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481 <br /> <br /> UPON MOTION of Commissioner Cook, seconded by Commissioner Lentz and <br />unanimously carried, the Board adopted the following resolution in opposition <br />to the Administrative ruling by the Internal Revenue Service (Revenue Procedures <br />80-55) and instructed the County Manager to write to the members of the <br />Congressional delegation requesting that they also oppose this ruling. <br /> <br /> WHEREAS, by a recent ruling by the Internal Revenue Service (Revenue <br />Procedures 80-55), banks will no longer be permitted to deduct for <br />income tax purposes the interest that they pay on negotiated time deposits <br />of State and local government units, if the collateral securing such <br />deposits is made up of tax-exempt obligations; and whereas, resulting in <br />that some banks will be unwilling or unable to issue or renew Certificates <br />of Deposit or, if issued, the rates may well be less than normal; and <br />whereas, this Revenue Procedure could seriously impair the sale of tax- <br />exempt bonds by the State, municipalities, and counties in North Carolina <br />and throughout the country thereby substantially increasing the borrowing <br />costs to the State and the local government units and thereby increasing <br />the costs to the taxpayers of North Carolina. IT IS, THEREFORF, RESOLVED: <br /> That the Commissioners of Cabarrus County, realizing the effect that <br />this Administrative ruling may have on the taxpayers, do hereby strongly <br />oppose this ruling and encourage the members of the North Carolina <br />Congressional delegation to likewise oppose this ruling. <br /> <br /> UPON MOTION of Commissioner Cook, seconded by Commissioner Payne and <br />unanimously carried, the Board approved the following appointments as trustees <br />to the Firemen's Relief Fund for a two year term ending January 31, 1983. <br /> <br />Allen <br />Cold Water <br />Flowes Store <br />Georgeville <br />Harrisburg <br />Jackson Park <br />Midland <br />Mt. Mitchell <br />North East <br />Odell <br />Pitts <br />Poplar Tent <br />Rimer <br />Winecoff <br /> <br />Tom Joyner <br />Ned Blackwelder <br />Hal Little <br />Ernie Fink <br />Emmett Sapp <br />Ben Mabrey <br />Jerry Conner <br />Eugene Propst <br />Eddie Moose <br />Mason Benson <br />Larry Jones <br />Judy Hurst <br />Terry Sifford <br />Charles Treice <br /> <br /> Mr. Charles McGinnis, County Manager, reviewed the contract of July 1, <br />1978 between the Volunteer Fire Departments and the County. He reported <br />that the County had not received an annual audit from any of the fire <br />departments. He recommended that the Board consider at a later date a new <br />contract which would require that each Volunteer Fire Department submit an <br />annual audit Co the Board of Commissioners. <br /> There being no further business to come before the Board, the meetin~ <br />was adjourned. <br /> <br />Clerk to the Board <br /> <br /> <br />