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July 21, 2003 Page 186 The purpose of the Agency and Lease Agreements is for the school systems to construct and operate the facilities during the term of the Certificates of Participation debt issue. These are routine and standard documents used in installment revenue financing. A repurchase term is included in the agreements for the school systems to reacquire the facilities at the close of the debt service for one dollar. UPON MOTION of Commissioner Privette, seconded by Commissioner Carruth and unanimously carried, the Board approved the Agency Agreement and the Lease between Cabarrus County and the Cabarrus County Board of Education for the new elementary schools known as the Bethel Elementary School and Pitts School Road Elementary School and authorized the Chairman to execute the documents on behalf of Cabarrus County. Further, the Board approved the Agency Agreement and Lease between the Kannapolis City Board of Education and Cabarrus County for the new Kannapolis Middle School and additions at Shadybrook Elementary School and Fred L. Wilson Elementary School and authorized the Chairman to execute the documents on behalf of Cabarrus County. (E-8) Capital Pro~ect Ordinance for Construction of Three Schools and Additions at Two Schools and Related Budget Amendment UPON MOTION of Commissioner Privette, seconded by Commissioner Carruth and unanimously carried, the Board adopted the following Capital Project Ordinance and related budget amendment. Ordinance No. 2003-09 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 construction of a new middle school, a new elementary school, a' replacement elementary school and additions at two elementary schools. The projects will be financed by the sale of up to $45,000,000 in certificates of participation (COPS) and with additional funding being provided from Rowan County, $4,131,754 and Kannapolis City Schools, $820,000. Section 2. The officers of this unit are hereby directed to proceed with this capital project within the terms of the COPS resolution and the budget contained herein. Section 3. The following budgeted amounts are appropriated for the projects: New Kannapolis Middle School New Pitts Elementary School Replacement Bethel Elementary School Additions. at Shady Brook Elementary School Additions at Fred L. Wilson Elementary School $15,046,518 $13,583,231 $12,650,000 $ 1,401,996 $ 3,405,222 Section 4. The following revenues are anticipated to be available to complete this project: Proceeds from certificates of Participation Contribution from Rowan County Contribution from Kannapolis City Schools $41,135,213 $ 4,131,754 $ 820,000 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 COPS resolution. Section 6. Funds may be advanced from the General Fund for the purpose of making payments as due. Reimbursement requests should be made to the grantor agencies in an orderly and timely manner. Section 7. The Finance officer is directed to report, on a monthly basis, on the financial status of each project element in Section 3 and on the total revenues received or claimed.