BC 2016 05 16 Regular Meeting - Laserfiche WebLink

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May 16, 2016 (Regular Meeting) Page 2730 8. The County Manager may award and execute contracts which are not required to be bid or which G.S. 143 -131 allows to be let on informal bids so long as the annual budget or appropriate capital project ordinance contains sufficient appropriated but unencumbered funds for such purposes. 9. The County Manager may execute contracts with outside agencies to properly document budgeted appropriation to such agencies where G.S. 153 A- 248(b), 259. 449 and any similar statutes require such contracts. 10. The County Manager may reject formal bids when deemed appropriate and in the best interest of Cabarrus County pursuant to G.S. 143- 129 (a) . 11. The County Manager may reduce revenue projections consistent with prevailing economic conditions, and also reduce expenditures correspondingly. Section III. This ordinance and the budget documents shall be the basis of the financial plan for the County of Cabarrus. a. The Finance Director is hereby directed to maintain within the Capital Projects Fund sufficient detailed accounting records to satisfy the requirements of the law. b. The Finance Officer is directed to report, at the request of the Board, on the financial status of each project element in Section I and on the total revenues received or claimed. c. Copies of this capital project ordinance shall be furnished to the Clerk to the Governing Board, and to the Finance Director for direction in carrying out this project. d. At the completion of a construction project, all unrestricted excess funds are transferred to the General Fund and the portion of the Capital Project Ordinance associated with the project is closed. Adopted this 16th day of May 2016. CABARRUS COUNTY BOARD OF COMMISSIONERS BY: /s/ Stephen M. Morris Stephen M. Morris, Chairman ATTEST: 1s/ Megan Smit Clerk to the Board Ordinance No. 2016 -16 CERTIFICATES OF PARTICIPATION (COPS) 2009 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 construction and renovations of Public Schools as referenced in Section 3. The capital projects will be financed by Certificates of Participation. Section 2. The officers of this unit are hereby directed to proceed with this capital project within the terms of the Certificates of Participation, the terms of the Generally Accepted Accounting Principles (CAAP), and the budget contained herein. Section 3. The following budgeted amounts are appropriated for the projects: AT Allen Elementary School $ 13,816,599 Patriots Elementary School 12,569,278 Hickory Ridge Middle School 21,357,637