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a. If the bond referendum passes, the $11,060,000 cost for water line extensions will <br /> be paid back in the following manner: <br /> <br /> (1). $7,271~000 bond monies (The FmHA bonds will be retired through <br /> the utilization of revenues produced by the customers of the water <br /> system . Other revenue sources will have to be found to repay the <br /> General Obligation Bonds included in this issuance). <br /> <br /> (2). $2,299~000 comes in the form of grant money from the Farmers <br /> Home Administration and the North Carolina-Clean V/ater Bond <br /> and reqhlre~ no pay back. <br /> <br /> (3). $1,500,000 is provided by the County as up-front money and also <br /> requires County action for repayment. <br /> <br /> (4).' $11~060,000 is the total cost for the first phase of the water <br /> system. <br /> <br /> b. The options for the funding of the remainder of the planned water and sewer <br /> system facilities are varied~ and almost certainly some combination of options <br /> will be used in funding the system. <br /> <br /> (1). Seek Federal and State grants. Although at the present time such <br /> grant opportunities are limited, the cyclical nature of public po[icy <br /> almost assures some greater opportunity in the future. <br /> <br /> (2). Establish a bond program whereby as soon as the bonds begin to be <br /> retired from one phase of facility development, the County seeks <br /> voter authorization to replace the retired bonds with new ones. <br /> <br /> (3). The establishment of a capital fund that is earmarked for continued <br /> d~velopment of the water and sewer facilities plan. Possibilities <br /> ~ ;i~at might be considered for providing the capital fund are: <br /> <br /> (a). the revenues derived from the water and sewer service <br /> over and above that required for debt service and <br /> current operating expenses. <br /> (b). earmarkingsome portion of the revenues produced by <br /> the i/2¢ increase in the sales tax. <br /> (c). earmarking revenues produced by an increased tax <br /> assessment on the tax payers living in the ~Vater and <br /> Sewer District. <br /> (d). earmarking revenues produced by an increased tax <br /> assessment on all tax payers in Cabarrus County. <br /> (e). some combination of these approaches. <br /> <br />3. Prolx~ed operating income and expenses for the ~Vater Department <br /> <br /> (1). $792~552.00 annual income from water sales as soon as the proposed <br /> extensions are fully functional. <br /> <br /> 20 <br /> <br /> <br />