BC 2010 06 21 Regular Meeting - Laserfiche WebLink

Home Browse Search

June 21, 2010 (Regular Meeting) Page 19 Officer and the Finance Director for direction in carrying out this project. Section 10. At the completion of each individual project, all unrestricted excess funds are transferred to the Capital Reserve Fund and the Capital Project Ordinance is closed. Section 11. The County Manager is hereby authorized to transfer revenues and appropriations 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 upon the appropriate approval of the change order. d. The Manager may enter into and execute change orders or amendments to County construction contracts in amounts up to $50,000 when the project ordinance contains sufficient appropriated but unencumbered funds. Adopted this 21st day of June, 2010. 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. 2010 -14 $98 MILLION GENERAL OBLIGATION SCHOOL 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 construction and renovations of Schools for the Cabarrus County, Kannapolis City and the Rowan Cabarrus Community College School Systems. The capital projects will be financed by General Obligation Bonds, Interest Income, Sales Tax and Contributions from the General Fund, Capital Projects Fund, Special Revenue Fund and the Capital Reserve Fund. Section 2. The officers of this unit are hereby directed to proceed with this capital project within the terms of the General Obligation Bond resolution and the budget contained herein. Section 3. The following budgeted amounts are appropriated for the projects: Construction and Renovation of School Facilities $110,436,505 .Section 4. The following revenues are anticipated to be available to complete this project: Proceeds from General Obligation Bonds $98,928,851 Interest Income 3,675,861 Sales Tax 719 General Fund Contribution 2,881,083 Capital Projects Fund Contribution 3,599,952 Special Revenue Fund Contribution 1,224,237 Capital Reserve Fund Contribution 125,802 Total $110,436,505