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June 20, 2011 (Regular Meeting) Page 484 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 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 -16 QUALIFIED SCHOOL CONSTRUCTION BOND 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 rehabilitating, repairing and equipping approximately eighteen Cabarrus County Schools and six Kannapolis City School facilities. The project is funded by the issuance of Taxable Limited Obligation Qualified School Construction Bonds (QSCB's). Section 2. The officers of this unit are hereby directed to proceed with this capital project within the terms of the Qualified School Construction Bonds, 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: Cabarrus County School Projects $11,102,857 Kannapolis City School Projects $ 3,534,300 Section 4. The following revenues are anticipated to be available to complete this project: Taxable Limited Obligation Qualified School Construction Bonds $14,637,157 Section 5. The Finance Officer is hereby directed to maintain within the Capital Project Fund sufficient detailed accounting records to satisfy the terms of the debt financing resolution. Section 6. Funds may be advanced from the General Fund for the purpose of making payments as due. Reimbursement 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 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 for payment of Debt Service and the Capital Project Ordinance is closed.