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CERTIFICATES OF PARTICIPATION (COPS) 2009 <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 13.2 <br />of Chapter 159 of the General Statutes of North Carolina, the <br />following capital project ordinance is hereby adopted: <br />Section 1. The project authorized is for the construction <br />and renovations of Public Schools as referenced in Section 3. <br />The capital projects will be financed by Certificates of <br />Participation. <br />Section 2. The officers of this unit are hereby directed <br />to proceed with this capital project within the terms of the <br />Certificates of Participation and the terms contained in this <br />project ordinance. <br />Section 3. The following budgeted amounts are appropriated <br />for the projects: <br />AT Allen Elementary School <br />Patriots Elementary School <br />Hickory Ridge Middle School <br />Harold Winkler Middle School <br />AL Brown High High School <br />Legal and Debt Expenses <br />$ 14,874,375 <br />14,150,582 <br />23,229,103 <br />25,589,855 <br />10,449,532 <br />10,460,177 <br />Total $ 98,753,624 <br />Section 4. The following revenues are anticipated to be <br />available to complete this project: <br />Proceed from COPS 85,170,000 <br />Contribution - Capital Projects Fund <br />(Lottery) 5,639,943 <br />Contribution - Special Revenue Fund <br />(APFO Fees) 3,976,694 <br />Premium on Debt Issue 2,292,583 <br />Capital Reserve 1,674,404 <br />Total $ 98,753,624 <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 debt financing <br />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 />claimed. <br />Section 8. Copies of this capital project ordinance shall <br />be furnished to the Clerk to the Governing Board, and to the <br />Attachment number 1 <br />F-6 Page 67 <br />