,500 000.00 $82,206,840.00 Renovations ;LL Brown Auditorium Middle School Gym Middle School Classrooms Middle School Lockers 520,000.00 260,000.00 52,000.00 15,600.00 RCCC Construction/Renovations Replace Shady Brook Elem. AL Brown Classroom Bldg & Aux Gym Forest Park Classroom Addition Central Office Addition Building 3000 6,282,278.08 3,109,206.88 1,196,117.52 1,029,114.32 3,065,141.00 $12,464,316.80 $3,065,141.00 Grand Total $97,736,297.80 UPON MOTION of Commissioner Privette, seconded by Commissioner Carruth with Commissioners Privette and Carruth, Vice Chairman Suggs and Chairman Freeman voting for, the Board agreed for the Nove~er ballot to include a $97,736,297.80 School Bond Referendum for projects as so designated. (See above summary.) Ms. Dubois requested authorization to round the amount of the proposed bond referendum to $98 million. The Board by consensus concurred with the request. UPON MOTION of Commissioner Carruth, seconded by Commissioner Privette with Commissioners Carruth and Privette, Vice Chairman Suggs and Chairman Freeman voting for, the Board directed staff to investigate options as to how a school capital ad valorem tax can be established to fund school construction needs and to report those options to the Board at the next meeting.