BC 2018 02 05 Work Session - Laserfiche WebLink

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February 5, 2018 (Work Session) Page 3438 Susan Fearrington, Finance Director, proposed the County advance its funds to pay certain expenditures associated with the new Cabarrus County Southwest Elementary School and reimburse the County with the proceeds from the debt bond. Finance - Acceptance of Construction Contract Proposal for the Rowan-Cabarrua Community College Advanced Technology Center On behalf of Rowan-Cabarrus Community College (RCCC), Susan Fearrington, Finance Director, reported, as part of the debt process, the construction contract proposal for the Rowan-Cabarrus Community College (RCCC) Advanced Technology Center will require the Board's approval in order to forward it to the State Construction Office for the final approval. She also responded to questions from the Board. Finance Rowan-Cabarrus Community College Advanced Technology Center Title Transfer Susan Fearrington, Finance Director, stated title to the property for the advanced technology center is currently in the name of the Trustees of Rowan- Cabarrus Community College. She stated the title needs to be transferred to Cabarrus County to allow the County to collect the sales tax reimbursements. A brief discussion ensued. During discussion, Ms. Fearrington responded to questions from the Board. Finance - Rowan-Cabarrus Community College Agency Agreement Advanced Technolow Center Susan Fearrington, Finance Director, reported approval of the Agency Agreement would allow the Rowan-Cabarrus Community College .(RCCC) Board of Trustees to act as the agent on behalf of the Board in making construction and equipment decisions for the new Advanced Technology Center. Additionally, the County and the RCCC Board of Trustees agree all amounts received as refunds of state sales tax received in connection with the project will be deposited as funds available for the acquisition and construction of the project or used to pay debt service on the installment financing for this project. Finance Rowan-Cabarrus Community College Advanced Technology Center Reimbursement Resolution Susan Fearrington, Finance Director, requested the County advance its funds to pay certain expenditures associated with the new Rowan-Cabarrus Community College (RCCC) Advanced Technology Center. She stated approval of the resolution will allow the County to pay the original expenditures then reimburse itself for the expenditures with the proceeds of the debt to be incurred by the County for the 2018 Limited Obligation Bonds. She further stated this will also allow the project budget to be set. A brief discussion ensued. During discussion, Ms. Fearrington responded to questions from the Board. Finance - North Carolina Education Lottery Payment Applications for School Debt Service Susan Fearrington, Finance Director, reported two applications will be submitted to the Department of Public Instruction for release of Lottery proceeds in the amount of $2,000,000. She stated a copy of the two applications were included in the agenda for the Board's review. One from Cabarrus County Schools in the requested amount of $1,754,000 and one from Kannapolis City Schools in the amount of $246,000. A discussion ensued. During discussion, Ms. Fearrington and Mike Downs, County Manager, responded to questions from the Board. County Manager - North Carolina Department of Transportation Final Bill for Raging Ridge Road Extension Jonathan Marshall, Deputy County Manager, reported the North Carolina Department of Transportation (NCDOT)has billed Cabarrus County for the project costs, as per the agreement between the County and NCDOT, in connection with the Raging Ridge Road Extension project. A brief discussion ensued. During discussion, Mr. Marshall and Susan Fearrington, Finance Director, responded to questions from the Board. County Manager - Budget Amendment for Purchase of Vietnam Veterans Park Property