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December 9, 2017 (Work Session) <br />Finanpe - Limited Obligation Bonds 2017 (Update of Debt Issuance) <br />Page 3371 <br />Susan Fearrington, Finance Director provided an update of debt issuance <br />regarding the 2017 Limited Obligation Bonds. She stated the principal amount is <br />$70,820,000 with a true interest cost of 2.B percent. The usage breakdown is as <br />follows: 1) $63,200,000 for a new high school 2) $3,500,000 for the Performance <br />Learning Center and 3) $11,600,000 for the Parking Deck. She further stated the <br />new high school and parking deck will be 20 -year bonds and the Performance <br />Learning Center will be a 7 -year bond. In addition, Ms. Fearrington provided a <br />budget amendment that included the engineering costs for the parking deck and <br />requested the Board's consideration for approval in order to continue moving <br />forward on the project. <br />UPON MOTION by Commissioner Kiger, seconded by Commissioner Shue and <br />unanimously carried, the Board suspended its Rules of Procedure in order to <br />take action on this item due to time constraints. <br />UPON MOTION by Commissioner Shue, seconded by Vice Chairman Honeycutt and <br />unanimously carried, the Board approved the budget amendment to record the 2017 <br />Limited Obligation Bonds proceeds, the related project ordinances and authorized <br />the County Manager to execute the parking deck engineering contract, subject to <br />review and/or revision by the County Attorney. <br />Budget ReWsion6lmandmant R"u"t <br />om: 2z/v/:ov n GWL Zcs%nc25 <br />ceps cern: w»n w»m¢ron cep..o.aryn maR3a-wes zov wWry aem.e ra <br />ma»w n.w.. wsmm olwmmay LI <br />Purpose: This budget amendment adjusts the accounts in Fund 369 (LOBS 2017 Fundi for the final 2017 Limited Obligation <br />Bond sale. It also records the return to Capital Reserve Fund for the PLC Equipment and Fumiture ($131,709) and <br />Technology ($200,000) that was subsequently included in the LOBS 2017 debt issue. <br />ww <br />m&»mr <br />obka/n vve.eaea <br />u.].ry..., oay.ss.ni.wm x.w aewyn <br />»a <br />a <br />33 <br />nma mryiaas sm,wm uasaa.w <br />ravaawID <br />9W <br />6 <br />N] <br />unm Rm and U.s <br />L3718AE <br />3e <br />. <br />WAWB <br />Yp Fn Iypiml0 16SMR <br />31VAE <br />3tl3 <br />9 <br />]3uiKa <br />M.Yon umamunme - 3]3i.mID <br />3}IsonID <br />%9 <br />9 <br />63 <br />ory .».LV1lO <br />Y..S3UID <br />3B <br />9 <br />[rpmm3-o,nm36p NCID 3wppW <br />6L65ID <br />10 <br />9 <br />CPM.'ay.Inw p.a W04A Itl.YYm <br />eq�m <br />30 <br />9 <br />)»l�9if <br />ry �m,munue II[ WDAID <br />1%IXOID <br />9M <br />9 <br />]w�� <br />3pgnrtmaN 3mxo.e-R[ IILM.w nl.]WID <br />]6]A3lID <br />so <br />3 <br />9»2 <br />ry I. ]W,pAID IIp tlAw <br />YO,OD.O <br />3w <br />9 <br />fln93W <br />[WL+ne.3»3mw.e-PC ]W, IL}gDJ <br />U1TBID <br />%9 <br />9 <br />9w <br />MMarl�01[ Iw.®ID M.mYID <br />LYA6ID <br />� <br />3 <br />9M <br />feuNmmm4 barn Pm Rua R[ NLNID <br />Al]VID <br />YW <br />a3Y <br />6 <br />N <br />MpgMRan Illy np®ptl lll.]®M <br />All®ID <br />,w <br />a <br />]]maw <br />wwaemm.m. um.ao 3u]wID <br />vMLlwm <br />Ordinance No. 2017-75 <br />CABARRUS COUNTY <br />LIMITED OBLIGATION BONDS 2017 PROJECT <br />BUDGET ORDINANCE <br />BE IT ORDAINED by the Board of Commissioners of Cabarrus County, North <br />Carolina that, Pursuant to Section 13.2 of Chapter 159 of the General Statutes <br />of North Carolina, the following capital project ordinance is hereby adopted: <br />Section I. <br />A. The project authorized is for the construction of a Parking Deck. <br />Details of the project are listed in section C. of this Project <br />Ordinance. <br />