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June 20, 2011 (Regular Meeting) Page 483 upon the appropriate approval of a change order by the School Systems. Adopted this 20th day of June, 2011. CABARRUS COUNTY BOARD OF COMMISSIONERS BY: /s/ H. Jay White, Sr. H. Jay White, Sr., Chairman ATTEST: /s/ Kay Honeycutt Clerk to the Board Ordinance No. 2011 -15 CABARRUS COUNTY 2009 SCHOOL CONSTRUCTION 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 the construction and renovations of Schools for Cabarrus County. The capital projects W4 ll be financed by Capital Reserve funds and Interest Income. Section 2. The officers of this unit are hereby directed to proceed with this capital project within the terms of future debt resolutions, 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: Construction and Renovations of Public School Facilities $10,249,489 Section 4. The following revenues are anticipated to be available to complete this project: Capital Reserve Funds $10,247,601 Interest Income 1,888 Total $10,249,489 Section 5. The Finance Officer is hereby directed to maintain within the Capital Project Fund sufficient detailed accounting records to satisfy the terms of future 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 the construction 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.