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405 <br /> <br />Flowes Store .04 <br />Georgeville .08 <br />Gold Hill .05 <br />Harrisburg .035 <br />Jackson Park .025 <br />Midland .055 <br />Mt. Mitchell .04 <br />Mt. Pleasant Rural .04 <br />Northeast .07 <br />Odell .05 <br />Pitts .035 <br />Poplar Tent .055 <br />Rimer .06 <br />Winecoff .03 <br /> <br /> UPON MOTION of Commissioner Hamby, seconded by Commissioner Melvin and <br />unanimously carried, the Board postponed consideration of proposed change to <br />the Economic Development Corporation appropriation. <br /> UPON MOTION of Chairman Lentz, seconded by Commissioner Melvin with <br />Chairman Lentz and Commissioners Melvin and Moss voting for and Commissioner <br />Hamby voting against, the Board moved to defer $100,000.00 of the Airport <br />Land Acquisition appropriation, decreasing that line item to $300,000.00 for <br />fiscal year 1988-89. <br /> Mr. Paul Watson, Engineer with HDR Engineering, Inc., presented two <br />proposals from Law Engineering for the following work on the Coddle Creek <br />Reservoir Project: (1) Supplemental geotechnical exploration; (2) <br />LaboratorY testing of a trial mix for roller compacted concrete for the <br />project. The Board directed that these two items be placed on the agenda <br />for the June 20th meeting. <br /> UPON MOTION of Chairman Lentz, seconded by Commissioner Hamby and <br />unanimously carried, the Board as the governing body of the Water and Sewer <br />District of Cabarrus County accepted the following commitment from Wachovia <br />Bank & Trust Company, N.A., for the Farmer's Home Administration Bond <br />Refinancing as a modification to the commitment previously accepted by the <br />Board on May 9, 1988. <br /> <br />June 2, 1988 <br /> <br />Water and Sewer District <br /> of Cabarrus County <br />77 Union Street, South <br />Concord, North Carolina 28025 <br /> <br />Attention: Mr. Blair Bennett, Finance Director <br /> <br />Subject: Farmer's Home Administration Bond Refinancing <br /> <br />Dear Mr. Bennett: <br /> Wachovia Bank and Trust Company, N.A. (the "Bank") is pleased to extend <br />our commitment to purchase up to $5,236,645 in principal amount of the bond <br />(the "Bond") to be issued by the Water and Sewer District of Cabarrus <br />County, North Carolina (the "Issuer"). The Bond will be a general <br />obligation bond of the Issuer the interest on which is taxable for purposes <br />of Federal income taxation. The Bond is being issued in conjunction with <br />the financing by the Issuer of certain obligations of the Issuer held by the <br />Farmer's Home Administration (Fha{A). The proceeds of the Bond, together <br />with certain other funds of the Issuer, are to be applied by the Issuer to <br />redeem certain obligations of the Issuer currently held by FmHA. The terms <br />of this commitment are as follows: <br /> <br />Be <br /> <br />Amount - The principal amount of the Bond shall not exceed <br />$5,236,647. <br />Term - The Bond shall be issued in the form of a single, fully <br />registered bond. The Bond shall be dated the date of initial <br />delivery to the Bank and shall mature 20 years from its date. <br />Repa.yment - Repayment of the Bond shall be made in annual <br />principal payments and semiannual interest payments. The amount <br />of each payment shall be calculated using a standard mortgage <br /> <br /> <br />