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354 <br /> <br />for water, gas, electric light <br />or power purposes or two or more <br />of said purposes ................................. <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 o.s. §159-55(b) ............................... <br /> <br />b(6) Uncollected special assessments <br /> heretofore levied for local im- <br /> provements for which any part of <br /> the gross debt (that is not <br /> otherwise deducted) was or is to <br /> be incurred, to the extent that <br /> such assessments will be applied, <br /> when collected, to the payment of <br /> any part of the gross debt ....................... <br /> <br />b(7) The amount, as estimated by the <br /> Finance Officer of special <br /> assessments to be levied for local <br /> improvements for which any part of the <br /> gross debt (that is not otherwise deducted) <br /> was or 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 />(c) NET DEBT <br /> <br />$7,271,000 <br /> <br />(c) NET DEBT, being the difference between <br /> the GROSS DEBT (a) and the DEDUCTIONS (b) <br /> <br />$7,271,000 <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 1987 ................................... <br /> <br />$605,991,941 <br /> <br />(e) DEBT RATIO <br /> <br />(e) Percentage which the NET DEBT (c) bears to <br /> the APPRAISED VALUE (d) ..................... <br /> <br />1.19 % <br /> <br />The foregoing statement is true. <br /> <br />/s/ Blair D. Bennett <br /> <br />Finance Officer of the Water <br />& Sewer District of Cabarrus <br />County, North Carolina <br /> <br />STATE OF NORTH CAROLINA ) <br />COUNTY OF IREDELL ) SS.: <br /> <br />Subscribed and sworn to before me this 9th day of May, 1988. <br /> <br />My commission expires <br /> <br />/s/ Cathie Keller-Straub <br /> <br /> Notary Public <br />January 26~ 1991 <br /> <br /> Mr. Blair D. Bennett, Finance Director, reported that Mr. Michael <br />D. Owens, Assistant Vice President and Corporate Lending Officer with <br />Wachovia Bank and Trust Company, had submitted the following rate proposals <br />for the Bond to be issued by the Water and Sewer District of Cabarrus <br />County. <br /> <br /> <br />