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March 20, 2017 (Regular Meeting) Page 3069 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 March, 2017. CABARRUS COUNTY BOARD OF COMMISSIONERS BY: /s/ Stephen M. Morris Stephen M. Morris, Chairman ATTEST: /s/ Megan Smit Clerk to the Board Ordinance No. 2017-13 CABARRUS COUNTY LIMITED OBLIGATION BONDS 2017 PROJECT BUDGET ORDINANCE BE IT ORDAINED by the Board of Commissioners of Cabarrus County, 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 I. A. The project authorized is for the construction of a Parking Deck. Details of the project are listed in section C. of this Project Ordinance. B. The officers of this unit are hereby directed to proceed with this capital project within the terms of the Generally Accepted Accounting Principles (GAAP) and the budget contained herein. It is estimated that the following revenues will be available to complete capital projects as listed. General Fund Contribution $802, 000 Capital Reserve Contribution 8, 565, 495 TOTAL REVENUES $9,367,495 C. The following appropriations are made as listed. Parking Deck Downtown Concord $1, 062,000 New Cabarrus County High School 8, 086,495 Performance Learning Center 219,000 TOTAL EXPENDITURES $9,367,495 GRAND TOTAL - REVENUES $9,367, 495 GRAND TOTAL - EXPENDITURES $9,367, 495 Section II. A. Special appropriations to non-profit organizations shall be distributed after the execution of an agreement which ensures that all County funds are used for statutorily permissible public purposes. B. The County Manager or designee is hereby authorized to transfer appropriations within or between funds, or modify revenue and expenditure projections as contained herein under the following conditions: