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, I <br /> <br /> The City of Concord gave the County credit for $142,440 of <br /> sales tax refunds. The above distribution would further <br /> reduce the County's liability to the*City by 5§6,343. <br /> <br /> The third item in question is the disposition of the fund <br /> balance which accumulated in the Rocky River Fund over the <br /> lifo of the projects. At 6/30/87, this balance amounted to <br /> 5626,827. Since the County paid its share of expenditures <br /> as billed and the Inlerest earnings resulted from cash from <br /> all participants, plus unalloeated sales tax refunds, <br /> proceeds from grant anticipation notes, and other loan <br /> proceeds, we feel that the County is entitled to share <br /> equally in the remaining fund balance. This would amount to <br /> 5313,413 and thereby further reduce our liability to the <br /> City by this amount. As the City has charged the County for <br /> interest expense relating to the project, we should <br /> therefore share in interest income. <br /> <br /> The last item in question relates to interest expense of <br /> 5346,452 of which the County was charged 557,719. We are in <br /> agreement that the County should pay its share of the <br /> interest expense relating to the grant anticipation note~ <br /> issued by the City, which amounts to 551,542. However, it <br /> is our opinion that the remaining batance of S6,177, which <br /> relates to three promissory bank notes obtained by the City, <br /> would not be a legal expense in which the County could <br /> parlicipate. <br /> <br /> In a letter dated 2/10/87 to James Lentz from Bernie Edwards <br /> the amount requested by the Mayor for settlement of the <br /> Rocky River Fund Project was $432,212.0§. Per phone <br /> conversation with Cathy Combs on 12/21/87, she advised that <br /> the County receivable was only $413,098. The difference of <br /> $19,114 is an item sill pending E.P.A. resolution. <br /> <br /> Based on the above data it is our opinion that the final <br /> settlement would be as follows: <br /> Balance due per City as of 12/21187 5413,098 <br /> Less questioned audit discepancies 81,535 <br /> Less additional sales tax refunds 56,343 <br /> Less distribution of fund balance 313,413 <br /> Less bank note interest expense 6~177 <br /> Balance due from City of Concord <br /> <br /> <br />