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466 <br /> <br /> UPON MOTION of Commissioner Payne, seconded by Commissioner Barnhardt <br />and unanimously carried, the Board adopted the following resolution in <br />regards to the tax sheltering of member contributions to the Law Enforcement <br />Officers' Retirement System. <br /> <br />LAW ENFORCEMENT OFFICERS' RETIREMENT SYSTEM <br /> OF THE STATE OF NORTH CAROLINA <br /> DEPARTMENT OF STATE TREASURER <br /> RALEIGH 27611 <br /> <br /> RESOLUTION TO ELECT A TAX SHELTER OF EMPLOYEES' OONTRIBUTIONS PAYABLE <br />AS MEMBERS OF THE LAW ENFORCEMENT OFFICERS' RETIREMENT SYSTEM OF THE <br />STATE OF NORTH CAROLINA <br /> <br /> WHEREAS, the 1984 Session of the North Carolina General Assembly, by <br />a duly ratified bill, enacted North Carolina General Statute 143-166(il) which, <br />under the conditions specified therein, permits an employer participating <br />in the North Carolina Local Governmental Employees' Retirement System <br />or who administers some other trust qualified under Sections 401(a), 403(a) <br />or 405(a) of the Internal Revenue code of 1954 as amended to tax shelter <br />the contributions payable to this System by its employees who are members of <br />this System to the same extent as an employer has elected to tax shelter <br />contributions for all other employees who are members of another qualified <br />trust: and, <br /> <br /> WHEREAS, this employer is an employer participating in the North <br />Carolina Local Governmental Employees' Retirement System with respect to <br />%ts eligible employees or who administers some other trust qualified under <br />Sections 401(a), 403(a) or 405(a) of the Internal Revenue Code of 1954 as <br />amended: and, <br /> <br /> WHEREAS, this employer has tax sheltered the contributions payable <br />by its employees who are members of the North Carolina Local Governmental <br />Employees' Retirement System or some other qualified trust and deems it <br />desirable to tax shelter the contributions payable by its employees as <br />.members of the Law Enforcement Officers' Retirement System of the State <br />of North Carolina. <br /> <br /> NOW, THEREFORE, BE IT RESOLVED BY THE Cabarrus County Board of <br />Commissioners in regular session, that effective the first day of January, <br />1984, the County of Cabarrus elects pursuant to the provisions of North <br />Carolina General Statute 143-166(il) to pick up and pay to the Law <br />Enforcement Officers' Retirement System of the State of North Carolina <br />the contributions which would be otherwise payable to this System by its <br />employees who are members of this System and to treat in all respects such <br />contributions in the manner specified in said North CarOlina General Statute <br />143-166(il). <br /> <br /> UPON MOTION of Commissioner Milloway, seconded by Commissioner Nash <br />and unanimously carried, the Board appointed Mr. Blair Bennett, Finance <br />Director, as the Revenue Sharing Handicapped Coordinator pursuant to <br />the requirements of Section 51.55 of the Revenue Sharing Regulations, as <br />published in the Federal Register on October 17, 1983. <br /> Commissioner Barnhardt introduced the following order authorizing <br />bonds which was read: <br /> <br />ORDER AUTHORIZING $7,275,000 <br /> WATER BONDS <br /> <br /> WHEREAS, pursuant to Article 6 of Chapter 162A of the General Statutes <br />of North Carolina, the Water and Sewer District of Cabarrus County, in <br />Cabarrus County, North Carolina, was duly created for the purposes of <br />providing water service and sanitary sewer service to the residents of the <br />territory included within said District and vested with the powers set <br />forth in said Article 6; <br /> <br /> WHEREAS, the Board of Commissioners for the County of Cabarrus, North <br />Carolina has found, determined and declared that there is a demonstrable <br />need for providing water service in said District; and <br /> <br /> <br />