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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 <br />within the terms of the Generally Accepted Accounting Principles (GAAP) and the <br />budget 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 $6,452,392 <br />General Fund Contribution $1,336,500 <br />Limited Obligation Bonds $84,944,452 <br />TOTAL REVENUES $92,733,344 <br />D. The following appropriations are made as listed. <br />Royal Oaks Elementary School $21,759,600 <br />Mt. Pleasant Middle School $32,370,692 <br />Kannapolis Middle School $37,881,500 <br />Legal Fees /Closing Costs $721,552 <br />TOTAL EXPENDITURES $92,733,344 <br />GRAND TOTAL — REVENUES $92,733,344 <br />GRAND TOTAL — EXPENDITURES $92,733,344 <br />Attachment number 1 \n <br />F -3 Page 70 <br />