NN Ord-1998-004 Finance - Budget Amendment Skills Development Improvements 6 - 03-04-1998 - 8c

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Skills Development Center Project Capital Project Ordinance Project Number 61-419 Be it ordained by the Orange County Board of County Commissioners that pursuant to Section 13.2 of Chapter 159 of the General Statutes of North Carolina, the following capital project is hereby adopted. Section 1. The project authorized will provide funds to purchase a facility, perform necessary building renovations and establish a Skills Development Center located at 501/503 West Franklin Street in Chapel Hill. Proceeds from the County's portion of the one-half cent sales taxes, appropriations from the County Capital Fund Balance, and private placement funding finance this project. Section 2. The officers of the County are hereby directed to proceed with the project within the budget contained herein. Section 3. The following revenue is anticipated to complete this project: 2 Transfer from General Fund (1994-95) $25, 000 Transfer from General Fund (1996-97) $99,240 Total Transfers $124,240 Appropriated Fund Balance (1996-97) $45,000 Appropriated Fund Balance (1997-98) $26,340 Total Appropriated Fund Balance $71,340 Proceeds from Private Placement Funding (1996-97) $1,200,000 Procees from Private Placement Funding (1997-98) $780,000 Total Transfers $1,980,000 Tota! Revenue $2,175,580 Section 4. A portion of the available funds for this project have been transferred to the General Fund for repayment of debt service associated with the private placement funding and for upkeep and maintenance for 501 West Franklin Street. Transfer to General Fund (1996-97) $119,240 Section 5. The following amount remains appropriated for this project: Skills Development Center Plroject $2,OS6,340 Section 6. This ordinance supersedes all previous Skills Development Capital Project Ordinances. Section 7. This ordinance, originally adopted June 28, 1994, shall be in effect from July 1, 1994 until June 30, 1998. Adopted this 4`h day of March 1998.