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CABARRUS COUNTY UTILITY <br />SPECIAL REVENUE 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 special revenue project ordinance is hereby adopted: <br />Section 1. The special revenue project authorized is for <br />the purpose of collecting and appropriating utility assessment <br />fees for utility projects at the discretion of the Cabarrus <br />County Board of Commissioners. <br />Section 2. The Utility Fund was previously accounted for <br />as a Capital Reserve Fund. Under the advice of the County <br />auditors, the Utility Fund shall now be reported as a Special <br />Revenue Fund. The previous Capital Reserve Utility Resolution <br />adopted on June 19, 2006 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 Principals (GAAP) and the budget contained <br />herein. <br />Section 4. The following budgeted amounts are appropriated <br />for the projects: <br />Utility Improvement Projects $ 693,013 <br />Section 5. The following revenues are anticipated to be <br />available to complete this project: <br />Assessment Fees $ 598,904 <br />Interest Income $ 94,109 <br />Section 6. The Finance Officer is hereby directed to <br />maintain within the Special Revenue 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 3 and on the total revenues received or <br />claimed. <br />Section 9. Copies of this special revenue project <br />ordinance shall be furnished to the Clerk to the Governing Board, <br />and to the Budget Officer and the Finance Officer for direction <br />in carrying out this project. <br />Section 10. At the completion of the project, all <br />unrestricted excess funds are transferred to the Capital Reserve <br />Fund and the Special Revenue Project Ordinance is closed. <br />Section 11. The County Manager is hereby authorized to transfer <br />revenues and appropriation within an ordinance as contained herein <br />under the following conditions : Attachment number 1 <br />F-2 Page 55 <br />