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November 16, 2009 (Regular Meeting)
<br />Page 1682
<br />Date: 10/22/2009 Amount:$22,795.14
<br />Dept. Head: Pamela S. Dubois Department: Finance
<br />^ Internal Transfer Within Department ^ Transfer Between Departments/Funds Q Supplemental Request
<br />Purpose: To close out Funtl 363, $98 Million Dollar Bond Fund for the construction of School
<br />Facilities and transfer the remaininm fnnBC +n tha ^cncral FnnA
<br />Account Number Account Name Approved Budget Inc Amount: DecAm0unt .Revised Budget
<br />36360000-6702 Interest on Investment $3,659,125.65 $21,735,36 $3,675,861,01
<br />36360000-6906 Sales Tax Refund $720.00 $0.58 $719,92
<br />36390000-9862 Technology $198,961.67 $0.01 $148,961.66
<br />36397308-9860 Equipment & Furn $330,894.76 $42.13 $330,802.63
<br />36397325-9820 Construction $10,945,804.29 $787.90 $10,995,016.39
<br />36397326-9820 Construction $10,783,393.38 $230.32 $10,783,163.06
<br />36390000-9709 Contribution to Genera $895,000.00 $22,795.19 $867,795.19
<br />Ordinance No. 2009-16
<br />CERTIFICATES OF PARTICIPATION (COPS) 2009
<br />CAPITAL PROJECT ORDINANCE
<br />BE IT ORDAINED, by the Board of County Commissioners of the
<br />County of Cabarrus, North Carolina that, pursuant to Section 13.2
<br />of Chapter 159 of the General Statutes of North Carolina, the
<br />following capital project ordinance is hereby adopted:
<br />Section 1. The project authorized is for the construction
<br />and renovations of Public Schools as referenced in Section 3.
<br />The capital projects will be financed by Certificates of
<br />Participation.
<br />Section 2. The officers of this unit are hereby directed
<br />to proceed with this capital project within the terms of the
<br />Certificates of Participation and the terms contained in this
<br />project ordinance.
<br />Section 3. The following budgeted amounts are appropriated
<br />for the projects:
<br />AT Allen Elementary School
<br />Patriots Elementary School
<br />Hickory Ridge Middle School
<br />Harold Winkler Middle School
<br />AL Brown High School
<br />Legal and Debt Expenses
<br />$ 19,874,375
<br />14,150,582
<br />23,229,103
<br />25,589,855
<br />10,499,532
<br />10,960,177
<br />Total $ 98,753,629
<br />Section 4. The following revenues are anticipated to be
<br />available to complete this project:
<br />Proceed from COPS 85,170,000
<br />Contribution - Capital Projects Fund
<br />(Lottery) 5,639,993
<br />Contribution - Special Revenue Fund
<br />(APFO Fees) 3,976,699
<br />Premium on Debt Issue 2,292,583
<br />Capital Reserve 1,679,904
<br />Total $ 98,753,624
<br />Section 5. The Finance Officer is hereby directed to
<br />maintain within the Capital Project Fund sufficient detailed
<br />accounting records to satisfy the terms of debt financing
<br />resolution.
<br />Section 6. Funds may be advanced from the General Fund for
<br />the purpose of making payments as due. Reimbursement requests
<br />should be made to the grantor agencies in an orderly and timely
<br />manner.
<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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