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February 20, 2017 (Regular Meeting) Page 3031 <br /> direction in carrying out this project. <br /> d. At the completion of a construction project, all unrestricted excess <br /> funds are transferred to the General Fund and the portion of the <br /> Capital Project associated with the project is closed. <br /> Adopted this the 20th day of February, 2017. <br /> CABARRUS COUNTY BOARD OF COMMISSIONERS <br /> BY: /s/ Stephen M. Morris <br /> Stephen M. Morris, Chairman <br /> ATTEST: <br /> /s/ Megan Smit <br /> Clerk to the Board <br /> Ordinance No. 2017-05 <br /> CABARRUS COUNTY SCHOOL CONSTRUCTION DEBT FUND <br /> BUDGET ORDINANCE <br /> BE IT ORDAINED by the Board of Commissioners of Cabarrus County, North <br /> Carolina that, Pursuant to Section 13.2 of Chapter 159 of the General Statutes <br /> of North Carolina, the following capital project ordinance is hereby adopted: <br /> Section I . <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 $10, 821.051 <br /> General Fund Contribution 1, 336,500 <br /> Limited Obligation Bonds 84, 944,452 <br /> Public School Building - Lottery funds 1, 600,000 <br /> Interest Income 18,818 <br /> TOTAL REVENUES $98,720,821 <br /> D. The following appropriations are made as listed. <br /> Royal Oaks Elementary School $22, 378, 840 <br /> Mt. Pleasant Middle School 34,260, 164 <br /> Kannapolis Middle School 41,341, 447 <br /> Legal Fees/Closing Costs 740, 370 <br /> TOTAL EXPENDITURES $98,720,821 <br /> GRAND TOTAL - REVENUES $98,720,821 <br /> GRAND TOTAL - EXPENDITURES $98, 720,821 <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 />