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October 16, 2017 (Regular Meeting) Page 3339
<br /> UPON MOTION by Commissioner Shue, seconded by Commissioner Kiger and
<br /> unanimously carried, the Board approved the bid award and authorized the County
<br /> Manager to execute the contract between Cabarrus County and Messer Construction,
<br /> subject to revision by the County Attorney, and approved the related budget
<br /> amendment and project ordinance.
<br /> Date: 10/16/2017 Amount: $11,245,850
<br /> Dept.Head: Susan Fearrington (prepared by staff) Department: 369 Limited Obligation Bonds 2017
<br /> ❑ Internal Transfer Within Department E Transfer Between Departments/Funds © Supplemental Request
<br /> Purpose: This budget amendment records $11,245,850 of future debt proceeds for the Parking Deck
<br /> Project.
<br /> Account Number Account Name Approved Budget Inc Amount Dec Amount Revised Budget
<br /> 36960000-6918 Proceeds from LOBS $65,759,291.00 $11,245,850.00 $77,005,141.00
<br /> 36991110-9820 JConstr Parking Deck $0.00 $11,245,850.00 $11,245,850.00
<br /> Ordinance No. 2017-63
<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 5, 049, 665
<br /> Capital Projects Fund 7, 179, 803
<br /> Debt Proceeds 77, 005, 141
<br /> TOTAL REVENUES $90,231, 609
<br /> C. The following appropriations are made as listed.
<br /> Parking Deck Downtown Concord $13,203, 850
<br /> New Cabarrus County High School 70,020, 495
<br /> Performance Learning Center 3,866, 000
<br /> Warehouse 2, 141, 264
<br /> Financing Costs 1,000, 000
<br /> TOTAL EXPENDITURES $90,231, 609
<br /> GRAND TOTAL - REVENUES $90,231, 609
<br /> GRAND TOTAL - EXPENDITURES $90,231, 609
<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.
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