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407 <br /> <br />2) <br /> <br />Reduce Revenue estimate from $400,000.00 to $250,000.00. <br />Reduce the Land Acquisition Line Item by $150,000.00. <br /> <br /> In the Water and Sewer District budget on page 95, the Board increased <br />Line Item 830, Capital Outlay Reserve, to $140,000.00 to include grant <br />revenue to be received from the Farmers Home Administration and the State of <br />North Carolina. The Board also changed Line Item 901, Principal on Bonds, <br />to $87,900.00 and changed Line Item 910, Interest on Bonds, to $542,000.00. <br /> Mr. Blair D. Bennett, Finance Director, outlined the need for a two <br />cents (2¢) tax levy in the Water and Sewer District. He stated the tax levy <br />would help to clear up the deficit in the District and would also help to <br />improve the current "A" bond rating for the County. Board members requested <br />information regarding the number of homes and businesses in the district <br />that do not have water service. <br /> The Board by general consent agreed to change the schedule for payment <br />of Schools Current Expenses from the last day of the month to the 15th of <br />each month. Chairman Lentz reported the Schools had requested this change <br />to improve the cash flow for the schools. <br /> The Board discussed an increase of the County tax rate by six cents <br />(6¢) to provide revenue to retire bond debts. The tax increase would <br />include four cents (4¢) to fund debt service retirement of the school bonds <br />to be issued beginning in 1989, one and one-fourth cent (1 1/4¢) for the <br />Coddle Creek Reservoir project, and three-fourths cent (3/4¢) for the <br />Rowan-Cabarrus Community College bonds. <br /> Motion was made by Chairman Lentz and seconded by Commissioner Melvin <br />to increase the tax rate by six cents (6¢) to provide two cents (2¢) for <br />bond debt retirement for Coddle Creek and Rowan-Cabarrus Community College <br />and four cents (4¢) for anticipated school bond indebtedness. Vote was as <br />follows: <br /> Voting for - Chairman Lentz and Commissioner Melvin Voting against - Commissioners Hamby and Moss <br /> Chairman Lentz stated this matter would be voted on again at the next <br />meeting of the Board on June 16. <br /> Motion was made by Chairman Lentz and seconded by Commissioner Melvin <br />to levy a two cents (2¢) tax in the Water and Sewer District of Cabarrus <br />County. Voting was as follows: <br /> Voting for Chairman Lentz and Commissioner Melvin <br /> Voting against - Commissioners Hamby and Moss <br /> Chairman Lentz stated that this matter would be reconsidered at the <br />Board meeting on June 16. <br /> Commissioner Melvin reported that the owners of Yellow Ball Cab Company <br />were having a problem in relocating from the Morris property and had re- <br />quested an extension of their lease until August 1, 1988. The Board agreed <br />to this request. <br /> Chairman Lentz recessed the meeting until 4:00 P.M. on Thursday, <br />June 16, 1988, at the General Services Administration Building. <br /> <br />Clerk to the Board <br /> <br /> <br />