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CAPITAL PROJECT ORDINANCE <br /> <br />Ordinance No. 2003- <br /> <br /> BE IT ORDAINED, by the Board of County Commissioners of the County <br />of Cabarrus, North Carolina, that, pursuant to Section 13.2 of Chapter <br />159 of the General Statutes of North Carolina, the following capital <br />project ordinance is hereby adopted: <br /> <br /> Section 1. The project authorized is the construction of a new <br />middle school, a new elementary school, a replacement elementary school <br />and additions at two elementary schools. The projects will be financed <br />by the sale of up to $45,000,000 in certificates of participation (COPS) <br />and with additional funding being provided from Rowan County, $4,131,754 <br />and Kannapolis City Schools, $820,000. <br /> <br /> Section 2. The officers of this unit are hereby directed to <br />proceed with this capital project within the terms of the COPS resolution <br />and the budget contained herein. <br /> <br /> Section 3. The following budgeted amounts are appropriated for the <br />projects: <br /> <br />New Kannapolis Middle School <br />New Pitts Elementary School <br />Replacement Bethel Elementary School <br />Additions at Shady Brook Elementary School <br />Additions at Fred L. Wilson Elementary School <br /> <br />$15,046,518 <br />$13,583,231 <br />$12,650,000 <br />$ 1,401,996 <br />$ 3,405,222 <br /> <br /> Section 4. The following revenues are anticipated to be available <br />to complete this project: <br /> <br /> Proceeds from certificates of <br /> Participation $41,135,213 <br /> Contribution from Rowan County $ 4,131,754 <br /> Contribution from Kannapolis City Schools $ 820,000 <br /> <br /> Section 5. The Finance Officer is hereby directed to maintain <br />within the Capital Project Fund sufficient detailed accounting records <br />to satisfy the terms of the COPS resolution. <br /> <br /> Section 6. Funds may be advanced from the General Fund for the <br />purpose of making payments as due. Reimbursement requests should be made <br />to the grantor agencies in an orderly and timely manner. <br /> <br /> Section 7. The Finance Officer is directed to report, on a monthly <br />basis, on the financial status of each project element in Section 3 and <br />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 Officer <br />and the Finance Officer for direction in carrying out this project. <br /> <br />Adopted this 21st day of July, 2003. <br /> <br />CABARRUS COUNTY BOARD OF COMMISSIONERS <br /> <br />ATTEST: <br /> <br />BY: <br /> <br />Robert M. Freeman, Chairman <br /> <br />Clerk to the Board <br /> <br /> <br />