ORD-2005-041 - Approval of Fiscal year 2005-06 Budget Ordinance Capital Project Ordinance and Grant Project Ordinance

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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. The project authorized provides funds to assist Orange Enterprises with the purchase of a building on Elizabeth Brady Road in Hillsborough that would allow them to significantly expand their contract capacity and allow them to locate to a facility that would serve them for the long -term. Proceeds from a private placement loan and sales tax finance the project. Section 2. The officers of the County are hereby directed to proceed with the project within budget contained herein. Section 3. The following revenue is anticipated to complete this project: Section 4. The following amount is appropriated for this project: Through FY 2004 -05 FY 2005 -06 Through FY 2005 -06 Sales Tax $0 $100,000 $100,000 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, $525,000 $100,000 $625,000 Section 4. The following amount is appropriated for this project: Section 5. This ordinance shall be in effect from the original date of adoption, March 24, 2003, until June 30, 2006. Adopted this 23rd day of June 2005. Through FY 2004 -05 FY 2005 -06 Through FY 2005 -06 Land/Building $525,000 $100,000 $625,000 Design $0 $0 $0 Construction $0 $0 $0 Other $0 $0 $0 Total Costsi $525,000 $100,000 $625,000 Section 5. This ordinance shall be in effect from the original date of adoption, March 24, 2003, until June 30, 2006. Adopted this 23rd day of June 2005.