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Conservation Easements <br />Capital Project Ordinance <br />ATTACHMENT 4 <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 capital project is <br />hereby adopted. <br />Section 1. The project authorized provides funds for the acquisition of conservation <br />easements to help preserve County farmland. Financing for the project includes <br />proceeds from private placement loans, federal grant funds from the USDA <br />Natural Resource Conservation Service, and proceeds from the County's share <br />of pay-as-you-go capital funds. <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 />2006-07 <br />FY 2007-08 Through FY <br />2007-08 <br />Sales Tax and Dedicated <br />Property Tax <br />$350,000 <br />$0 <br />$350,000 <br />Bond Funds $0 $0 $0 <br />Private Placement $2,250,000 $0 $2,250,000 <br />Grant Funds $2,407,206 $993,751 $3,400,957 <br />Fees $0 $0 $0 <br />Transfer from Lands Legacy <br />Capital Project <br />$143,000 <br />$0 <br />$143,000 <br />Total Funding $5,150,206 $993,751 $6,143,957 <br />