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5 <br />Affordable Housing Program <br />Capital Project Ordinance <br />Be it ordained by the Orange County Board of County Commissioners that pursuant to Section <br />13.2 of Chapter 159 of the General Statutes of North Carolina, the following <br />capital project is hereby adopted. <br />Section 1. The project authorized provides funds to fund housing activities in the following <br />categories: land acquisition, housing development, and homeownership. <br />Proceeds from the 1997 and 2001 voter approved bond referenda, Affordable <br />Housing Trust funds and Community Development Program Income finance the <br />project. <br />Section 2. The officers of the County are hereby directed to proceed with the project within <br />the budget contained herein. <br />Section 3. The following revenue is anticipated to complete this project: <br />Through FY <br />2002 -03 <br />FY 2003 -04 <br />Through FY <br />2003 -04 <br />Sales Tax <br />$0 <br />$0 <br />1997 Bond Funds <br />$1,632,500 <br />$1,632,500 <br />2001 Bond Funds <br />$1,300,000 <br />$1,300,000 <br />Grant Funds <br />$15,000 <br />$15,000 <br />Private Placement <br />$0 <br />$0 <br />Fees <br />$0 <br />$0 <br />Transfer from Community <br />Development (Program Income) <br />$126,432 <br />$126,432 <br />Transfer from Community <br />Development (Housing Trust Funds) <br />$173,568 <br />$173,568 <br />Total Funding, <br />$3,247,500 <br />$0 <br />$3,247,500 <br />