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December 18, 2077 (Regular Meeting) Page 3395 <br />CABARRUS COUNTY SCHOOL CONSTRUCTION DEBT FUND <br />BUDGET ORDINANCE <br />BE IT ORDAINED by the Board of Commissioners of Cabarrus County, North <br />Carolina that, Pursuant to Section 13.2 of Chapter 159 of the General Statutes <br />of North Carolina, the following capital project ordinance is hereby adopted: <br />Section I. <br />A. The project authorized is for the construction and renovations of <br />Public Schools. Details of the projects are listed in section D. of <br />this Project Ordinance. <br />B. The officers of this unit are hereby directed to proceed with this <br />capital project within the terms of the Generally Accepted Accounting <br />Principles (GAAP) and the budget contained herein. <br />C. It is estimated that the following revenues will be available to <br />complete capital projects as listed. <br />Capital Reserve Contribution <br />General Fund Contribution <br />Limited Obligation Bonds <br />Public School Building - Lottery funds <br />Interest Income <br />TOTAL REVENUES <br />D. The following appropriations are made as listed <br />Royal Oaks Elementary School <br />Mt. Pleasant Middle School <br />Kannapolis Middle School <br />Legal Fees/Closing Costs <br />TOTAL EXPENDITURES <br />GRAND TOTAL - REVENUES <br />GRAND TOTAL - EXPENDITURES <br />Section II. <br />$13.121.802 <br />1,336,500 <br />84,944,452 <br />1,600,000 <br />18,818 <br />$101,021,572 <br />$24,243,490 <br />34,260,164 <br />41,777,548 <br />740,370 <br />$101,021,572 <br />$101,021,572 <br />$101,021,572 <br />A. Special appropriations to non-profit organizations shall be distributed <br />after the execution of an agreement which ensures that all County funds <br />are used for statutorily permissible public purposes. <br />B. The County Manager or designee is hereby authorized to transfer <br />appropriations within or between funds, or modify revenue and <br />expenditure projections as contained herein under the following <br />conditions: <br />1. The Manager may transfer amounts between objects of expenditure and <br />revenues within a function without limitation. <br />2. The County Manager may transfer amounts up to $500,000 between <br />functions of the same fund. <br />3. The County Manager may transfer amounts between contingency funds <br />which are set aside for a specific project for budgetary shortfalls <br />or upon the appropriate approval of a change order. <br />4. The County Manager is authorized to transfer funds from the General <br />Fund or Capital Reserve Fund to the appropriate fund for projects <br />approved within the Capital Improvement Plan for the current fiscal <br />year. <br />5. Upon notification of funding increases or decreases to existing <br />grants or revenues, or the award of grants or revenues, the Manager <br />or designee may adjust budgets to match, including grants that <br />require a County match for which funds are available. <br />6. The Manager or designee may adjust debt financing from estimated <br />projections to actual funds received. <br />7. The County Manager may enter into and execute change orders or <br />amendments to construction contracts in amounts less than $90,000 <br />when the appropriate annual budget or capital project ordinance <br />