1978/03/06 RESOLUTION ESTABLISHED A CAPITAL RESERVE FUND PURSUANT TO CHAPTER 159, ART 3, PT 2 OF THE GENERAL STATUTE OF NCRESOLUTION AMENDING AND RESTATING THE PROVISIONS
OF
THE CAPITAL RESERVE FUND FOR HARNETT COUNTY
THAT WHEREAS, The Board of Commissioners of Harnett County established a
Capital Reserve Fund on the 20th day of January, 1975 pursuant to Chapter 159,
Article 3, Part 2 of the General Statute of North Carolina; and
WHEREAS, the Resolution establishing the Capital Reserve Fund related solely
to school construction outlay; and
WHEREAS, the Board of Commissioners desire to amend the resolution by
providing a reserve for construction of Library facilities;
NOW, THEREFORE, BE IT RESOLVED by the Board of Commissioners of Harnett
County that the resolution of the Board of Commissioners of Harnett County dated
January 20, 1975 establishing a Capital Reserve Fund be and the same is hereby
amended by substituting the following provisions:
1. PURPOSE. The purpose of this Capital Reserve Fund is to provide
funds for:
a. School building construction.
b.. Library facilities construction.
2. TIME.
a. School purposes. The moneys in this fund may be accumulated for
school purposes for as long as ten (10) years after July 1, 1975.
b. Library purposes. The moneys in this fund may be accumulated for
library purposes for as long as five years from July 1, 1977.
3. AMOUNT.
a. School purposes. The approximate amount accumulated and to be
accumulated for school building construction and other school
capital outlay Is Ten Million Dollars.
b. Library purposes. The approximate amount to be accumulated for
library facilities construction is Five Hundred Thousand Dollars
($500,000.00).
4. SOURCES.
a. School purposes. The funds for school purposes will be
derived from ad valorem taxes and other sources available
to the Commissioners.
b. Library purposes. The funds for Library purposes will be
j derived from sontributions and may be derived from other
I/ sources available to the Commissioners.
This the 6th day of March, 1978.
ATTEST:.
Clerk,
(SEAL)
BOARD OF COMMISSIONERS OF
HARNETT COUNTY
By:
Chairman