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CABARRUS COUNTY <br />BOARD OF COMMISSIONERS <br />REGULAR MEETING <br />AGENDA CATEGORY: <br />Consent Agenda <br />SUBJECT: <br />MARCH 19, 2018 <br />6:30 P.M. <br />Finance - 2018 Limited Obligation Bonds (LOBS) Budget Amendment and <br />Project Ordinance Update <br />BRIEF SUMMARY: <br />During the months leading up to the issuance of debt, some expenditures <br />need to be pre -audited and/or paid prior to the actual receipt of the <br />funding. A budget should be established before contracts are pre - <br />audited. A budget amendment for the 2018 LOBS Fund is attached to <br />establish $750,000 for the following type of expenditures: Bond attorney, <br />underwriter, local attorney, debt application fee, rating agency fees, title <br />insurance, trustee fees, etc. Updates to the LOBS 2018 Project Ordinance <br />have been included to allow proceeds and project expenditures to be <br />added to the Capital Project Funds and to allow updates after the debt <br />proceeds have been received. <br />REQUESTED ACTION: <br />Motion to adopt the LOBS 2018 budget amendment and related updates <br />to the LOBS 2018 Project Ordinance. <br />EXPECTED LENGTH OF PRESENTATION: <br />SUBMITTED BY: <br />Susan Fearrington, Finance Director <br />BUDGET AMENDMENT REQUIRED: <br />Yes <br />F-7 Page 62 <br />