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March 20, 2017 (Regular Meeting) Page 3057
<br /> Commissioners, two payment applications will be submitted to the Department of
<br /> Public Instruction for release of the funds.
<br /> The Cabarrus County Schools application will be for $1, 754, 000. 00 and the
<br /> Kannapolis City Schools application will be for $246,000.00, for a total of
<br /> $2, 000, 000.00.
<br /> UPON MOTION of Commissioner Kiger, seconded by Vice Chairman Honeycutt
<br /> and unanimously carried, the Board authorized the Chairman to execute the Public
<br /> School Building Capital Fund applications to release funds from the North
<br /> Carolina Education Lottery Fund and approved the related budget amendment and
<br /> updated Capital Project Ordinance.
<br /> Date: 3/20/2017 Amount: $2,000,000
<br /> Dept.
<br /> Head: Susan Fearrington (prepared by staff) Department: Finance-Public School Capital Fund
<br /> 0 Internal Transfer Within Department 1_1 Transfer Between Departments/Funds Q Supplemental Request
<br /> Purpose: This amendment records the Public School Building Capital Lottery funds requested from the
<br /> Department of Public Instruction. The funds will be used towards the FY17 school debt service
<br /> payments. Cabarrus County Schools' portion is $1,754,000 and Kannapolis City Schools' portion is
<br /> $246,000.
<br /> Account Number Account Name JApproved Budget Inc Amount Dec Amount Revised Budget
<br /> 32067210-6444 ILottery Proceeds $18,019,308.00 $2,000,000.00 $20,019,308.00
<br /> 32097210-9709 JCont to General Fund $18,019,308.00 $2,000,000.00 $20,019,308.00
<br /> Ordinance No. 2017-09
<br /> PUBLIC SCHOOL BUILDING CAPITAL PROJECTS 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 the various County construction and
<br /> renovation related projects. Details of the projects are listed in
<br /> section C. of this Project 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 /> Lottery Proceeds $20, 019, 308
<br /> Lottery Proceeds - Rowan County 300, 000
<br /> TOTAL REVENUES $20, 319, 308
<br /> $20, 319, 308
<br /> GRAND TOTAL - REVENUES $20, 319, 308
<br /> D. The following appropriations are made as listed.
<br /> Debt Service $18, 419, 308
<br /> Construction 11600, 000
<br /> Debt Service - Rowan County 300, 000
<br /> TOTAL EXPENDITURES $20,319, 308
<br /> $20, 319, 308
<br /> GRAND TOTAL - EXPENDITURES $20, 319, 308
<br /> Section II.
<br /> A. Special appropriations to non-profit organizations shall be
<br /> distributed after the execution of an agreement which ensures that all
<br /> County funds 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:
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