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March 19, 2018 (Regular Meeting) Page 3975 <br />Oat: lNrtb t9, g018 pnuwm SSaO,BII.W <br />Apl Naal SuvnFwMnglm MWred W3taX loodo mY. FMana <br />CJ enl ❑ TnMergnweanMWnarady.nda it suppkmenelgeMent <br />hrpm e: This budget amendment Is W spe.Pptlato Fund balana s In Me WmxeW lompenaallon Fund due to a prueded Increase m tlelnn that will be paM <br />mlatls[al Yean 0.evenm are being revbetl dud tP lnsumnoe rNundy Nat M1aue heen reoNYed. TM1e hutlgot For insuWntt and bonds is also beNg revlutl <br />due to preft fora wodmrs comp audit. <br />Fund.0. <br />diameter I are. <br />pb�vFWfM FttaYm NYma Budget drome pmoYm <br />greaadgudgel <br />Un6 <br />I91F9Me loud.¢Pehndr 5.35BN <br />5,33PO1 <br />aide 5 <br />393b ISIA Wmeen Comp lure island - 135'53[0 <br />n5p53.03 <br />No 9 <br />19169691 Wprtrr>ComP Cblms ...Mm I ,Rtl.fO <br />emidad00 <br />sho 9 <br />]91496e0 Workers Compinswanxand6oMs Irreare] I diru Ce - <br />116,a. - <br />(F -7) Finance - 2018 Limited Obligation Bonds (LOBS) Budget Amendment and <br />Project Ordinance Update <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 funding. A <br />budget should be established before contracts are pre -audited. A budget <br />amendment for the 2018 LOBS Fund is attached to establish $750,000 for the <br />following type of expenditures: Bond attorney, underwriter, local attorney, <br />debt application fee, rating agency fees, title insurance, trustee fees, etc. <br />Updates to the LOBS 2018 Project Ordinance have been included to allow proceeds <br />and project expenditures to be added to the Capital Project Funds and to allow <br />updates after the debt proceeds have been received. <br />UPON MOTION of Commissioner Kiger, seconded by Vice Chairman Honeycutt <br />and unanimously carried, the Board adopted the LOBS 2018 budget amendment and <br />related updates to the LOBS 2018 Project Ordinance. <br />Date:13/1912028 Idmaum: ]SO,M].CO <br />Rpt. Xead: S s n Feamnglon (prepared by slall) ICepanmmF. Flnanae-3TIILfl530m <br />— Inderal Te smars WXhNRpaMrcnt Trammalmoveea RWrtments/Funds _ .,a—.[saeueat <br />This budget amendment sooner future debt proceeds and a budget for legal fees and other debtfinaming enpmdhous, In one amowt of $70,000,for <br />[he Idea 2018 projects. <br />fund Indicator <br />I "a"dowm/ablect/ <br />Pmj. <br />drwunt Name <br />�pmaes <br />Basket <br />M[resu Aameml <br />ax <br />amount <br />Neabed Bushel <br />I <br />310 - <br />I--- <br />IA85mi8Proreedshwn OUM <br />39.29rs. <br />]50,090.00 <br />i0,0a3,000W <br />310 9 <br />0M19609 <br />legal Fees <br />]50.000.60 <br />7W.(XdW <br />Ordinance No. 2018-08 <br />CABARRUS COUNTY <br />LIMITED OBLIGATION BONDS 2018 PROSECT <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 and renovations of <br />Public Schools. Details of the project are listed in section C. of <br />this Project Ordinance. <br />B. The officers of this unit are hereby directed to proceed with this <br />capital project within the terms of the Generally Accepted Accounting <br />Principles (GAAP) and the budget contained herein. <br />It is estimated that the following revenues will be available to <br />complete capital projects as listed. <br />Capital Reserve Contribution $3,500,200 <br />Capital Project Fund Contribution 517,197 <br />General Fund Contribution 766,000 <br />Debt Proceeds 90,093,000 <br />