BC 2014 01 21 Regular Meeting - Laserfiche WebLink

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January 21, 2014 (Regular Meeting) Page 1882 Ordinance No. 2014 -01 PUBLIC SCHOOL BUILDING CAPITAL PROJECTS FUND CAPITAL PROJECT ORDINANCE BE IT ORDAINED, by the Board of County Commissioners of the County of Cabarrus, 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 1. The project authorized is for smaller non -debt School Capital Projects and related debt service conducted by the County. Section 2. 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. Section 3, The following budgeted amounts are appropriated for the projects: Public School Expenditures Debt Service $ 8,081,561 14,061,363 $22,142,924 Section 4. The following revenues are anticipated to be available to complete this project: State Public School Funds $ 2,897,042 Lottery Proceeds 18,521,114 Contribution from General Fund 724,768 Total $22,142,924 Section 5. The Finance Officer is hereby directed to maintain within the Capital Project Fund sufficient detailed accounting records to satisfy the requirements of the law. Section 6. Funds may be advanced from the General Fund for the purpose of making payments as due. Reimbursements to the General Fund should be made in an orderly and timely manner. Section 7. The Finance Officer is directed to report, at the request of the Board, on the financial status of each project element in Section 3 and on the total revenues received or claimed. Section 8. Copies of this capital project ordinance shall be furnished to the Clerk of the Governing Board, and to the Budget Officer and the Finance Director for direction in carrying out this project. Section 9. At the completion of each individual project, all unrestricted excess funds are transferred to the General Fund and accounting for the individual Capital Project is written off. Section 10. The County Manager is hereby authorized to transfer revenues and appropriations within an ordinance as contained herein under the following conditions: a. The Manager may transfer amounts between objects of expenditures and revenues within a function without limitation. b. The Manager may transfer amounts up to $100,000 between functions of the same ordinance. C. The Manager may transfer amounts between contingency funds which are set aside for a specific project for budgetary shortfalls or upon the appropriate approval of a change order. d. The Manager may enter into and execute change orders or amendments to County construction contracts in amounts up to $90,000 when the project ordinance contains