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CABARRUS COUNTY ADEQUATE FACILITIES <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 purpose of <br />collecting and appropriating Adequate Facility Fees for school <br />facilities, land, architect, improvements or Furniture and <br />Fixtures at the discretion of the Cabarrus County Board of <br />Commissioners. <br />Section 2. The Adequate Facilities Fund was previously <br />accounted for as a Special Revenue Fund. Under the direction of <br />GASB 54, Fund Balance Reporting and Governmental Fund Type <br />Definitions, the Adequate Facilities Fund shall now be reported <br />as a Capital Projects Fund. The previous Adequate Facilities <br />Special Revenue Project Ordinance adopted June 21, 2010 is <br />considered void. <br />Section 3. The officers of this unit are hereby directed <br />to proceed with this project within the terms of the Generally <br />Accepted Accounting Principles (GAAP) and the budget contained <br />herein. <br />Section 4. The following budgeted amounts are appropriated <br />for the projects: <br />Facility Projects $1,421,325 <br />Construction & Renovation of Schools $7,340,092 <br />Section 5. The following revenues are anticipated to be <br />available to complete this project: <br />Adequate Facilities Fees $7,274,872 <br />Interest on Investments $ 242,116 <br />Contribution from General Fund $ 97,750 <br />Contribution from Capital Projects Fund $ 700,764 <br />Contribution from Capital Reserve Fund $ 445,915 <br />Section 6. The Finance Officer is hereby directed to <br />maintain within the Capital Projects Fund sufficient detailed <br />accounting records. <br />Section 7. 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 8. 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 4 and on the total revenues received or <br />claimed. <br />Attachment number 19 <br />F -8 Page 219 <br />