Orange County NC Website
Orange Enterprises Capital Project cv <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 $800;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. <br />Section 4. <br />The following revenue is anticipated to complete this project: <br />The following amount is appropriated for this project: <br />Through FY <br />2006 -07 <br />FY 2007 -08 <br />Through FY <br />2007 -08 <br />Sales Tax <br />$200,000 <br />$100,000 <br />$300,000 <br />Bond Funds <br />$0 <br />$0 <br />$0 <br />2004 Two- Thirds Net Debt <br />$0 <br />$0 <br />$0 <br />Non -Bond Debt Funding <br />$525,000 <br />$0 <br />$525,000 <br />Fees <br />$0 <br />$0 <br />$0 <br />Other <br />$0 <br />$0 <br />$0 <br />Total Funding <br />$725,000 <br />$100,000 <br />$825,000 <br />The following amount is appropriated for this project: <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 />Through FY <br />2006 -07 <br />FY 2007 -08 <br />Through FY <br />2007 -08 <br />Land/Building <br />$0 <br />$0 <br />$0 <br />Design <br />$0 <br />$0 <br />$0 <br />Construction <br />$0 <br />$0 <br />$0 <br />Other <br />$725,0001 <br />$100,000 <br />$825,000 <br />Total Costs <br />$725,0001 <br />$100,000 <br />$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 />