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June 20, 2011 (Regular Meeting) Page 482 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 the construction and renovations of Public Schools as referenced in Section 3. The capital projects will be financed by Certificates of Participation. Section 2. The officers of this unit are hereby directed to proceed with this capital project within the terms of the Certificates of Participation, 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: AT Allen Elementary School $ 13,870,427 Patriots Elementary School 12,675,219 Hickory Ridge Middle School 22,683,528 Harold Winkler Middle School 25,589,855 AL Brown High School 10,449,532 Legal and Debt Expenses 13,543,740 Total $ 98,812,301 Section 4. The following revenues are anticipated to be available to complete this project: Proceed from COPS 85,170,000 Contribution - Capital Projects Fund (Lottery) 5,639,943 Contribution - Special Revenue Fund (APFO Fees) 5,115,855 Contribution - Capital Reserve Fund 423,920 Premium on Debt Issue 2,292,583 Interest Income 170,000 Total $ 98,812,301 Section 5. The Finance Officer is hereby directed to maintain within the Capital Project Fund sufficient detailed accounting records to satisfy the terms of debt financing resolution. Section 6. Funds may be advanced from the General Fund for the purpose of making payments as due. Reimbursement requests should be made to the grantor agencies 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 to the Governing Board, and to the Budget Officer and the Finance Officer 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 the Capital Project Ordinance is closed. Section 10. The County Manager is hereby authorized to transfer revenues and appropriation 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