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Page 2 <br />October 13, 1993 <br /> <br />Plant operation and maintenance costs are projected to be approximately $85,000 <br />annually. These costs could be the responsibility of the Water and Sewer <br />District. <br /> <br />It is my recommendation that the sewer plant be financed by the Water & Sewer <br />Authority of Cabarrue County. It is likely that the Authority could obtain a <br />"bank qualified loan" where ae Cabarrus County could not. Therefore the <br />Authority can get financing at as good of rate as the County and maybe at an even <br />lower rate. <br /> <br />The County could make a principal and interest contribution to the Authority on <br />a semi-annual basis. The contribution would be eufficient to cover the debt <br />service. Once a year the contribution would be reviewed and adjusted as <br />necessary. The Authority should maintain segregated revenue and expense records <br />for the Muddy Creek Facility. The Water & Sewer District would be credited for <br />the debt service and operation and maintenance fees collected by the Authority <br />in its monthly payments to the Authority and the adjustments made to the Water <br />& Sewer District. <br /> <br />The Utility Department will continue to pursue any economic <br />development funds that would be available for the <br />extension of sewer services to the Midland Area. <br /> <br />and community <br /> <br />HFW/sh <br /> <br />cc: John Murdock <br /> Paul Watson <br /> <br /> <br />