AN ORDINANCE TO AMEND A CAPITAL PROJECTS ORDINANCE FOR STREETS FUNDED FROM 2003 BONDS (2007-10-08/O-3)

 

BE IT ORDAINED by the Council of the Town of Chapel Hill that, pursuant to Section 13.2 of Chapter 159 of the General Statutes of North Carolina, a capital projects ordinance for streets funded from 2003 bonds is hereby amended as follows:

 

SECTION I

 

The capital projects as authorized by bond referendum approved in November 2003, and as determined by the Town Council, includes the capital costs of street improvements.

 

SECTION II

 

The Manager of the Town of Chapel Hill is hereby directed to proceed with implementation of these projects within terms of funds appropriated here.

 

SECTION III

 

Revenues anticipated to be available to the Town to complete the project are hereby amended as follows:

 

 

 

Current Budget

Increase (Decrease)

Revised Budget

 

Bond Proceeds

$ 3,150,000

$ -

$ 3,150,000

 

NC Department of Transportation

204,000

-

204,000

 

Interest Income

10,000

-

10,000

 

Payment in Lieu of Sidewalks

3,000

-

3,000

 

Transfer from General Fund

25,500

-

25,500

 

UNC Contribution

-

43,909

43,909

 

    Total

$ 3,392,500

$ 43,909

$ 3,436,409

 

SECTION IV

 

Amounts appropriated for capital projects are hereby amended as follows:

 

 

 

Current Budget

Increase (Decrease)

Revised Budget

 

Sidewalk Construction

$ 1,039,875

$ -

$ 1,039,875

 

Pedestrian Amenities

150,000

-

150,000

 

Neighborhood Traffic Calming

   and Pedestrian Crossing

 

300,000

 

43,909

 

343,909

 

Bond Costs

10,000

-

10,000

 

Drainage and Streets

285,690

-

285,690

 

Downtown Streetscape Imprvmts

1,606,935

-

1,606,935

 

    Total

$ 3,392,500

$ 43,909

$ 3,436,409

SECTION V

The Town Manager is directed to report annually on the financial status of the project in an informational section to be included in the Annual Budget, and shall keep the Council informed of any unusual occurrences.

SECTION VI

Copies of this project ordinance shall be entered into the Minutes of the Council and copies shall be filed within five days of adoption with the Town Manager, Finance Director and Town Clerk.

This the 8th day of October, 2007.