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Orange Enterprises Capital Project <br /> Capital Project Ordinance <br /> Be it ordained by the Orange County Board of County Commissioners that pursuant to <br /> Section 13.2 of Chapter 159 of the General Statutes of North Carolina, the following <br /> capital project is hereby adopted. <br /> Section 1. In April 2005, the Board of County Commissioners endorsed a plan for <br /> Orange Enterprises to purchase a building located on Elizabeth Brady <br /> Road in Hillsborough. At that time, Commissioners agreed to provide <br /> $825,000 to assist Orange Enterprises with the purchase. Proceeds from <br /> a private placement loan of $525,000 along with $300;000 in County pay- <br /> as-you-go capital funds ($100,000 annually from FY 2005-06 through FY <br /> 2007-08) complete the funding for this project. <br /> Section 2. The officers of the County are hereby directed to proceed with the project <br /> within budget contained herein. <br /> Section 3. The following revenue is anticipated to complete this project: <br /> Through FY M Through FY <br /> 2006-07 2007-08 <br /> Sales Tax $200,000 $300,000 <br /> Bond Funds $0 $0 <br /> 2004 Two-Thirds Net Debt $0 $0 <br /> Non-Bond Debt Fundin $525,000 $525,000 <br /> Fees $0 $0 Other $0 $0 <br /> Total Fundingi $725,000 1 $100,000 1 $825,000 <br /> Section 4. The following amount is appropriated for this project: <br /> Through FY Through FY <br /> 2006-07 FY 2007-08 2007-08 <br /> jDesign Building $o $o $0 <br /> $0 $0 $0 <br /> truction $o $0 $0 <br /> Other $725,000 $100,000 $825,000 <br /> Total Costs $725,0001 $100,000 $825,000 <br /> Section 5. This ordinance shall be in effect from the original date of adoption, March <br /> 24, 2003, until June 30, 2008. <br /> Adopted this 26th day of June 2007. <br />