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400
<br />
<br /> CABARRUS COUNTY
<br />ADMINISTRATION BUILDING
<br />BANK LOAN - FINANCING LEASE
<br /> DEBT SERVICE SCHEDULE
<br /> DELIVERY DATE: 5/1/88
<br />
<br />DATE PRINCIPAL
<br />
<br /> 8,500,000.00
<br />ACCRUED
<br /> 8,500,000.00
<br />
<br />COUPON
<br />
<br />INTEREST PERIOD TOTAL
<br />3,687,255.00 12,187,255.00
<br />
<br />3,687,255.00 12,187,255.00
<br />
<br />FISCAL TOTAL
<br />
<br />DATED 5/1/88 WITH DELIVERY OF 5/1/88
<br />BOND YEARS 51,570.000
<br />AVERAGE COUPON 7.150
<br />AVERAGE LIFE 6.067
<br />N I C % 7.150000 % USING 100.0000000
<br />T I C % 7.303360 % From Delivery Date
<br />
<br />June 7, 1988
<br />
<br />Mr. Blair D. Bennett
<br />Finance Officer
<br />Cabarrus County
<br />Courthouse, Box 707
<br />Concord, North Carolina
<br />
<br />28025
<br />
<br />Dear Blair:
<br /> As we discussed, Wachovia Bank and'Trust Company, N.A. has agreed to
<br />extend the closing of the $8.5mm Financing Lease from June 10, 1988 to 5:00
<br />p.m. on Friday, July 1, 1988. This amendment does not effect any Other
<br />section of the original proposal.
<br /> The County has accepted the proposal as confirmed by letter from Blair
<br />Bennett, Finance Officer.
<br /> If you have any questions or need our assistance further please do not
<br />hesitate to call.
<br /> Sincerely,
<br /> /s/ Richard M. Marvin
<br /> Richard M. Marvin
<br /> Vice President/Manager
<br />
<br />RMM194.jdh
<br />
<br /> Mr. William F. Pilkington, Health Director, continued review of the
<br />proposed 1988-89 Health Department budget. He also reviewed the request from
<br />the obstetricians for County funding in the amount of $87,500.00 to provide
<br />delivery services to the indigent in the county. Mr. Pilkington proposed a
<br />County allocation of $76,500.00 for these services with the funds to be taken
<br />from other items requested by the Health Department in the 1988-89 budget.
<br /> Members of the Board with the exception of Commissioner Melvin agreed to
<br />increase Line Item 179, Physician Fees, of the Maternal Health Budget to
<br />$76,500.00 with the source of funds to be decided upon later. Patients using
<br />these services are to be encouraged to pay to the Health Department a portion
<br />of the fees for these services.
<br /> UPON MOTION of Chairman Lentz, seconded by Commissioner Payne and
<br />unanimously carried, the Board authorized Mrs. Derelle Kiser, Tax Collector,
<br />to destroy the old tax records stored on the third floor of the Courthouse
<br />and the old records, paid and unpaid for the years 1974, 1975 and 1976, as
<br />they are no longer retained on the computer in accordance with the Records
<br />Retention and Disposition Schedule of the North Carolina Department of
<br />Archives.
<br /> Mr. C. Richard Russell, Data Processing Manager, reviewed his budget
<br />request for 1988-89. He informed the Board that in order for his department
<br />to do the tax reappraisal a second shift would be needed.
<br /> The Board reviewed the following budgets: Register of Deeds, Finance,
<br />Non-Departmental, Retired Employees, Courts, Kannapolis Library, Contribution
<br />to Other Funds, Schools Current Expense, Schools Capital Outlay, Other
<br />Contributions, and Debt Service.
<br /> UPON MOTION of Chairman Lentz, seconded by Commissioner Melvin and
<br />unanimously carried, the Board moved to write a letter to the Kannapolis City
<br />Council referencing a letter dated June 5, 1987, to the Kannapolis City
<br />
<br />
<br />
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