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3 <br /> Reserve for New Elementary School <br /> Chapel Hill—Carrboro City Schools <br /> Capital Project Ordinance <br /> Be it ordained by the Orange County Board of County Commissioners that pursuant to Section 13.2 <br /> of Chapter 159 of the General Statutes of North Carolina, the following capital project is <br /> hereby adopted. <br /> Section 1. The project authorized establishes a reserve fund to address future elementary school <br /> space within the Chapel Hill Carrboro City Schools System. The project will be financed <br /> with proceeds from the Schools 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 <br /> budget contained herein. <br /> Section 3. The following revenue is anticipated to complete this project: <br /> Transfer from General Fund X81,859 <br /> Section 4. The following amount is appropriated for this project: <br /> Reserve for New Elementary School $81,859 <br /> Section 5. The project authorized has been consolidated into the"New Chapel Hill—Carrboro Elementary <br /> School Capital Project Ordinance." <br /> Section 6. The following amendment is anticipated to complete this project: <br /> Transfer to New Chapel Hill—Carrboro <br /> Elementary School Project $81,859 <br /> Reserve for New Elementary School (581,859) <br /> Section 7. This ordinance supersedes all previous "Reserve for New Elementary School" Capital Project <br /> Ordinances. <br /> Section 8. This ordinance, originally adopted June 30, 1993, shall be in effect until June 30, 1994. <br /> Section 9. The officers of the County are hereby authorized to close this project at the expiration date <br /> contained in Section 8. <br /> Adopted this 1st day of March, 1994. <br /> m:\budge f9394\orda4chcap‘che lies <br />