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AG 2017 08 21
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AG 2017 08 21
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Last modified
8/24/2017 4:41:15 PM
Creation date
11/27/2017 10:29:54 AM
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Meeting Minutes
Doc Type
Agenda
Meeting Minutes - Date
8/21/2017
Board
Board of Commissioners
Meeting Type
Regular
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CABARRUS COUNTY SCHOOL CONSTRUCTION DEBT FUND <br /> BUDGET ORDINANCE <br /> BE IT ORDAINED by the Board of Commissioners of Cabarrus County, North Carolina <br /> that, Pursuant to Section 13.2 of Chapter 159 of the General Statutes of North Carolina, the <br /> following capital project ordinance is hereby adopted: <br /> Section I. <br /> A. The project authorized is for the construction and renovations of Public Schools. <br /> Details of the projects are listed in section D. of this Project Ordinance. <br /> B. The officers of this unit are hereby directed to proceed with this capital project within <br /> the terms of the Generally Accepted Accounting Principles (GAAP) and the budget <br /> contained herein. <br /> C. It is estimated that the following revenues will be available to complete capital <br /> projects as listed. <br /> Capital Reserve Contribution $10,968,359 <br /> General Fund Contribution 1,336,500 <br /> Limited Obligation Bonds 84,944,452 <br /> Public School Building - Lottery funds 1,600,000 <br /> Interest Income 18,818 <br /> TOTAL REVENUES $98,868,129 <br /> D. The following appropriations are made as listed. <br /> Royal Oaks Elementary School $22,378,840 <br /> Mt. Pleasant Middle School 34,260,164 <br /> Kannapolis Middle School 41,488,755 <br /> Legal Fees/Closing Costs 740,370 <br /> TOTAL EXPENDITURES $98,868,129 <br /> GRAND TOTAL—REVENUES $98,868,129 <br /> GRAND TOTAL— EXPENDITURES $98,868,129 <br /> Section II. <br /> A. Special appropriations to non-profit organizations shall be distributed after the <br /> execution of an agreement which ensures that all County funds are used for <br /> statutorily permissible public purposes. <br /> B. The County Manager or designee is hereby authorized to transfer appropriations <br /> within or between funds, or modify revenue and expenditure projections as contained <br /> herein under the following conditions: <br /> 1. The Manager may transfer amounts between objects of expenditure and <br /> revenues within a function without limitation. <br /> 2. The County Manager may transfer amounts up to $500,000 between functions of <br /> the same fund. <br /> Attachment number 1 \n <br /> F-11 Page 158 <br />
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