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SCHOOL CONSTRUCTION CAPITAL PROJECT ORDINANCE BE IT ORDAINED, by the Board of County Commissioners of the County of Cabarrus, North Carolina that, pursuant to Section 13.2 of Chapter 159 of the General Statutes of North Carolina, the following capital project ordinance is hereby adopted: Section 1. The project authorized is the construction and renovations of Schools for the Cabarrus County and Kannapolis City School Systems. The capital projects will be financed by Certificates of Participation, Installment Financing, Interest Income, a contribution from the Kannapolis City Schools and contributions from the General Fund, Capital Reserve Fund, Special Revenue Fund, and other Capital Projects Funds. Section 2. The officers of this unit are hereby directed to proceed with this capital project within the terms of debt resolutions and the budget contained herein. Section 3. The following budgeted amounts are appropriated for the projects: Construction and Renovation Of Public School Facilities $91,728,044 Section 4. The following revenues are anticipated to be available to complete this project: Certificates of Participation $68,261,481 Installment Financing 7,305,000 Interest Income 925,000 Kannapolis City Schools 40,000 General Fund Contribution 3,478,638 Capital Reserve Fund Contribution 7,246,362 APFO Special Revenue Contribution 1,000,000 Capital Projects Fund Contribution 3,471,563 Total $91,728,044 Section 5. The Finance Officer is hereby directed to maintain within the Capital Project Fund sufficient detailed accounting records to satisfy the terms of future debt financing resolution. Section 6. Funds may be advanced from the General Fund for the purpose of making payments as due. Reimbursement requests should be made to the grantor agencies in an orderly and timely manner. Section 7. The Finance Officer is directed to report, at the request of the Board, on the financial status of each project Attachment number 10 F-5 Page 104