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<br />RESOLUTION <br />ESTABLISHMENT AND MAINTENANCE <br />OF THE <br />CAPITAL RESERVE - ARENA FUND <br /> <br />WHEREAS, there is a need to maintain funds for future capital improvements <br />at the Cabarrus Arena and Events Center; and <br /> <br />WHEREAS, the Certificates of Participation Series 2002 Capital Projects <br />Fund was established to account for construction of 5 Auxiliary Gyms, the School <br />Administration Building and the Cabarrus Arena and Events Center; and <br /> <br />WHEREAS, the 5 Auxiliary Gyms, the School Administration Building, and the <br />major construction of the Arena have been completed; and <br /> <br />WHEREAS, the Arena construction budget had a remaining balance of $483,508; <br /> <br />and <br /> <br />WHEREAS, the County would like to close out <br />Participation Series 2002 Construction Fund and establish <br />for the remaining balance. <br /> <br />the Certificates of <br />a Capital Reserve fund <br /> <br />NOW, THEREFORE, BE IT RESOLVED BY THE GOVERNING BOARD THAT: <br /> <br />Section 1. The Governing Board hereby creates a Capital <br />Reserve Fund for the purpose of maintaining funds for future capital <br />projects at the Cabarrus Arena and Events Center. <br /> <br />Section 2. The Board will transfer the remaining balance in <br />the Certificates of Participation, Series 2002 Arena Construction <br />budget to the Capital Reserve - Arena Fund. <br /> <br />Section 3. The following budgeted amounts are appropriated <br />for the projects: <br /> <br />Contribution to Cabarrus Arena & Events Center <br />Special Revenue Fund $483,508 <br /> <br />Section 4. The following revenues are anticipated to be <br />available to fund this project: <br /> <br />Contribution from the Arena Construction Fund <br /> <br />$483,508 <br /> <br />Section 5. At the completion of the project, all unrestricted <br />excess funds are transferred to the General Fund and the Capital <br />Reserve - Arena Fund is closed. <br /> <br />Section 6. This resolution shall become effective upon its adoption. <br /> <br />Adopted this 17th day of April 2006. <br />CABARRUS COUNTY BOARD OF COMMISSIONERS <br /> <br />BY: <br /> <br />Robert Carruth, Chairman <br /> <br />ATTEST: <br /> <br />Clerk to the Board <br /> <br />G-l <br />