BC 1988 06 16 - Laserfiche WebLink

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408 The Board of Cox~issioners for the County of Cabarrus met in recessed session at the General Services Administration Building in Concord, North Carolina, on Thursday, June 1§, 1988, at 4:00 P.M. Present - Chairman: James W. Lentz Commissioners: Kenneth F. Payne William G. Hamby, Jr. Martha H. Melvin R. Giles Moss The Board reviewed the plans for the issuance of the $25 million school bonds. Chairman Lentz reported that Dr. Grier Bradshaw, Superintendent of Kannapolis City Schools, had notified the County on this date that the Kannapolis Schools would need their portion of the bond package or $5.4 million in the spring of 1989. Commissioner Payne stated that officials of the Cabarrus County Schools had informed him they would need only $12.5 million at the first bond issuance in the spring of 1989 instead of the entire amount as had previously been requested. The Board had lengthy discussion regarding the tax needed to retire the school bonds and to provide needed funds for the Water and Sewer District. The motion made by Commissioner Payne and seconded by Chairman Lentz for a three cents (3¢) tax increase for retirement of the school bonds failed with Commissioner Payne and Chairman Lentz voting for and Commissioners Melvin, Moss, and Hamby voting against. The motion by Commissioner Hamby and seconded by Commissioner Moss to amend prior motion and have a two cents (2¢) tax increase for the retirement of the school bonds failed with Commissioners Hamby and Moss voting for and Commissioners Payne and Melvin and Chairman Lentz voting against. The motion by Chairman Lentz and seconded by Commissioner Melvin to have a four cents (4¢) tax increase for the schools portion of the budget for bond debt retirement failed with Chairman Lentz and Commissioner Melvin voting for and Commissioners Payne, Moss, and Hamby voting against. Chairman Lentz recessed the Board meeting for 15 minutes. Chairman Lentz reconvened the Board meeting. Motion was made by Commissioner Hamby to establish the County tax rate at fifty-nine cents (59¢) and establish no Water and Sewer District tax for this particular year in order to have a chance to clean up the lines. This would include a three cents (3¢) tax increase for the retirement of the school bonds and two cents (2¢) for the retirement of the Coddle Creek Reservoir and the Rowan-Cabarrus Community College bonds. The motion failed for lack of second. UPON MOTION of Commissioner Payne, seconded by Commissioner Melvin with Commissioners Payne and Melvin and Chairman Lentz voting for and Commissioners Moss and Hamby voting against, the Board set an increase of three and one-half cents (3½¢) for retirement of school bonds and two cents (2¢) for retirement of the bonds for the Coddle Creek Reservoir and Rowan-Cabarrus Community College for a total County tax rate of fifty-nine and one-half cents (59½¢). UPON MOTION of Chairman Lentz, seconded by Commissioner Payne and unanimously carried, the Board asked Mr. Blair Bennett, Finance Director, to come back to the Board in July with a recommended ten percent (10Z) increase in water rates. The Board deleted the amount of $116,350.00 proposed for Property Tax Current Collection in the Water and Sewer District budget and added this amount to the water revenue account. UPON MOTION of Chairman Lentz, seconded by Commissioner Payne with Chairman Lentz and Commissioners Payne and Melvin voting for and Commissioners Moss and Hamby voting against, the Board authorized the publication of the following Notice: NOTICE PLEASE TAKE NOTICE that at its regular meeting of Monday, June 27, 1988, or thereafter as formally recessed, the Board of Commissioners of Cabarrus County, North Carolina, intends to consider a resolution authorizing a lease and thereby to authorize the execution of a lease of the following described real property of Cabarrus County for a term of no more than ten (10) years to Wachovia Bank & Trust Company, N.A.: DESCRIPTION OF PROPERTY: