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$98 MILLION GENERAL OBLIGATION SCHOOL BOND <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 the construction and <br />renovations of Schools for the Cabarrus County, Kannapolis City <br />and the Rowan Cabarrus Community College School Systems. The <br />capital projects will be financed by General Obligation Bonds, <br />Interest Income, Sales Tax and Contributions from the General <br />Fund, Capital Projects Fund, Special Revenue Fund and the Capital <br />Reserve Fund. <br />Section 2. The officers of this unit are hereby directed <br />to proceed with this capital project within the terms of the <br />General Obligation Bond resolution and the budget contained <br />herein. <br />Section 3. The following budgeted amounts are appropriated <br />for the projects: <br />Construction and Renovation of <br />School Facilities $110,436,505 <br />Section 4. The following revenues are anticipated to be <br />available to complete this project: <br />Proceeds from General Obligation Bonds $98,928,851 <br />Interest Income 3,675,861 <br />Sales Tax 719 <br />General Fund Contribution 2,881,083 <br />Capital Projects Fund Contribution 3,599,952 <br />Special Revenue Fund Contribution 1,224,237 <br />Capital Reserve Fund Contribution 125,802 <br />Total $110,436,505 <br />Section 5. The Finance Officer is hereby directed to <br />maintain within the Capital Project Fund sufficient detailed <br />accounting records to satisfy the terms of the Installment <br />Financing resolution. <br />Section 6. Funds may be advanced from the General Fund for <br />the purpose of making payments as due. Reimbursement requests <br />should be made to the grantor agencies in an orderly and timely <br />manner. <br />Section 7. 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 />Attachment number 9 <br />F-5 Page 102 <br />