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QUALIFIED SCHOOL CONSTRUCTION BOND <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 the rehabilitating, <br />repairing and equipping approximately eighteen Cabarrus County <br />Schools and six Kannapolis City School facilities. The project is <br />funded by the issuance of Taxable Limited Obligation Qualified <br />School Construction Bonds (QSCB's). <br />Section 2. The officers of this unit are hereby directed <br />to proceed with this capital project within the terms of the <br />Qualified School Construction Bonds, the terms of the Generally <br />Accepted Accounting Principles (GAAP) , and the budger contained <br />herein. <br />Section 3. The following budgeted amounts are appropriated <br />for the projects: <br />Cabarrus County School Projects $11,102,857 <br />Kannapolis City School Projects $ 3,534,300 <br />Section 4. The following revenues are anticipated to be <br />available to complete this project: <br />Taxable Limited Obligation <br />Qualified School Construction Bonds $14,637,157 <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 the 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 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 to the Governing Board, and to the <br />Budget Officer and the Finance Officer for direction in carrying <br />out this project. <br />Section 9. At the completion of the construction project, <br />all unrestricted excess funds are transferred to the General Fund <br />for payment of Debt Service and the Capital Project Ordinance is <br />closed. <br />Attachment number 11 <br />F -8 Page 202 <br />