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536
<br />
<br /> The Board of Commissioners for the County of Cabarrus met in special
<br />session in the Commissioners' Meeting Room at the County Courthouse in
<br />Concord, North Carolina, on Thursday, September 25, 1986, at 5:00 P.M. for
<br />consideration and confirmation of the award of bonds of the Water and Sewer
<br />District of Cabarrus County to the Farmers Home Administration.
<br /> Present - Chairman: James W. Lentz
<br /> Commissioners: Kenneth F. Payne
<br /> William G. Hamby, Jr.
<br /> Archie Y. Barnhardt
<br /> Marcelle M. Upright
<br /> Mr. Charles D. McGinnis, County Manager, reported that there had been a
<br />preliminary administrative meeting between City and County officials and Mr.
<br />Dennis Yates, architect, regarding the possible closing of the street behind
<br />the Courthouse to provide a suitable site for the new County office building.
<br />He stated that no decision had been made regarding this matter and that the
<br />proposal would be presented to the Concord Board of Aldermen to get their
<br />reaction.
<br /> Mr. Fletcher L. Hartsell, Jr., County Attorney, reviewed the proposed
<br />resolution approving the sale of $7,271,000 water bonds of the Water and Sewer
<br />District by the Local Government Commission.
<br /> UPON MOTION of Commissioner Hamby, seconded by Commissioner Barnhardt and
<br />unanimously carried, the Board adopted the following resolution acting in the
<br />capacity of the Board of Commissioners of the Water and Sewer District of
<br />Cabarrus County.
<br />
<br /> A special meeting of the Board of Commissioners for Gabarrus County,
<br />North Carolina, was held in the Commissioners' Meeting Room of the County
<br />Courthouse in Concord, North Carolina, the regular place of meeting, at
<br />5:00 P.M. on September 25, 1986.
<br />
<br /> Present: Chairman: James W. Lentz, presiding, and Commissioners Kenneth
<br />F. Payne, William G. Hamby, Jr., Archie Y. Barnhardt, and Marcelle M. Upright
<br /> Absent: None
<br />
<br />Commissioner Upright introduced the following resolution which was read:
<br />
<br />RESOLUTION APPROVING THE SALE OF $7,271,000
<br />WATER BONDS OF THE WATER AND SEWER DISTRICT OF
<br />CABARRUS COUNTY BY THE LOCAL GOVERNMENT
<br />COMMISSION OF NORTH CAROLINA.
<br />
<br /> WHEREAS, the United States of America, acting through the Farmers Home
<br />Administration, has entered into a Loan Agreement with the Water and Sewer
<br />District of Cabarrus County, North Carolina, pursuant to which the United
<br />States of America has agreed to purchase $7,271,000 Water Bonds of said
<br />District, provision for the issuance of which was made by a resolution passed
<br />by the Board of Commissioners for Cabarrus County, North Carolina, as the
<br />governing body of said District, on September 22, 1986, at their face value
<br />and at a rate of interest of 7.625% per annum, provided that no bid is
<br />received specifying an interest rate or rates not exceeding an average annual
<br />net interest cost to said District of 7.625%; and
<br />
<br /> WHEREAS, the Board of Commissioners for Cabarrus County, North Carolina,
<br />as the governing body of said District, and the Local Government Commission of
<br />North Carolina have determined that it is in the best interest of said
<br />District that said bonds be sold at private sale without advertisement and, by
<br />resolution of said Board passed on September 22, 1986, said Board requested
<br />the Local Government Commission of North Carolina to sell said bonds at
<br />private sale without advertisement to any purchaser or purchasers thereof at
<br />such prices as said Commission determines to be in the best interest of said
<br />District, subject to the approval of said Board; and
<br />
<br /> WHEREAS, a copy of said resolution passed on September 22, 1986 was
<br />delivered to the Local Government Commission of North Carolina at its office
<br />in the City of Raleigh, North Carolina, before 11 o'clock A.M., North Carolina
<br />Time, on September 24, 1986; and
<br />
<br />
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