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June 18, 2018 (Regular Meeting) Section III. Page 3592 10. The County Manager may reject formal bids when deemed appropriate and in the best interest of Cabarrus County pursuant to G.S. 143-129 (a). 11. The County Manager may reduce revenue projections consistent with prevailing economic conditions, and also reduce expenditures correspondingly. 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 Projects Fund sufficient detailed accounting records to satisfy the requirements of the law. b. The Finance Officer 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 Ordinance associated with the project is closed. Adopted this 18�h day of June, 2018. CABARRUS COUNTY BOARD OF COMMISSIONERS BY: /s/ Stephen M. Morris Stephen M. Morris, Chairman ATTEST: /s/ Angela Poplin Interim Clerk to the Board Ordinance No. 2016-23 CABARRUS COUNTY CANNON MEMORIAL LIBRARY 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 for the purpose of collecting and appropriating contributions and private donations received specifically for the Cabarrus County Cannon Memorial Library System. Section 2. The officers of this unit are hereby directed to proceed with this project within the terms of the Generally Accepted Accounting Principles (GAAP) and the budget contained herein. Section 3. The following budgeted amounts are appropriated for the projects: Bank Service Charges - Concord $ 3,565 Contribution to General Fund $ 1,031,879 Renovations Architects $ 9,740 Midland Library Circulation $ 100,302 Total $ 1,145,506 Section 4. The following revenues are anticipated to be available to complete this project: Contributions and Private Donations $ 923,758 Contributions and Donations - Flows Trust $ 11,331 Interest on Investments $ 155,601