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CERTIFICATES OF PARTICIPATION (COPS) 2009 <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 capital project ordinance is hereby adopted: <br />Section 1. The project authorized is for the construction <br />and renovations of Public Schools as referenced in Section 3. <br />The capital projects will be financed by Certificates of <br />Participation. <br />Section 2. The officers of this unit are hereby directed <br />to proceed with this capital project within the terms of the <br />Certificates of Participation, the terms of the Generally <br />Accepted Accounting Principles (GAAP) , and the budget contained <br />herein. <br />Section 3. The following budgeted amounts are appropriated <br />for the projects: <br />AT Allen Elementary School <br />$ 13,816,599 <br />Patriots Elementary School <br />12,569,278 <br />Hickory Ridge Middle School <br />21,357,637 <br />Harold Winkler Middle School <br />23,171,817 <br />Hickory Ridge Road Extension <br />1,572,857 <br />AL Brown High School <br />9,723,664 <br />Legal and Debt Expenses <br />16,605,719 <br />Total $ 98,817,571 <br />Section 4. The following revenues are anticipated to be <br />available to complete this project: <br />Proceed from COPS <br />85,170,000 <br />Contribution - Capital Projects Fund <br />(Lottery) <br />5,639,943 <br />Contribution - Special Revenue Fund <br />(APFO Fees) <br />5,115,855 <br />Contribution - Capital Reserve Fund <br />423,920 <br />Premium on Debt Issue <br />2,292,583 <br />Interest Income <br />172,040 <br />Donations <br />3,230 <br />Total $ 98,817,571 <br />Section 5. The Finance Officer is hereby directed to <br />maintain within the Capital Project Fund sufficient detailed <br />accounting records to satisfy the terms of debt financing <br />resolution. <br />Section 6. Funds may be advanced from the General Fund for <br />the purpose of making payments as due. Reimbursement requests <br />should be made to the grantor agencies in an orderly and timely <br />manner. <br />Section 7. The Finance Officer is directed to report, at <br />the request of the Board, on the financial status of each projec Attachment number 6 \n <br />F -4 Page 85 <br />