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April 18, 2017 (Regular Meeting) Page 3099 <br /> prevailing economic conditions, and also reduce expenditures <br /> correspondingly. <br /> Section III. <br /> This ordinance and the budget documents shall be the basis of the financial <br /> plan for the County of Cabarrus. <br /> a. The Finance Director is hereby directed to maintain within the <br /> Capital Project Fund sufficient detailed accounting records to <br /> satisfy the requirements of the law. <br /> b. The Finance Director is directed to report, at the request of the <br /> Board, on the financial status of each project element in Section <br /> I and on the total revenues received or claimed. <br /> c. Copies of this capital project ordinance shall be furnished to <br /> the Clerk to the governing Board, and to the Finance Director for <br /> direction in carrying out this project. <br /> d. At the completion of a construction project, all unrestricted <br /> excess funds are transferred to the General Fund and the portion <br /> of the Capital Project associated with the project is closed. <br /> Adopted this the 18th day of April, 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. 2017-19 <br /> CABARRUS COUNTY <br /> LIMITED OBLIGATION BONDS 2017 PROJECT <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 of a Parking Deck. <br /> Details of the project are listed in section C. 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 /> It is estimated that the following revenues will be available to <br /> complete capital projects as listed. <br /> General Fund Contribution $997,000 <br /> Capital Reserve Contribution 14, 706,759 <br /> TOTAL REVENUES $15, 703,759 <br /> C. The following appropriations are made as listed. <br /> Parking Deck Downtown Concord $1, 062,000 <br /> New Cabarrus County High School 8, 086, 495 <br /> Performance Learning Center 414, 000 <br /> Warehouse 6, 141,264 <br /> TOTAL EXPENDITURES $15, 703,759 <br /> GRAND TOTAL - REVENUES $15,703,759 <br /> GRAND TOTAL - EXPENDITURES $15,703,759 <br />