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CABARRUS COUNTY UTILITY FUND <br />CAPITAL PROJECT ORDINANCE <br />BE IT ORDAINED, by the Board of County Commissioners of the <br />County of Cabarrus, North Carolina that, pursuant to Section 13.2 <br />of Chapter 159 of the General Statutes of North Carolina, the <br />following special revenue project ordinance is hereby adopted: <br />Section 1. The project authorized is for the purpose of <br />collecting and appropriating utility assessment fees for utility <br />projects at the discretion of the Cabarrus County Board of <br />Commissioners. <br />Section 2. The Utility Fund was previously accounted for <br />as a Special Revenue Fund. Under the direction of GASB 54, Fund <br />Balance Reporting and Governmental Fund Type Definitions, the <br />Utility Fund shall now be reported as a Capital Projects Fund. <br />The previous Utility Special Revenue Project Ordinance adopted on <br />May 17, 2010 is considered void. <br />Section 3. The officers of this unit are hereby directed <br />to proceed with this project within the terms of the Generally <br />Accepted Accounting Principles (GAAP) and the budget contained <br />herein. <br />Section 4. The following budgeted amounts are appropriated <br />for the projects: <br />Utility Improvement Projects $ 694,108 <br />Section 5. The following revenues are anticipated to be <br />available to complete this project: <br />Assessment Fees $ 598,904 <br />Interest Income $ 95,204 <br />Section 6. The Finance Officer is hereby directed to <br />maintain within the Capital Projects Fund sufficient detailed <br />accounting records. <br />Section 7. Funds may be advanced from the General Fund for <br />the purpose of making payments as due. Reimbursement to the <br />General Fund should be made in an orderly and timely manner. <br />Section 8. The Finance Officer is directed to report, at <br />the request of the Board, on the financial status of each project <br />element in Section 4 and on the total revenues received or <br />claimed. <br />Section 9. Copies of this capital project ordinance shall <br />be furnished to the Clerk to the Governing Board, and to the <br />Budget Officer and the Finance Officer for direction in carrying <br />out this project. <br />Section 10. At the completion of the project, all <br />unrestricted excess funds are transferred to the General Fund and <br />the Capital Project Ordinance is closed. <br />Attachment number 1 \n <br />F -4 Page 74 <br />