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CABARRUS COUNTY QUALIFIED SCHOOL CONSTRUCTION BOND CAPITAL PROJECT BUDGET ORDINANCE BE IT ORDAINED by the Board of Commissioners of Cabarrus County, North Carolina that, Pursuant to Section 13.2 of Chapter 159 of the General Statutes of North Carolina, the following capital project ordinance is hereby adopted: Section I. A. The project authorized is the rehabilitating, repairing and equipping approximately eighteen Cabarrus County Schools and six Kannapolis city School Facilities. The project is being funded by the issuance of Taxable Limited Obligation Qualified school Construction Bonds (QSCB's) and a small contribution from the General Fund. Details of the projects are listed in section D. of this Project Ordinance. B. The officers of this unit are hereby directed to proceed with this capital project within the terms of the Generally Accepted Accounting Principles (GAAP) and the budget contained herein. C. It is estimated that the following revenues will be available to complete capital projects as listed. General Fund Contribution $25,840 Interest on Investments $12,328 Taxable Limited Obligation Qualified School Construction Bonds $14,637,157 TOTAL REVENUES $14,675,325 D. The following appropriations are made as listed. Cabarrus County School Projects $11,102,887 Kannapolis City School Projects $3,572,438 TOTAL EXPENDITURES $14,675,325 GRAND TOTAL — REVENUES $14,675,325 GRAND TOTAL — EXPENDITURES $14,675,325 Section II. A. Special appropriations to non - profit organizations shall be distributed after the execution of an agreement which ensures that all County funds are used for statutorily permissible public purposes. B. The County Manager or designee is hereby authorized to transfer appropriations within or between funds, or modify revenue and expenditure projections as contained herein under the following conditions: Attachment number 1 F -2 Page 28