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December 20, 1991 <br /> <br />The Honorable Carolyn B. Carpenter, Chairperson <br />Cabarrus County Board of Commissioners <br />P. O. Box 707 <br />Concord, N. C. 28026-0707 <br /> <br />Dear Ms. Carpenter: <br /> <br />The Concord Board of Aldermen meeting in Special Session on December <br />19, 1991 approved by unanimous vote the Settlement Agreement which your <br />Board approved on December 16, 1991. Enclosed for your records is one <br />of the original executed Agreements which you forwarded to Mayor <br />Edwards. <br /> <br />The only exception is the Board of Aldermen approved the Settlement <br />Agreement subject to your Board's approval of the enclosed Amendment <br />No. 1 to said Agreement. I have discussed this amendment with <br />Commissioner Hamby and County Attorney Fletcher Hartsell. <br /> <br />The Amendment does not adversely or materially affect the Settlement <br />Agreement. Instead, it clarifies two points which the City's Bond <br />Counsel saw as potential impediments to the City's upcoming 1984 and <br />1985 Bond Refunding. The incentive to remove these potential <br />impediments is monumental. By completing this Bond Refunding, the City <br />will save over two million dollars. Over $500,000 in savings will be <br />realized by the Water and Sewer Authority we wish to create since some <br />of the sewer outfill facilities were financed with debt from these Bond <br />issues. <br /> <br />If your Board concurs, and subsequently approves Amendment No. 1 to the <br />Settlement Agreement, please complete the execution of such and forward <br />one of the completed ones to me for the City's records. If you deem <br />further information is required, please advise and I will be available <br />to accommodate such. <br /> <br />Sincerely, ~-. '~ <br /> <br />Le~ d . o am n <br />City Manager <br /> <br />LBS/Jh <br /> <br />Attachment <br /> <br />CC: Vice-Chairperson, William G. Hamby, Jr. <br /> Fletcher L. Hartsell, County Attorney <br /> <br />Leonard B. Sossamon, City Manager <br /> <br />City of Concord · P.O. Box 308 · 26 Union Street, South · Concord, North Carolina 28025 - (704) 786-6161 <br /> <br /> <br />