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<br />Ordinance No. 2018-18
<br />CABARRUS COUNTY
<br />LIMITED OBLIGATION BONDS 2018 PROJECT
<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 Accounting
<br />Principles (GAAP) and the budget contained herein.
<br />It is estimated that the following revenues will be available to
<br />complete capital projects as listed:
<br />Capital Reserve Contribution $3,500,200
<br />Capital Project Fund Contribution 517,197
<br />General Fund Contribution 901,000
<br />Debt Proceeds 54,680,000
<br />TOTAL REVENUES $59,598,397
<br />C. The following appropriations are made as listed.
<br />RCCC - Advanced Technology Center
<br />$15,873,396
<br />Southwest Elementary School -CCS
<br />32,114,579
<br />Land - RCCC
<br />1,721,000
<br />Legal Fees
<br />505,534
<br />Mobile Units - CCS
<br />2,095,676
<br />HVAC Replacement - JN Fries
<br />3,011,267
<br />HVAC Replacement - Mt. Pleasant High
<br />4,276,945
<br />TOTAL EXPENDITURES
<br />$59,598,397
<br />GRAND TOTAL - REVENUES
<br />$59,598,397
<br />GRAND TOTAL - EXPENDITURES
<br />$59r598,397
<br />Section II.
<br />A. Special appropriations to non-profit organizations shall be
<br />distributed after the execution of an agreement which ensures that
<br />all County funds are used for statutorily permissible public
<br />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:
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