BC 1988 01 04 - Laserfiche WebLink

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259 The Board received the Preliminary Draft for Cabarrus County Utilities System Capital Facilities Financing Policy for review. This preliminary draft outlined the procedures by which the Board may finance up to 25 percent of the cost of an approved water or sewer project with the remaining portion of the cost to be furnished by private financiers. During review of the preliminary draft of this policy, the Board also discussed the proposed development of the Kings Grant project in Cabarrus County. UPON MOTION of Commissioner Hamby, seconded by Commissioner Payne with Commissioners Hamby and Payne and Chairman Lentz voting for and Commissioners Melvin and Moss voting against, the Board moved to accept in principle the following policy and directed that the specifics of this policy be developed by the Utilities Board that the Board has proposed creating as an advisory board to the Board of Commissioners: That for private financing projects the County may elect to pay up to 25 percent of the cost of a water or sewer project and the County may guarantee any private financier a refund of 100 percent of their expenditures over a maximum of five years with the following conditions: It must apply only to main trunk line or main outfall lines. It must be within the existing County proposed program. Money must be in hand before the contract is let. Each project would have to be approved by the Board of Commissioners. The Board indicated that it would consider a request regarding the Kings Grant Project at a later date. Chairman Lentz recessed the meeting of the Board of Commissioners at 4:15 P.M. until the conclusion of the meeting of the Board of Commissioners for the Water and Sewer District of Cabarrus County. Chairman Lentz reconvened the meeting of the Board at 4:20 P.M. The Board reviewed the request received in February, 1987, from Mayor Bernie A. Edwards of the City of Concord for a settlement of $432,212.05 from Cabarrus County for the Rocky River Wastewater Treatment Plant and related interceptor lines. Mr. Charles D. McGinnis, County Manager, reported that Mr. Blair Bennett, County Finance Director, and Mr. Paul Ijames, County Internal Auditor, had analyzed the audits for the Rocky River Project and had presented a number of questions and issues to the City's Finance Director for clarifi- cation relating to the final settlement on the Project. The Board reviewed the letter dated November 30, 1987, from Ms. Cathy Combs, Finance Director for the City of Concord, in response to these questions as well as a letter written by Mr. Bennett stating he had determined that a balance of $44,370.00 was due the County from the City of Concord. UPON MOTION of Commissioner Melvin, seconded by Chairman Lentz and unanimously carried, the Board moved that the City be informed that they are due the County $44,370.00 as per outlined in the following letter. December 21, 1987 To: From: Subject: Charles D. McGinnis Blair D. Bennett Settlement on Rocky River Project After discussions in October, 1987, with Cathy Combs, Finance Director for the City of Concord, I submitted a list of questions and issues which the County needed clarified relating to a final settlement on the Rocky River Wastewater Treatment Plant Project. Mrs. Combs responded by letter to the various questions posed by the County on November 30, 1987. I will address each issue separately that has not been resolved and then summarize my position concern- ing the final disposition of this matter. A copy of her letter is attached for your information. One of the questions addressed concerned the discrepancies found in the audit schedules between costs in the detailed cumulative schedule compared to the annual statements of revenue, expenditures, and fund balance. The amount in question was $96,065 of which the City of Concord addressed $14,530. This still leaves $81,535 in questioned costs which we believe needs further resolution.