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BC 2011 06 20 Regular
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BC 2011 06 20 Regular
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8/16/2011 4:05:01 PM
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11/27/2017 1:00:04 PM
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Meeting Minutes
Doc Type
Minutes
Meeting Minutes - Date
6/20/2011
Board
Board of Commissioners
Meeting Type
Regular
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June 20, 2011 (Regular Meeting) <br />Page 489 <br />BE IT ORDAINED, by the Board of County Commissioners of the <br />County of Cabarrus, North Carolina, that, pursuant to Section <br />13.2 of Chapter 159 of the General Statutes of North Carolina, <br />the following capital project ordinance is hereby adopted: <br />Section 1. The project authorized is for the purpose of <br />accumulating and appropriating funds specifically for future <br />County and School capital projects. <br />Section 2. The Capital Reserve Fund was, previously <br />accounted for as a Special Revenue Fund. Under the direction of <br />GASB 54, Fund Balance Reporting and Governmental Fund Type <br />Definitions, the Capital Reserve Fund shall now be reported as a <br />Capital Projects Fund. The previous Capital Reserve Resolution <br />adopted on March 15, 2010 is considered void. <br />Section 3. The officers of this unit are hereby directed <br />to proceed with this project within the terms of the Generally <br />Accepted Accounting Principles (GAAP) and the budget contained <br />herein. <br />Section 4. The following budgeted amounts are appropriated <br />for the projects: <br />Capital Improvement Projects: <br />School Projects $18,969,089 <br />County Facility Projects $13,226,980 <br />Park Projects $ 6,866,415 <br />Justice Center Projects $ 6,458,772 <br />Tower /Communication Projects $ 2,172,000 <br />Other County Capital Projects $ 1,726,382 <br />Community College Renovations $ 280,043 <br />Total $49,699,681 <br />Section 5. The following revenues are anticipated to be <br />available to complete this project: <br />Contributions from the General Fund $44,708,301 <br />Contributions from other Funds $ 2,600,266 <br />Donations $ 120,383 <br />interest on Investments $ 2,270,731 <br />Total $49,699,681 <br />Section 6. The Finance Officer is hereby directed to <br />maintain within the Capital Projects Fund sufficient detailed <br />accounting records. <br />Section 7. Funds may be advanced from the General Fund for <br />the purpose of making payments as due. Reimbursement to the <br />General Fund should be made in an orderly and timely manner. <br />Section 8. 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 4 and on the total revenues received or <br />claimed. <br />Section 9. Copies of this project ordinance shall be <br />furnished to the Clerk to the Governing Board, and to the Budget <br />Officer and the Finance Officer for direction in carrying out <br />this project. <br />Section 10. At the completion of the project, all <br />unrestricted excess funds are transferred to the General Fund and <br />the Capital Project Ordinance is closed. <br />Section 11. 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 />
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