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February 19, 2018 (Regular Meeting) Page 3454 to G.S. 143-129(a). 11. The County Manager may reduce revenue projections consistent with prevailing economic conditions, and also reduce expenditures correspondingly. Section III. This ordinance and the budget documents shall be the basis of the financial plan for the County of Cabarrus. a. The Finance Director is hereby directed to maintain within the Capital Project Fund sufficient detailed accounting records to satisfy the requirements of the law. b. The Finance Director is directed to report, at the request of the Board, on the financial status of each project element in Section I and on the total revenues received or claimed. C. Copies of this capital project ordinance shall be furnished to the Clerk to the governing Board, and to the Finance Director for direction in carrying out this project. d. At the completion of a construction project, all unrestricted excess funds are transferred to the General Fund and the portion of the Capital Project associated with the project is closed. Adopted this 19th day of February, 2018. CABARRUS COUNTY BOARD OF COMMISSIONERS BY: /s/ Stephen M. Morris Stephen M. Morris, Chairman ATTEST: /s/ Terri Lea Hugie Clerk to the Board (F-11) Finance - Cabarrus County Schools - Collateral Substitution Resolution On March 1, 2011, the Cabarrus County Development Corporation issued $14.6 million in Qualified School Construction Bonds (QSCB) installment financing for various projects for Cabarrus County Schools and Kannapolis City Schools. To secure the projects, Mount Pleasant Middle School (MPMS) 8325 NC Hwy 49 N was pledged as collateral under a Deed of Trust. Mount Pleasant Middle School is no longer being used as public school facility by the Cabarrus County Board of Education. To be able to sell the MPMS site to a private purchaser, a substitution of collateral is required by the Deed of Trust. Through review of eligible properties, Winecoff Elementary School was determined to be the best option for the collateral substitution. A Special Warranty Deed is included for your review. UPON MOTION of Commissioner Kiger, seconded by Commissioner Shue and unanimously carried, the Board adopted the Cabarrus County Schools Resolution approving substitution/modification of the collateral securing the Cabarrus County Development Corporation Taxable Limited Obligation Qualified School Construction Bonds (QSCB), Series 2011A and the Special Warranty Deed transferring title of Winecoff Elementary School from the Cabarrus County Board of Education to Cabarrus County, subject to attorney review and approval by the Cabarrus County Board of Education. Resolution No. 2018-03 RESOLUTION APPROVING SUBSTITUTION/MODIFICATION OF THE COLLATERAL SECURING THE CABARRUS COUNTY DEVELOPMENT CORPORATION TAXABLE LIMITED OBLIGATION QUALFIED SCHOOL CONSTRUCTION BONDS (COUNTY OF CABARRUS, NORTH CAROLINA INSTALLMENT FINANCING CONTRACT), SERIES 2011A; AUTHORIZING THE EXECUTION AND DELIVERY OF RELATEDDOCUMENTS IN CONNECTION THEREWITH; AND PROVIDING FOR CERTAIN OTHER RELATED MATTERS WHEREAS, the Cabarrus County Development Corporation (the "Corporation") has heretofore executed and delivered its Taxable Limited Obligation Qualified School Construction Bonds (County of Cabarrus, North Carolina Installment Financing Contract), Series 2011A (the "2011A LOBS"), under an Indenture of Trust, dated as of March 1, 2011 (the "2011A Indenture"), between the Corporation and Regions Bank, as bond trustee (the 2011A Bond Trustee");