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June 20, 2016 (Regular Meeting) Page 2802 when the appropriate annual budget or capital project ordinance contains sufficient appropriated but unencumbered funds. S. The County Manager may award and execute contracts which are not required to be bid or which G. S. 143 -131 allows to be iet 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 appropriations 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 Project Fund sufficient detailed accounting records to satisfy the requirements of the law. b. The Finance Director 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 associated with the project is closed. Adopted this the 20th day of June, 2016. CABARRUS COUNTY BOARD OF COMMISSIONERS BY: /s/ Stephen M. Morris Stephen M. Morris, Chairman ATTEST: /s/ Megan Smit Clerk to the Board (G -3) Finance - FY17 Economic Development Allocation - Public Hearing 6:30 P.M. Susan Fearrington, Finance Director, stated, pursuant to changes to North Carolina General Statute 158 -7.1, the County must conduct a separate public hearing for economic development appropriations. She added that funding plans are approved during public hearings when new economic incentives are approved, however, in the past a public hearing was not required for the County's annual appropriation for the contribution to the Cabarrus Economic Development Corporation. To ensure compliance with the updated North Carolina General Statute 158 - 7.1, she requested a public hearing for FYI economic development appropriation to the Cabarrus County Economic Development Corporation. Chairman Morris opened the public hearing at 7.27 p.m. The public hearing notice was posted on the County's website ( www. cabarrus county. us ) on June 9, 2016 in accordance with Article 2, Administration, Section 2.1 (Use of Electronic Means to Provide Public Notices) of the Cabarrus County Code of Ordinances. There was no one present to address the Board; therefore, Chairman Morris closed the public hearing.