HomeMy WebLinkAboutC.054.93009_1557 (2)tion 2. This Capital Reserve Fu. s to extend for a period of five years .._,inning
with fiscal year 1997-98. The Capital Reserve Fund is established to
accwnulate funds for the purchase of land, water and sewer line construction,
renovation of buildings, purchase of furniture and equipment for newly
constructed, pwclmsed or renovated facilities, renovation and construction of
school facilities, or annual debt service on those items heretofore mentioned.
Section 3. Funds will be provided by wexpended fund balance of the orig6nal Capital
Reserve Fund, operating transfers frwn the General Fund, and interest on
investments. 11re operating transfers are subject to annual appropriations by
the Iredell Coway Board of Conunissioners. It is anticipated that the
following funds will be available over the life of the fund.
Est. Fund Balance at 7/1/97 $ 2,675,000
Investment Earnings 400,000
Transfers from General Fund 97/98 1,820.000
Transfers from General Fund 98/99 - 01/02
at $1,750,000 each year 7.000.000
$ 11.895.000
Section 4. All projects funded from this Capital Reserve Fund are subject to approval by
the Board ofConmissioners. It is anticipated that the following amount will
be available for approved projects over the life of the fund.
Available over life of fund $11.895.000
This ordinance being adopted this the 3RD day of Jwne, 1997.
Iredell County, North Carolina
SPECIAL REVENUE FUND
Parka Reserve Fund
Be it Ordained by the Board of County Commissioners of Iredell
County, North Carolina:
Section 1. This amends the Special Revenue Fund for Recreation
Parks for the County of Iredell.
Section 2. This Special Revenue Fund is established to accumulate
funds for the development of land, construction of
parks, and purchase of equipment.
Section 3. Funds will be provided by operating transfers from the
General Fund, contributions, and interest on
investments. The operating transfers are subject to
annual appropriation by the Iredell County Board of
Commissioners.
Section 4. All projects funded from this Special Revenue Fund are
subject to approval by the Board of Commissioners and
will be accounted for in a Capital Project Fund.
Section 5. The Special Revenue Fund originally established for the
five-year period beginning with the 1991-92 budget
year is amended to extend for an additional three
years beginning with the 1996-97 budget year with
annual General Fund appropriations of $18,750.
Section 6. It is estimated that the following revenues will be
available for the Special Revenue Fund for the period
July 1, 1997 through June 30, 1998:
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JUN 0 31997
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