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CABARRUS COUNTY CAPITAL RESERVE <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 />accumulating and appropriating funds specifically for future <br />County and School capital projects. <br />Section 2. The Capital Reserve 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 Capital Reserve Fund shall now be reported as a <br />Capital Projects Fund. The previous Capital Reserve Capital <br />Project Ordinance was adopted on June 20, 2011 is considered <br />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 />Capital Improvement Projects: <br />School Projects $18,969,089 <br />County Facility Projects $13,226,980 <br />Park Projects $ 6,866,415 <br />Justice Center Projects $ 6,458,772 <br />Tower /Communication Projects $ 2,172,000 <br />Other County Capital Projects $ 1,726,382 <br />Community College Renovations $ 280,043 <br />Park Projects - CVB $ 175,000 <br />Total $49,874,681 <br />Section 5. The following revenues are anticipated to be <br />available to complete this project: <br />Contributions from the General Fund $44,708,301 <br />Contributions from other Funds $ 2,600,266 <br />Donations $ 120,383 <br />Donations - CVB $ 175,000 <br />Interest on Investments $ 2,270,731 <br />Total $49,874,681 <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 />Attachment number 1 <br />F -3 Page 81 <br />