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February 19, 2018 (Regular Meeting) Page 3950 <br />basis, and do not consist of funds that were otherwise earmarked or intended to <br />be used by the County to permahently finance the Original Expenditures. <br />(d) As of the date hereof, the County reasonably expects that it <br />will reimburse itself for such Original Expenditures with the proceeds of debt <br />to be incurred by the County, and the maximum principal amount of debt to be <br />incurred with respect to the ATC Project is expected to be $19,295,000. <br />(e) All Original Expenditures to be reimbursed by the County were <br />paid no more than 60 days prior to, or will be paid on or after the date of, <br />this declaration of official intent. The County understands that such <br />reimbursement must occur not later than 18 months after the later of (i) the <br />date the Original Expenditure was paid; or (ii) the date the ATC Project was <br />placed in service or abandoned, but in no event more than 3 years after the <br />Original Expenditure was paid. <br />2. This resolution shall take effect immediately. <br />Commissioner F. Blake Kiger moved to approve the passage of the foregoing <br />resolution and Commissioner Lynn W. Shue seconded the motion, and the resolution <br />was passed by the following vote: <br />Ayes: Chairman Stephen M. Morris, Vice Chairman Diane R. Honeycutt and <br />Commissioners F. Blake Kiger, Elizabeth F. Poole and Lynn W. Shue. <br />Nays: [None.] <br />Not Voting: [None.] <br />ca4: Ll Mils Mgn1: LI,E9A BOLD <br />Dept.had: SeenFea[nment,psM Irystefll Dgannml: fmm[e-a. LOGS mus <br />IMImY TrYek, WIM bI Dery[DnMe Traah[fieNrcennepaRmeM[/NM[ [i Su pplema blflauN <br />Nsbudget amendment rauCsfuloredek pro[mds in Neamwnt 4510,M.0110.04) fw the WEISNU RMCNManced Technobgy Center projM and <br />Infester the Consbo[tionacwmt. contact will need to be preaWllel Eebm the 201611095 mo[ads are recNew am a pre -audit cannot be <br />eukuteel until a budget is In pba <br />WM <br />IMkabr <br />I DNnrtZ1.1O6leab <br />M[WMNme <br />vEleed <br />Nueaeimwm <br />Amm�N <br />Petted WdW <br />3]0 <br />6 <br />---eroasn,mn <br />CO9511.65 <br />$5,9J9,WJ09 <br />N,$95.pD}OJ <br />39.E93,0.^O.W <br />9). <br />91 <br />,a.1a.An <br />o.n.,,dun <br />L,asmD. <br />14.59.000W <br />Ordinance No. 2016-06 <br />CABARRUS COUNTY <br />LIMITED OBLIGATION BONDS 2018 PROSECT <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 project are listed in section C. 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 <br />Accounting Principles (GAAP) and the budget contained herein. <br />It is estimated that the following revenues will be available <br />to complete capital projects as listed. <br />Capital Reserve Contribution $3,500,200 <br />Capital Project Fund Contribution 517,197 <br />General Fund Contribution 766,000 <br />Debt Proceeds 25,000,000 <br />TOTAL REVENUES $29,783,397 <br />C. The following appropriations are made as listed. <br />RCCC - Advanced Technology Center $1,580,396 <br />