AN ORDINANCE TO ESTABLISH A CAPITAL FUND PROGRAM (CFP) PROJECT ORDINANCE (2007-11-07/O-1)
BE IT ORDINAINED 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, the following project ordinance is hereby established:
SECTION I
The project authorized is the Capital Fund Project as approval by the Council on April 11, 2007. Funds are as contained in an Amendment to the Consolidated Annual Contributions Contracts between the Town and the U. S. Department of Housing and urban Development (HUD) dated May 4, 2007 and September 13, 2007.
SECTION II
The Town Manager of the Town of Chapel Hill is hereby directed to proceed with the project within the terms of the Contract document(s), the rules and regulations of the U. S. Department of Housing and Urban Development, and budget contained herein.
SECTION III
The following revenue is available to complete the project:
Capital Fund Program $598,691
SECTION IV
The amounts appropriated for the project are as follows:
Administration $ 59,904
Site Improvements $ 167,184
Dwelling Structures $ 274,445
Management Improvements $ 10,000
Debt Service Payments/TOC $ 87,158
Total $ 598,691
SECTION V
The Finance Director of the Town of Chapel Hill is hereby directed to maintain within the Project Fund sufficient specific detailed accounting records to provide the accounting to the U. S. Department of Housing and Urban Development as required by the Annual Contributions Contract and federal regulations.
SECTION VI
Funds may be advanced from General funds for the purpose of making payments as due. Reimbursement requests should be made to HUD in an orderly and timely manner.
SECTION VII
The Manager is directed to report annually on the financial status of each project in Section IV and on the total revenues received.
This the 7th day of November, 2007.