BC 1993 07 22 - Laserfiche WebLink

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353 Present Approved Account No. Budget 01-32-60-355 0.00 Other Operational Costs 01-19-10-660 175,000.24 Contingency Increase Decrease 6,500.00 Revised Budget 6,500.00 6,500.00 168,500.24 Budget Amendment - Aging (Weatherization Program) UPON MOTION of Commissioner Casper, seconded by Chairman Carpenter with Commissioners Casper and Payne and Chairman Carpenter voting for, the Board approved the following budget amendment. BUDGET REVISION/AMENDMENT REQUEST DEPARTMENT OF AGING (Weatherization Program) AMOUNT: $5,800.00 TYPE OF ADJUSTMENT: Supplemental Request PURPOSE OF REQUEST: To increase the Weatherization Program budget for completing a community development home repair project for the County Planning Department. Present Approved Revised Account No, Budget Increase Decrease Budget 01-6-57-65-606 0 Special Program Revenue 01-9-57-65-356 6,305.00 Special Program Supplies 5,800.00 5,800.00 5,800.00 12,105.00 Additions to Agenda UPON MOTION of Chairman Carpenter, seconded by Commissioner Casper with Chairman Carpenter and Commissioners Casper and Payne voting for, the Board voted to add the following items to the agenda as requested by Mr. Blair Bennett, Finance Director: Refinancing of the Governmental Center and Refunding of Bonds issued in 1980, 1989, and 1990. Refinancing of the Governmental Center Mr. Bennett presented a proposal to refinance the Governmental Center at a rate of 4.50 percent, thereby saving approximately $207,568.00 over the remaining five years of the loan. UPON MOTION of Commissioner Payne, seconded by Commissioner Casper with Commissioners Payne and Casper and Chairman Carpenter voting for, the Board authorized Mr. Blair Bennett, Finance Director, to proceed with the necessary applications and arrangements with Wachovia Bank and Trust and the Local Government Commission for refinancing the ten-year lease financing loan on the Cabarrus County Government Center at a rate of 4.50 percent for the remaining five years of the loan. Refunding Bonds Issued in 1980, 1989, and 1990 Mr. Bennett presented a proposal to refund bonds issued in 1980, 1989, and 1990 amounting to $37,050,000.00. He estimated that the refunding of these bonds would save the County approximately $116,000.00 annually in debt service or approximately $1,700,000.00 over the life of the bonds. UPON MOTION of Commissioner Payne, seconded by Commissioner Casper with Commissioners Payne and Casper and Chairman Carpenter voting for, the Board authorized Mr. Blair Bennett, Finance Director, to proceed with refunding bonds issued in 1980, 1989, and 1990 amounting to $37,050,000.00. The Board further appointed Wachovia Bank and Trust as Financial Advisor and Brown and Wood as Bond Counsel.