AN ORDINANCE ESTABLISHING A CAPITAL PROJECTS ORDINANCE FOR OPEN SPACE/GREENWAYS ACQUISITIONS FROM 1996 BONDS (2000-05-08/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, that the following capital project is hereby established for Open Space acquisition and Greenways projects funded from Open Space/Greenways bonds approved by the voters in November, 1996.

SECTION I

The capital projects as authorized by bond referenda approved in November, 1996 includes the capital costs of acquiring open space and greenways as determined by the Town Council, within and without the corporate limits of the Town.

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 as follows:

Bond Proceeds $3,000,000

Amounts appropriated are for the project as follows:

Acquisition of Open Space and Greenways $3,000,000

SECTION IV

The 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 V

Copies of this ordinance shall be entered into the Minutes of the Council and copies shall be filed within 5 days of adoption with the Manager, Finance Director and Clerk.

This the 8th day of May, 2000.