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51 <br /> <br />b(2) <br /> <br />b(3) <br /> <br />b(4) <br /> <br />b(5) <br /> <br />b(6) <br /> <br />b(7) <br /> <br />Funding and refunding bonds authorized <br />but not yet issued ........................ <br />The amount of money held in sinking funds <br />or otherwise for the payment of any part <br />of the principal of gross debt other than <br />debt incurred for water purposes or <br />sanitary sewer purposes (to the extent <br />that the bonds are deductible under G.S. <br />Subsection 159-55(b)) ..................... <br />Bonded debt included in gross debt and <br />incurred, or to be incurred, for water <br />purposes .................................. <br />Bonded debt included in gross debt and <br />incurred, or to be incurred, for <br />sanitary sewer system purposes to the <br />extent that said debt is made deductible <br />by G.S. Subsection 159-55(b) .............. <br />Uncollected special assessments heretofore <br />levied for local improvements for which <br />any part of the gross debt (that is not <br />otherwise deducted) was or is to be <br />incurred, to the extent that such <br />assessments will be applied, when <br />collected, to the payment of any part <br />of the gross debt ......................... <br />The amount, as estimated by the <br />of special assessment to be levied for <br />local improvements for which any part of <br />the gross debt (that is not otherwise <br />deducted) was or is to be incurred, to the <br />extent that the special assessments, when <br />collected, will be applied to the payment <br />of any part of the gross debt ............ <br /> <br />-0- <br /> <br />-0- <br /> <br />8,300,000 <br /> <br />-0- <br /> <br />-0- <br /> <br />-0- <br /> <br />(b) <br /> <br />DEDUCTIONS, being the sum of b(1), b(2), <br />b(3), b(4), b(5), b(6) and b(7) ..... <br /> <br />8,300,000 <br /> <br />(c) <br /> <br /> (c) NET DEBT <br />NET DEBT, being the difference between <br />the GROSS DEBT (a) and the DEDUCTIONS <br />(b) ...................................... <br /> <br />122,733,745 <br /> <br />(d) <br /> <br /> (d) APPRAISED VALUE <br />APPRAISED VALUE of property subject to <br />County taxation before the application <br />of any assessment ratio, being the value <br />fixed in 1993 ............................ <br /> <br />4,332,692,332 <br /> <br />(e) <br /> <br /> (e) DEBT RATIO .- <br />Percentage which the NET DEBT (c) bears to <br />the APPRAISED VALUE (d) ................................. <br /> <br />2.83% <br /> <br />The foregoing statement is true. <br /> <br />/s/ Blair D, Bennett <br /> Finance Officer <br /> for the County of <br /> Cabarrus, North Carolina <br /> <br /> UPON MOTION of Commissioner Fennel, seconded by Chairman Barnhart and <br />unanimously carried, the Board authorized Chairman Barnhart to sign the following <br />Resolutions as submitted by the Cabarrus County Board of Education and the <br />Kannapolis City Board of Education. <br /> <br />RESOLUTION <br /> <br />BE IT RESOLVED by the Kannapolis City Schools Board of Education <br />Section 1: The Kannapolis City Board of Education has determined <br /> and found as a fact that adequate school facilities are <br /> not now available in the Kannapolis City Administrative <br /> <br /> <br />