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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 $6,473,992 <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 $94,373,762 <br />D. The following appropriations are made as listed. <br />Royal Oaks Elementary School $21,781,200 <br />Mt. Pleasant Middle School 33,870,692 <br />Kannapolis Middle School 37,981,500 <br />Legal Fees /Closing Costs 740,370 <br />TOTAL EXPENDITURES $94,373,762 <br />GRAND TOTAL — REVENUES $94,373,762 <br />GRAND TOTAL — EXPENDITURES $94,373,762 <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 6 \n <br />F -5 Page 59 <br />