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RESOLUTION <br />ESTABLISHMENT AND MAINTENANCE <br />OF THE CAPITAL RESERVE FUND <br />WHEREAS, there is a need to maintain funds for future County and <br />School capital projects; and <br />WHEREAS, the Capital Reserve fund was established to account for the accumulation of funds; <br />NOW, THEREFORE, BE IT RESOLVED BYTHE GOVERNING BOARD THAT: <br />Section 1. The Governing Board hereby creates a Capital Reserve fund for the purpose of <br />maintaining funds for future capital projects at the County and the Schools. <br />Section 2. The following budgeted amounts are appropriated for the projects: <br />Capital Improvement Projects <br />$55,000,000 <br />Section 3. The following revenues are anticipated to be available to fund this project: <br />Investment earnings $ 3,000,000 <br />Transfer from other funds $ 570,000 <br />Contributions from the General Fund $51,430,000 <br />Section 4. The County Manager is hereby authorized to transfer revenues and <br />appropriation within an ordinance as contained herein under the following conditions: <br />a. The Manager may transfer amounts between objects of expenditures and revenues within a <br />function without limitation. <br />b. The Manager may transfer amounts up to $100,000 between functions of the same <br />ordinance. <br />c. The Manager may transfer amounts between contingency funds which are set aside for a <br />specific projects upon the appropriate approval of the change order. <br />d. The Manager may enter into and execute change orders or amendments to County <br />construction contracts in amounts up to $50,000 when the fund contains sufficient <br />appropriated but unencumbered funds. <br />Section 5. This resolution shall become effective upon its adoption. <br />Adopted this 15s1 day of March, 2010. <br />CABARRUS COUNTY BOARD OF COMMISSIONERS <br />By: <br />H. Jay White, Sr., Chairman <br />Attest: <br />By: <br />Kay Honeycutt, Clerk to the Board <br />Attachment number 2 <br />F-3 Page 59 <br />