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PUBLIC SCHOOL BUILDING CAPITAL PROJECTS 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 <br />13.2 of Chapter 159 of the General Statutes of North Carolina, <br />the following capital project ordinance is hereby adopted: <br />Section 1. The project authorized is for smaller non -debt <br />School Capital Projects and related debt service conducted by the <br />County. <br />Section 2. The officers of this unit are hereby directed <br />to proceed with this capital project within the terms of the <br />Generally Accepted Accounting Principles (GAAP) and the budget <br />contained herein. <br />Section 3. The following budgeted amounts are appropriated <br />for the projects: <br />Public School Expenditures <br />Debt Service <br />$ 8,081,561 <br />14,061,363 <br />$22,142,924 <br />Section 4. The following revenues are anticipated to be <br />available to complete this project: <br />State Public School Funds $ 2,897,042 <br />Lottery Proceeds 18,521,114 <br />Contribution from General Fund 724,768 <br />Total $22,142,924 <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 requirements of the law. <br />Section 6. Funds may be advanced from the General Fund for <br />the purpose of making payments as due. Reimbursements to the <br />General Fund should be made in an orderly and timely manner. <br />Section 7. 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 3 and on the total revenues received or <br />claimed. <br />Section 8. Copies of this capital project ordinance shall <br />be furnished to the Clerk of the Governing Board, and to the <br />F -6 <br />Attachment number 3 <br />Page 107 <br />