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CABARRUS COUNTY CANNON MEMORIAL LIBRARY <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 the purpose of <br />collecting and appropriating contributions and private donations <br />received specifically for the Cabarrus County Cannon Memorial <br />Library System. <br />Section 2. The Cannon Memorial Library 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 Cannon Memorial Library Fund shall now be <br />reported as a Capital Projects Fund. The previous Cannon <br />Memorial Library Special Reverse Project Ordinance adopted on <br />October 18, 2010 is 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 />Bank Service Charges $ 3,585 <br />Renovations & Upfit at Concord Branch $ 956,996 <br />Section 5. The following revenues are anticipated to be <br />available to complete this project: <br />Contributions and Private Donations $ 752,290 <br />Contributions and Donations - Flowe Trust $ 9,940 <br />Interest on Investments $ 153,475 <br />Interest on Investments - Trust $ 44,876 <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 />Section 9. Copies of this project ordinance shall be <br />furnished to the Clerk to the Governing Board, and to the Budget <br />Officer and the Finance Officer for direction in carrying out <br />this project. <br />Attachment number 22 <br />F -8 Page 225 <br />