HomeMy WebLinkAboutC.054.93010_0349REQUEST FOR APPROVAL OF AN AMENDMENT TO THE STUMPY CREEK
PROJECT ORDINANCE: Mashburn explained that at the winter planning session, the board was
advised about the need for additional funding to complete the Stumpy Creek Park. He said several
delays had occurred. Mr. Mashburn said the state granted a completion extension until June 30.
Mashburn said he was concerned the state might want a partial monetary refund if the park was not
completed as planned.
MOTION by Commissioner Johnson to grant the request to amend the South Iredell Park
Fund by adding $100,000 for the completion of Stumpy Creek Park and that the $100,000 be
considered as a loan from the existing Parks Capital Reserve Fund, and further, the loan is to be
repaid annually by transfers from the Stumpy Creek Project Fund to the Parks Capital Reserve Fund
equal to one-fourth of the annual contribution from the General Fund.
VOTING: Ayes - 5; Nays - 0.
Amended South Iredell Park Fund
Capital Project Fund
Be it ordained by the Board of County Commissioners of Iredell County, North Carolina:
Section 1: The following project will be financed by this fund:
Stumpy Creek Park Project $739,360
Section 2: Funds for this Capital Project fund will be provided from the following sources:
Parks & Recreation Trust Grant $250,000
Community Contributions 115,000
Memorials 16,530
Transfers from Parks Capital Reserve Fund 210,626
Transfers from General Fund 92,200
Investment Earnings 55.004
$739,360
Section 3: This Capital Project Fund shall continue until the project is complete.
Section 4. Payments from this Capital Project Fund shall be authorized by the County Manager or
his designee.
Section 5. The Parks Capital Reserve Fund is advancing $100,000 to the Stumpy Creek Project
Fund for completion of the project. This advance is to be repaid annually by
transfers from the Stumpy Creek Project Fund to the Parks Capital Reserve
Fund equal to 1/4 of the annual contribution from the General Fund.
Section 6. Any funds remaining in the Stumpy Creek Project Fund at completion of the
project will be transferred to the Parks Capital Reserve Fund and applied as a
reduction to the advance.
This amended ordinance being duly adopted this 6'h day of February, 2001.
*r*r*
Commissioner Williams said the motion did not indicate what happened ifnext year another
quadrant, e.g., north Iredell, decided to start a park and funds were not available. He said he would
like some guarantee the other three quadrants would not be held up.
MOTION by Commissioner Williams for the board to authorize funding from the fund
balance, if necessary, should another quadrant begin a park during the time that the south Iredell
quadrant was repaying its $100,000 loan.
1 Mr. Mashburn said he was understanding the purpose of the motion would be to insure the
other quadrants would not be delayed in starting their parks -- the county would assure the money
would be available from the fund balance, if necessary.
4