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263 <br /> <br />b(4) Bonded debt included in gross debt <br /> and incurred, or to be incurred, <br /> for water purposes ..................... <br /> <br />$14,500,000 <br /> <br />b(5) Bonded debt included in gross debt <br /> and incurred, or to be incurred, for <br /> sanitary sewer system purposes to the <br /> extent that said debt is made deductible <br /> by G.S. §159-55(b) .................... <br /> <br />b(6) Uncollected special assessments heretofore <br /> levied for local improvements for which <br /> any part of the gross debt (that is not <br /> otherwise deducted) was or is to be incurred, <br /> to be extent that such assessments will be <br /> applied, when collected, to the payment of <br /> any part of the gross debt ............. <br /> <br />b(7) The amount, as estimated by the Finance Director, <br /> of special assessments to be levied for local <br /> improvements for which any part of the gross <br /> debt (that is not otherwise deducted) was or <br /> is to be incurred, to the extent that the <br /> special assessments, when collected, will be <br /> applied to the payment of any part of the <br /> gross debt ............................. <br /> <br />(b) DEDUCTIONS, being the sum of b(1), b(2), <br /> b(3), b(4), b(5), b(6) and b(7) ........ <br /> <br />$14,500,000 <br /> <br />(c) NET DEBT <br /> <br />(c) NET DEBT, being the difference between <br /> the GROSS DEBT (a) and the DEDUCTIONS (b) <br /> <br />$35,000,000 <br /> <br />(d) APPRAISED VALUE <br /> <br />APPRAISED VALUE of property subject to <br />municipal taxation before the application of <br />any assessment ratio, being the value fixed <br />in 1986 ................................... <br /> <br />$2,912,431,223 <br /> <br />(e) DEBT RATIO <br /> <br />(e) Percentage which the NET DEBT (c) bears to <br /> the APPRAISED VALUE (d) ..................... <br /> <br />1.20 % <br /> <br />The foregoing statement is true. <br /> <br />STATE OF NORTH CAROLINA ) <br /> SS.: <br />COUNTY OF CABARRUS ) <br /> <br />/s/ Blair D. Bennett <br /> <br /> Finance Officer <br />for the County of <br />Cabarrus, North Carolina <br /> <br />Subscribed and sworn to before me this 4th day of January, 1988. <br /> <br />My commission expires <br /> <br />/s/ Cathie Keller-Straub <br /> <br /> Notary Public <br />January 26~ 1991 <br /> <br /> The Board reviewed the letter from Mr. Walter C. Odell, III, County <br />Engineer, outlining the recommendation from Mr. Jake Wicker of the Institute <br />of Government that further attempts should be made to negotiate a plumbing <br />contract for the County Jail Addition as the cost would exceed the $75,000.00 <br />limit set by the North Carolina law for projects undertaken through forced <br />account financing. The Board received the letter as information only and took <br />no action. <br /> <br /> <br />