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August 21, 2017 (Regular Meeting) Page 3267
<br /> Purpose: This amendment is for Kannapolis City Schools funding request for Contingency to cover a
<br /> change order for Kannapolis Middle School Construction Project for $71,106.00.
<br /> Account Number Account Name Approved Budget Inc Amount Dec Amount Revised Budget
<br /> 36867404-6921 Cont'd from CRF $4,658,339.00 $71,016.00 $4,729,355.00
<br /> 36897404-9820 Construction $35,989,416.00 $71,016.00 $36,060,432.00
<br /> 45097404-9660 Contingency $359,809.00 $71,016.00 $288,793.00
<br /> 45097220-9708 Cont'd to Capt Proj Fn $57,536,180.10 $71,016.00 $57,607,196.10
<br /> Ordinance No. 2017-53
<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
<br /> Public Schools. Details of the projects are listed in section D. of
<br /> 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 /> Capital Reserve Contribution $10, 968,359
<br /> General Fund Contribution 1, 336,500
<br /> Limited Obligation Bonds 84, 944,452
<br /> Public School Building - Lottery funds 11600,000
<br /> Interest Income 18,818
<br /> TOTAL REVENUES $98, 868, 129
<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, 488,755
<br /> Legal Fees/Closing Costs 740,370
<br /> TOTAL EXPENDITURES $98, 868, 129
<br /> GRAND TOTAL - REVENUES $98, 868, 129
<br /> GRAND TOTAL - EXPENDITURES $98, 868, 129
<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 /> S. Upon notification of funding increases or decreases to existing
<br />
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