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RESOLUTION CONCERNING THE FUNDING OF <br /> CODDLE CREEK RESERVOIR <br /> <br /> The Board of Commissioners for the County of Cabarrus, North <br />Carolina, DOES HEREBY DETERMINE AND RESOLVE, as follows: <br /> <br /> Section 1. The County of Cabarrus, North Carolina (the <br />"County"), has been considering constructing a dam and water <br />supply reservoir on Coddle Creek in the County and the <br />acquisition of land necessary therefor as originally and <br />generally described in a report prepared by Peirson and Whitman, <br />Inc., addressed to the Board of Light and Water Commissioners of <br />the City of Concord, North Carolina, and dated February 14, 1984, <br />and as modified thereafter by Henningsen, Durham & Richardson, <br />Inc., and otherwise (the "Coddle Creek Reservoir"). <br /> <br /> Section 2. The County intends to issue general obligation <br />bonds, subject to approval at a referendum, in one or more series <br />for the purpose of providing funds for paying a portion of the <br />cost of the Coddle Creek Reservoir. <br /> <br /> Section 3. In anticipation of receiving the proceeds of the <br />sale of such bonds for the purpose mentioned above, the County <br />may apply to such purpose monies available to the County for <br />other purposes, provided that monies so applied by the County <br />will not be required to be applied otherwise pending such use and <br />will be replenished from the proceeds of such bonds. <br /> <br /> Section 4. This resolution shall take effect immediately <br />upon its passage. <br /> <br /> This the__day of March, 1987. <br /> <br /> James W. Lentz <br /> Chairman <br /> Board of Commissioners <br /> <br />ATTEST: <br /> <br /> Frankie F. Small, Clerk <br /> <br /> <br />