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<br />RESOLUTION <br />ESTABLISHMENT AND MAINTENANCE <br />OF THE <br />CAPITAL RESERVE FUND <br /> <br />WHEREAS, there is a need to maintain funds for future County and School <br />capital projects; and <br /> <br />WHEREAS, the Capital Reserve Fund was established to account for the <br />accumulation of funds; and <br /> <br />NOW, THEREFORE, BE IT RESOLVED BY THE GOVERNING BOARD THAT: <br /> <br />Section 1. The Governing Board hereby creates a <br />Reserve Fund for the purpose of maintaining funds for future <br />projects at the County and the Schools. <br /> <br />Capital <br />capital <br /> <br />Section 2. The following budgeted amounts are appropriated <br />for the projects: <br /> <br />Capital Improvement Projects <br /> <br />$16,843,812 <br /> <br />Section 3. The following revenues are anticipated to be <br />available to fund this project: <br /> <br />Adequate Facilities Fee <br />Contribution from General Fund <br />Fund Balance Appropriated <br /> <br />$ 445,915 <br />$ 7,873,881 <br />$ 8,524,016 <br /> <br />Section 4. The County Manager is hereby authorized to transfer <br />revenues and appropriation within an ordinance as contained herein under <br />the following conditions: <br /> <br />a. The Manager may transfer amounts between objects of expenditures <br />and revenues within a function without limitation. <br />b. The Manager may transfer amounts up to $100,000 between functions <br />of the same ordinance. <br />c. The Manager may transfer amounts between contingency funds which <br />are set aside for a specific projects upon the appropriate <br />approval of the change order. <br />d. The Manager may enter into and execute change orders or amendments <br />to County construction contracts in amounts up to $50/000 when the <br />project ordinance contains sufficient appropriated but unencumbered <br />funds. <br /> <br />Section 5. This resolution shall become effective upon its adoption. <br /> <br />Adopted this 19th day of June 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 />F-Il <br />