ORD-2006-068 - Orange Enterprises Capital Project Capital Project Ordinance

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~ ~ ~ ~- ~~~n~ ~ o~ ~ 33 _~} Orange Enterprises Capital Project Capital Project Ordinance 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. In April 2005, the Board of County Commissioners endorsed a plan for Orange Enterprises to purchase a building located on Elizabeth Brady Road in Hillsborough. At that time, Commissioners agreed to provide $825,000 to assist Orange Enterprises with the purchase. Proceeds from a private placement loan of $525,000 along with $300,000 in County pay- as-you-go capital funds {$100,000 annually from FY 2005-06 through FY 2007-08) complete the funding for this project. Section 2. The officers of the County are hereby directed to proceed with the project within budget contained herein. Section. 3. The fallowing revenue is anticipated to complete this project: Through FY 2005-06 FY 2006-07 Through FY 2006-07 Sales Tax $100,000 $100,000 $200,000 Bond Funds $0 $0 $0 2004 Two-Thirds Net Debt $0 $0 $0 Non-Bond Debt Funding $525,000 $0 $525,000 Fees $0 $0 $0 Other $0 $0 $0 Total Funding $625,000 $100,000 $725,000 Section 4. The following amount is appropriated for this project: Through FY 2005-06 FY 2006-07 Through FY 2006-07 Land/Building $0 $0 $0 Design $0 $0 $0 Construction $0 $0 $0 Other $625,000 $100,000 $725,000 Total Costs $625,000 $100,000 $725,000 Section 5. This ordinance shall be in effect from the original date of adoption, March 24, 2003, until June 30, 2007. Adopted this 12th day of September 2006.