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CABARRUS COUNTY <br />BOARD OF COMMISSIONERS <br />REGULAR MEETING <br />AGENDA CATEGORY: <br />Consent Agenda <br />SUBJECT: <br />Finance - North Carolina <br />School Debt Service <br />FEBRUARY 19, 2018 <br />6:30 P.M. <br />Education Lottery Payment Applications for <br />BRIEF SUMMARY: <br />Lottery proceeds in the amount of $2,000,000 were included in the FY18 <br />General Fund budget to pay a portion of debt service related to public <br />school debt. Upon approval by the Cabarrus County Board of Education, <br />the Kannapolis City Board of Education and the Cabarrus County Board <br />of Commissioners, two payment request applications will be submitted to <br />the Department of Public Instruction. <br />The Cabarrus County School application is for $1,754,000, and the <br />Kannapolis City School application is for $246,000 for a total of <br />$2,000,000. A budget amendment and Capital Project Ordinance is <br />included for your review. <br />REQUESTED ACTION: <br />Motion to authorize the Cabarrus County Chairman to execute the Public <br />School Building Capital Fund applications to release funds in the amount <br />of $2,000,000 from the North Carolina Education Lottery Fund, and to <br />approve the related budget amendment and updated Capital Project <br />Ordinance. <br />EXPECTED LENGTH OF PRESENTATION: <br />SUBMITTED BY: <br />Susan Fearrington, Finance Director <br />F-10 Page 122 <br />