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<br />
<br /> The Board of Commissioners for the County of Cabarrus met in regular
<br />session at the County Courthouse in Concord, North Carolina, on Monday,
<br />May 9, 1988, at 4:00 P.M.
<br /> Present - Chairman: James W. Lentz
<br /> Commissioners: Kenneth F. Payne
<br /> William G. Hamby, Jr.
<br /> Martha H. Melvin
<br /> R. Giles Moss
<br /> The Board changed the regular meeting of the Board scheduled for 4:00
<br />P.M. on Monday, May 30, to 4:00 P.M. on Tuesday, May 31, 1988, due to the
<br />Memorial Day holiday. The meeting on May 31 will be held at the General
<br />Services Building instead of the Courthouse.
<br /> Mr. Blair D. Bennett, Finance Director, presented the proposed
<br />1988-89 Cabarrus County Budget and the Cabarrus County Five Year Capital
<br />Improvement Program.
<br /> Chairman Lentz recessed the meeting until the conclusion of the
<br />meeting of the Board of Commissioners for the Water and Sewer District of
<br />Cabarrus County.
<br /> Chairman Lentz reconvened the meeting of the Board of Commissioners.
<br /> Commissioner Hamby introduced the following order authorizing bonds
<br />which was read:
<br />
<br />ORDER AUTHORIZING $7,271,000.00
<br /> REFUNDING BONDS
<br />
<br /> BE IT ORDERED by the District Board of Commissioners of the Water and
<br />Sewer District of Cabarrus County, N.C.:
<br /> 1. That, pursuant to The Local Government Bond Act, as amended, the
<br />Water and Sewer District of Cabarrus County, North Carolina, is hereby
<br />authorized to contract a debt, in addition to any and all other debt which
<br />said District may now or hereafter have power or authority to contract, and
<br />in evidence thereof to issue Refunding Bonds in an aggregate principal
<br />amount not exceeding $7,271,000.00 for the purpose of providing funds, with
<br />other available funds, for paying the cost of refunding, including related
<br />issuance expenses, the following bonds outstanding as of June 1, 1987 of
<br />said District.
<br /> $5~574~000.00 Water Bonds, dated September 29~ 1986
<br /> $1~697~000.00 Water Bonds, dated September 29~ 1986
<br /> $ __Bonds, dated
<br /> $ __Bonds, dated
<br />
<br /> 2. That taxes shall be levied in an amount sufficient to pay the
<br /> principal of and the interest on said Refunding Bonds.
<br /> 3. That a sworn statement of the debt of said District has been filed
<br /> with the District Clerk and is open to public inspection.
<br /> 4. That this order shall take effect upon its adoption.
<br /> The District Board of Commissioners thereupon designated the Finance
<br /> Officer as the officer whose duty it shall be to make and file with the
<br /> District Clerk the sworn statement of debt of said District which is re-
<br /> quired by The Local Government Bond Act, as amended, to be filed after the
<br /> bond order has been introduced and before the public hearing thereon.
<br /> Thereupon, the Finance Officer filed with the District Clerk, in the
<br /> presence of the District Board of Commissioners, the sworn statement of debt
<br /> as so required.
<br /> Thereupon, the order entitled: "ORDER AUTHORIZING $7,271,000.00 REFUND-
<br /> ING BONDS" was passed on first reading.
<br /> On motion duly made, seconded and unanimously carried, the District
<br /> Board of Commissioners fixed 4:00 P.M., May 23, 1988 in the Commissioner's
<br /> Meeting Room, Room 123, Cabarrus County Courthouse in Concord, North
<br /> Carolina as the hour, day and place for the public hearing upon the fore-
<br /> going order and directed the District Clerk to publish said order, together
<br /> with the appended statement as required by The Local Government Bond Act, as
<br /> amended, once in The Concord Tribune, Concord, N.C., and The Daily
<br /> Independent, Kannapolis, N.C., both newspapers qualified and used for legal
<br /> publications of said District, not later than the sixth day before said
<br /> date.
<br /> UPON MOTION of Commissioner Melvin, seconded by Chairman Lentz and
<br />unanimously carried, the Board set a public hearing for 4:00 P.M. on May
<br />23, 1988, in the Commissioners' Meeting Room at the County Courthouse upon
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