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8 <br /> Reserve for Future Projects <br /> Chapel Hill-Carrboro City Schools <br /> Capital Project Ordinance <br /> Project Number 64-880-7190 <br /> Be it ordained by the Orange County Board of County Commissioners that pursuant to Section 13.2 of <br /> Chapter 159 of the General Statutes of North Carolina,the following capital project is hereby adopted. <br /> Section 1. The project authorized establishes a reserve fund for future Chapel Hill-Carrboro City <br /> Schools capital projects. The project will be financed with proceeds from the Schools' <br /> portion of the one-half cent sales taxes. <br /> Section 2. The officers of the County are hereby directed to proceed with the project within the budget <br /> contained herein. <br /> Section 3. The following revenue is anticipated to complete this project: <br /> Transfer from School Capital Reserve Fund(1990-91) $180,000 <br /> Transfer from General Fund(1997-98) $140,528 <br /> Total Revenue $320,528 <br /> Section 4. The following amount is appropriated for this project: <br /> Reserve for Future Projects $160,528 <br /> Section 5. A portion of the available funds for this project has been transferred to the McDougle <br /> Elementary School and the Chapel Hill High School Phase II Project. <br /> Section 6. The following amendment is anticipated to complete this transfer: <br /> Transfer to McDougle Elementary School $43,348 <br /> Transfer to Chapel Ijill High School(Phase II) ,S116.652 <br /> Total Transfers to Other Projects $160,000 <br /> Section 7. This ordinance supersedes all previous Reserve for Future Projects Capital Projects <br /> Ordinances for the Chapel Hill-Carrboro City Schools System. <br /> Section 8. This ordinance shall be in effect from the date of adoption until June 30, 1998. <br /> Adopted this 21st day of October, 1997. <br /> k\Budgeftys\BUDGE n979W799ORDS\SCHCAP1CHFUTRES.DOC <br />