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May 16, 2016 (Regular Meeting) CABARRUS COUNTY BOARD OF COMMISSIONERS BY: /s/ Stephen M. Morris Stephen M. Morris, Chairman ATTEST: /s/ Megan Smit Clerk to the Board Page 2726 ordinance No. 2016 -13 CABARRUS COUNTY CANNON MEMORIAL LIBRARY CAPITAL PROJECT ORDINANCE BE IT ORDAINED, by the Board of County Commissioners of the County of Cabarrus, North Carolina, that, pursuant to Section 13.2 of Chapter 159 of the General Statutes of North Carolina, the following capital project ordinance is hereby adopted: Section 1. The project authorized is for the purpose of collecting and appropriating contributions and private donations received specifically for the Cabarrus County Cannon Memorial Library System. Section 2. The officers of this unit are hereby directed to proceed with this project within the terms of the Generally Accepted Accounting Principles (GAAP) and the budget contained herein. Section 3. The following budgeted amounts are appropriated for the projects: Bank Service Charges - Concord $ 3,585 Renovations & Upfit at Concord Branch $ 1,080,331 Renovations & Upfit at Mt. Pleasant Branch $ 9,740 Renovations & Upfit at Kannapolis Branch $ 50,000 Total $ 1,143,636 Section 4. The following revenues are anticipated to be available to complete this project: Contributions and Private Donations $ 923,758 Contributions and Donations - F1owe Trust $ 11,331 Interest on Investments $ 153,951 Interest on Investments - Trust $ 44,876 Private Donation for Mt. Pleasant Library $ 9,740 Total $ 1,143,656 Section 5. The Finance Officer is hereby directed to maintain within the Capital Projects Fund sufficient detailed accounting records. Section 6. Funds may be advanced from the General Fund for the purpose of making payments as due. Reimbursement to the General Fund should be made in an orderly and timely manner. Section 7. The Finance Officer is directed to report, at the request of the Board, on the financial status of each project element in Section 4 and on the total revenues received or claimed. Section 8. Copies of this project ordinance shall be furnished to the Clerk to the Governing Board, and to the Budget Officer and the Finance Officer for direction in carrying out this project. Section 9. At the completion of the project, all unrestricted excess funds are transferred to the General Fund and the Capital Project Ordinance is closed. Section 10. The County Manager is hereby authorized to transfer revenues and appropriation within an ordinance as contained herein under the following conditions: a. The Manager may transfer amounts between objects of