ORD-2005-056 - Land Legacy Capital Project Ordinance

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Lands Legacy Capital Project Ordinance o~s~•aoo~- o~~ .~ 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 protect identified natural areas and prime forestlands, and preserve critical cultural and archaeological sites. In addition funds may be used to acquire lands for future park sites, farmland conservation easements, and nature preserves. Proceeds from the 2001 voter approved bonds, half-cent sales tax, Subdivision Payment-in-Lieu funds, Grant Funds, and alternative financing finance the project. Section 2. Section 3. Section 4. The officers of the County are hereby directed to proceed with the project within the budget contained herein. The following revenue is anticipated to complete this project: Through FY 2004-05 FY 2005-06 Through FY 2005-06 Sales Tax $3,939,016 $0 $3,939,016 1997 Bonds $2,700,000 $0 $2,700,000 2001 Bonds $3,000,000 $0 $3,000,000 2004 Two-Thirds Net Debt $300,000 $0 $300,000 Grant Funds $421,950 $0 $421,950 Fees $0 $0 $0 Other(Transfer from Other Fends) $2,191,611 $0 $2,191,611 Total Fundin $12,552,577 $0 $12,552,577 The following amount is appropriated for this project: Through F'Y Through FY 2004-05 FY 2005-06 2005-06 Land/Building $12,579,577 $0 $12,579,577 Design $0 $0 $0 Construction $0 $0 $0 Transfer to Conservation Easements Capital Project ($27,000 $0 ($27,000 Total Costs $12,552,577 $0 $12,552,577 Section 7. 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.