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December 19, 2016 (Regular Meeting) Page 2992 <br /> A. The project authorized is for the construction and renovations of Public <br /> Schools. Details of the projects are listed in section D. of this Project <br /> Ordinance. <br /> B. The officers of this unit are hereby directed to proceed with this <br /> capital project within the terms of the Generally Accepted Accounting <br /> Principles (GAAP) and the budget contained herein. <br /> C. It is estimated that the following revenues will be available to <br /> complete capital projects as listed. <br /> Capital Reserve Contribution $6, 908, 726 <br /> General Fund Contribution 1, 336,500 <br /> Limited Obligation Bonds 84, 944, 452 <br /> Public School Building - Lottery funds <br /> Interest Income 1, 600, 000 <br /> 18, 818 <br /> TOTAL REVENUES $94, 808, 496 <br /> D. The following appropriations are made as listed. <br /> Royal Oaks Elementary School $22, 163, 840 <br /> Mt. Pleasant Middle School 33, 870, 692 <br /> Kannapolis Middle School 38, 033, 594 <br /> Legal Fees/Closing Costs 740,370 <br /> TOTAL EXPENDITURES $94, 808, 496 <br /> GRAND TOTAL - REVENUES $94, 808, 496 <br /> GRAND TOTAL - EXPENDITURES $94, 808, 496 <br /> Section II. <br /> A. Special appropriations to non-profit organizations shall be distributed <br /> after the execution of an agreement which ensures that all County funds <br /> are used for statutorily permissible public purposes. <br /> B. The County Manager or designee is hereby authorized to transfer <br /> appropriations within or between funds, or modify revenue and <br /> expenditure projections as contained herein under the following <br /> conditions: <br /> 1. The Manager may transfer amounts between objects of expenditure and <br /> revenues within a function without limitation. <br /> 2. The County Manager may transfer amounts up to $500, 000 between <br /> functions of the same fund. <br /> 3. The County Manager may transfer amounts between contingency funds <br /> which are set aside for a specific project for budgetary shortfalls <br /> or upon the appropriate approval of a change order. <br /> 4. The County Manager is authorized to transfer funds from the General <br /> Fund or Capital Reserve Fund to the appropriate fund for projects <br /> approved within the Capital Improvement Plan for the current fiscal <br /> year. <br /> 5. Upon notification of funding increases or decreases to existing <br /> grants or revenues, or the award of grants or revenues, the Manager <br /> or designee may adjust budgets to match, including grants that <br /> require a County match for which funds are available. <br /> 6. The Manager or designee may adjust debt financing from estimated <br /> projections to actual funds received. <br /> 7. The County Manager may enter into and execute change orders or <br /> amendments to construction contracts in amounts less than $90, 000 <br /> when the appropriate annual budget or capital project ordinance <br /> contains sufficient appropriated but unencumbered funds. <br /> 8. The County Manager may award and execute contracts which are not <br /> required to be bid or which G.S. 143-131 allows to be let on informal <br /> bids so long as the annual budget or appropriate capital project <br /> ordinance contains sufficient appropriated but unencumbered funds <br />