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August 7, 2017 (Work Session) Page 3240
<br /> UPON MOTION by Commissioner Shue, seconded by Vice Chairman Honeycutt and
<br /> unanimously carried, the Board accepted the construction bids for the Cabarrus
<br /> County School Performance Learning Center in the amount of $3, 080, 291. 00 and
<br /> for a new high school in the amount of $61, 679,000.00, subject to approval by
<br /> the Cabarrus County Board of Education; and authorized the Cabarrus
<br /> County Finance Director to prepare the appropriate budget amendment and project
<br /> ordinance.
<br /> Date: 8/21/2017 Amount: $64,759,291
<br /> Dept. Head: Susan Fearrington (prepared by staff) Department: 369 Limited Obligation Bonds 2017
<br /> ❑ Internal Transfer Within Department ❑ Transfer Between Departments/Funds © Supplemental Request
<br /> Purpose: This budget amendment records $61,679,000 of future debt proceeds for the Cabarrus County
<br /> New High School construction and $3,080,291 for Performance Learning Center construction/design.
<br /> Account Number Account Name Approved Budget Inc Amount Dec Amount Revised Budget
<br /> 36960000-6981 Proceeds from LOBS $1,000,000.00 $61,679,000.00 $62,679,000.00
<br /> 36997344-9820 Construction New HS $0.00 $61,679,000.00 $61,679,000.00
<br /> 36960000-6981 Proceeds from LOBS $62,679,000.00 $3,080,291.00 $65,759,291.00
<br /> 36997341-9820 Construction PLC $0.00 $3,080,291.00 $3,080,291.00
<br /> Ordinance No. 2017-45
<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 /> 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 /> General Fund Contribution $1, 083, 000
<br /> Capital Reserve Contribution 12, 143, 468
<br /> Debt Proceeds 65, 759,291
<br /> TOTAL REVENUES $78, 985,759
<br /> C. The following appropriations are made as listed.
<br /> Parking Deck Downtown Concord $1, 958, 000
<br /> New Cabarrus County High School 70, 020, 495
<br /> Performance Learning Center 3, 866, 000
<br /> Warehouse 2, 141,264
<br /> Financing Costs 1, 000, 000
<br /> TOTAL EXPENDITURES $78, 985, 759
<br /> GRAND TOTAL - REVENUES $78, 985, 759
<br /> GRAND TOTAL - EXPENDITURES $78, 985, 759
<br /> Section II.
<br /> A. Special appropriations to non-profit organizations shall be
<br /> distributed after the execution of an agreement which ensures that
<br /> all County funds are used for statutorily permissible public
<br /> purposes.
<br /> B. The County Manager or designee is hereby authorized to transfer
<br /> appropriations within or between funds, or modify revenue and
<br /> expenditure projections as contained herein under the following
<br /> conditions:
<br /> 1. The Manager may transfer amounts between objects of expenditure
<br /> and revenues within a function without limitation.
<br />
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