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CAPITAL PROJECT ORDINANCE <br /> <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 /> <br /> Section 1. The project authorized is the construction of a <br />parking lot and the design cost of building 3000 at Rowan Cabarrus <br />Community College and Phase I and Phase II renovation of the old <br />Cabarrus County School Administration Building. The capital <br />projects will be financed by Installment Financing and a <br />contribution from the Cabarrus County General Fund for Phase I <br />renovations. <br /> <br /> Section 2. The officers of this unit are hereby directed to <br />proceed with this capital project within the terms of the <br />Installment Financing resolution and the budget contained herein. <br /> <br /> Section 3. The following budgeted amounts are appropriated <br />for the projects: <br /> <br />Parking Lot RCCC <br />Design Cost of Building 3000 at RCCC <br />Phase I School Administration Building <br />Phase II School Administration Building <br /> <br />$ 400,000 <br />$ 500,000 <br />$ 189,500 <br />$3,600,000 <br /> <br /> Section 4. The following revenues are anticipated to be <br />available to complete this project: <br /> <br />Proceeds from Installment Financing $4,500,000 <br />Contribution from Cabarrus County General Fund $ 189,500 <br /> <br /> Section 5. The Finance Officer is hereby directed to maintain <br />within the Capital Project Fund sufficient detailed accounting <br />records to satisfy the terms of the Installment Financing <br />resolution. <br /> <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 /> <br /> Section 7. The Finance Officer is directed to report, on a <br />monthly basis, on the financial status of each project element in <br />Section 3 and on the total revenues received or claimed. <br /> <br /> Section 8. Copies of this capital project ordinance shall be <br />furnished to the Clerk to the Governing Board, and to the Budget <br />Officer and the Finance Officer for direction in carrying out this <br />project. <br /> <br />Adopted this 19th day of April 2004. <br /> CABARRUS COUNTY BOARD OF COMMISSIONERS <br /> <br />ATTEST: <br /> <br />BY: <br /> <br />Robert Freeman, Chair <br /> <br />Clerk to the Board <br /> <br /> <br />