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March 15, 2010 (Regular Meeting) Page 1844
<br />February 1, 2010 debt service interest payment; (3) sets up the expenditure
<br />for the arbitrage rebate through a reduction in the Transfer to the Capital
<br />Reserve Fund budgeted line item; and (4) adjusts the amount projected to be
<br />transferred to the Capital Reserve fund based on the final arbitrage
<br />calculation provided by Bingham Arbitrage on February 22, 2010.
<br />UPON MOTION of Vice Chairman Poole, seconded by Commissioner Privette
<br />and unanimously carried, the Board adopted the following budget amendment,
<br />revised capital project ordinance and revised capital reserve resolution:
<br />Date:2/22/2010 Amount:$132,299.55
<br />Dept. Head: Susan B. Fearrington Department: Finance-Sheriff's Admin Bldg Const
<br />^ Internal Transfer Within Department ^ Transfer Between Departments/Funds ~ Supplemental Request
<br />Purpose: The Sheriff's Administration Building construction has been completed. This budget
<br />amendment, 1) closes out the construction project budgeted line items, 2) makes a transfer to the
<br />General Fund for the 2-1-10 debt service interest payment and 3) sets up the expenditure for the
<br />arbitrage rebate through a reduction in the Transfer to the Capital Reserve Fund budgeted line
<br />item 4) Adjusting the amount projected to be transferred to the Capital Reserve fund based on the
<br />final. arhi_traae calculation provided by Bingham Arbitrage on February 22, 2010.
<br />Account Number Account Name Approved Budget Inc Amount Dec Amount Revised Budget
<br />39262130-6705 Interest COPS $1,558,792.96 $774.22 $1,559,567.18
<br />34292130-9607 rchitect $125,432.33 $4,517.46 $120,914.87
<br />34292130-9704 Contrib to Gen Fund $792,862.70 $198,009.18 $990,871.88
<br />34292130-9707 Contrib to Cap Reser $1,780,982.88 $131,525.33 $1,649,457.55
<br />34292130-9820-0603 Construction GMP #2 $31,597,861.25 $192,808.00 $31,405,053.25
<br />34292130-9860-0603 Furn & Equip GMP #2 $1,265,107.50 $106.02 $1,265,001.48
<br />34292130-9436 rbitrage Expense $0.00 $131,721.85 $131,721.85
<br />45067220-6910 Cont from Capital Proj $2,850,687.40 $131,525.33 $2,719,162.07
<br />45097220-9820-0615 Construction/Courthous $2,570,694.54 $131,525.33 $2,439,119.21
<br />Ordinance No. 2010-02
<br />Revised
<br />CAPITAL PROJECT ORDINANCE
<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 the architectural design
<br />of a new Cabarrus County Justice Center. Architect expenses will
<br />be funded from the Capital Reserve Fund.
<br />Section 2. The officers of this unit are hereby directed
<br />to proceed with this capital project within the budget contained
<br />herein.
<br />Section 3. The following budgeted amounts are appropriated
<br />for the projects:
<br />Justice Center Construction $123,507,415
<br />Section 4. The following revenues are anticipated to be
<br />available to complete this project:
<br />Transfer from the Capital Reserve Fund $ 6,458,772
<br />Interest on Investments 2,285,833
<br />Transfer from the General Fund 6,076,843
<br />Proceeds from Debt issuance 108,685,967
<br />Section 5. The Finance Officer is hereby directed to
<br />maintain within the Capital Project Fund sufficient detailed
<br />accounting records.
<br />Section 6. Funds may be advanced from the General Fund for
<br />the purpose of making payments as due.
<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 />
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