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June 20, 2011 (Regular Meeting) <br />Page 481 <br />Section 3. The following budgeted amounts are appropriated <br />for the projects: <br />Construction and Renovation <br />Of Public School Facilities $91,728,044 <br />Section 4. The following revenues are anticipated to be <br />available to complete this project: <br />Certificates of Participation <br />$68,261,481 <br />Installment Financing <br />7,305,000 <br />Interest Income <br />925,000 <br />Kannapolis City Schools <br />40,000 <br />General Fund Contribution <br />3,478,638 <br />Capital Reserve Fund Contribution <br />7,246,362 <br />APFO Special Revenue Contribution <br />1,000,000 <br />Capital Projects Fund Contribution <br />3,471,563 <br />Total <br />$91,728,044 <br />Section 5. The Finance Officer is hereby directed to <br />maintain within the Capital Project Fund sufficient detailed <br />accounting records to satisfy the terms of future debt financing <br />resolution. <br />Section 6. Funds may be advanced from the General Fund for <br />the purpose of making payments as due. Reimbursement requests <br />should be made to the grantor agencies in an orderly and timely <br />manner. <br />Section 7. The Finance Officer is directed to report, at <br />the request of the Board, on the financial status of each project <br />element in Section 3 and on the total revenues received or <br />claimed. <br />Section 8. Copies of this capital project ordinance shall <br />be furnished to the Clerk to the Governing Board, and to the <br />Budget Officer and the Finance Officer for direction in carrying <br />out this project. <br />Section 9. At the completion of the construction project, <br />all unrestricted excess funds are transferred to the General Fund <br />for payment of Debt Service and the Capital Project Ordinance is <br />closed. <br />Section 10. The County Manager is hereby authorized to transfer <br />revenues and appropriation within an ordinance as contained herein <br />under the following conditions: <br />a. The Manager may transfer amounts between objects of expenditures <br />and revenues within a function without limitation. <br />b. The Manager may transfer amounts up to $100,000 between functions <br />of the same ordinance. <br />c. The Manager may transfer amounts between contingency funds which <br />are set aside for a specific project for budgetary shortfalls or <br />upon the appropriate approval of a change order by the School <br />Systems. <br />Adopted this 20th day of June, 2011. <br />CABARRUS COUNTY BOARD OF COMMISSIONERS <br />BY: /s/ H. Jay White, Sr. <br />H. Jay White, Sr., Chairman <br />ATTEST: <br />/s/ Kay Honeycutt <br />Clerk to the Board <br />Ordinance No. 2011 -14 <br />CERTIFICATES OF PARTICIPATION (COPS) 2009 <br />CAPITAL PROJECT ORDINANCE <br />