Orange County NC Website
35 <br /> C. Section 3 - Appropriation of Funds from April Alternative Financing <br /> Att. 2z - Southern Community Park <br /> Sec. 3 - The revenue amounts stated here should be reconciled with <br /> amendments shown for the Greenways project, as appropriate. <br /> It is in agreement, and the amendment is to correct the source of funds so that it <br /> shows that it was 2001 bonds. <br /> Att. 2aa - Cedar Grove Park <br /> Sec. 3 - Shouldn't the $500,000 revenue "from other projects" be revenue from <br /> "2001 bonds? <br /> In previous capital project ordinances, it is shown that transfer from other <br /> projects in this ordinance eliminates that. The alternative financing replaces the <br /> 2001 bond funding that was to be used for this project. <br /> GENERAL COMMENTS <br /> A. Comments on capital ordinances in Sections 1, 2, 3 of the agenda materials <br /> 1. Correct any typos in the text of the ordinances. <br /> 2. Adopt a standard format for all capital project ordinances. <br /> 3. Make sure that for all capital project ordinances where it is applicable, the <br /> following sentence, or similar wording, is included in Section 1: <br /> "Alternate financing has been issued in place of 2001 bond funds." <br /> B. Comments on the proposed Capital Project Monitoring and Administrative <br /> Procedures <br /> Follow all of the procedures in Section 1 and apply them to the ordinances <br /> being considered, with particular attention to eliminating the use of the terms <br /> "Transfer to Other Project" and Transfer from Other Project" <br /> POSSIBLE MOTION <br /> 1. Approve the amended capital project ordinances, as revised by the <br /> Commissioners during their discussion. This means that it is the capital project <br /> ordinances themselves that are being approved, and not the text explaining the <br /> ordinances in other parts of the agenda materials. <br /> 2. Approve the following statement with respect to the relationship of the 2001 <br /> bonds and alternative financing: <br /> The Board of County Commissioners (BOCC) has authorized the substitution of <br /> alternative financing for certain projects approved by the voters in the 2001 <br /> bond referendum. In the future the remaining $2.7 million debt may be issued <br />