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209 <br /> <br />position of Assistant Town Manager/Zoning Administrator with the Town of Lake <br />Lure. <br /> The Board acknowledged the following budget amendments relative to the <br />$75,000.00 appropriation for the Black Run Creek Reservoir Project approved by <br />the Board on September 5, 1989. <br /> <br />Contribution to Other Funds <br />ACCOUNT #19-60 <br /> <br /> Present <br />Line Item Approved Revised <br />Account Number Description Budget Increase Decrease Budget <br /> <br />01-6-17-60-110 Fund Balance 3,954,962.45 75,000.00 <br /> Appropriated <br /> <br />4,029,962.45 <br /> <br />01-9-19-60-712 Cont. to W&S <br /> Utility <br /> <br />1,200,000.00 75,000.00 <br /> <br />1,275,000.00 <br /> <br />PURPOSE OF BUDGET REVISION REQUEST: <br /> To appropriate the money needed for Black Run Creek Reservoir. <br /> <br />Water and Sewer Utility Fund <br />ACCOUNT #20 <br /> <br /> Present <br />Line Item Approved Revised <br />Account Number Description Budget Increase Decrease Budget <br /> <br />20-6-36-33-001 Cont. Gen. Fund 1,200,000.00 75,000.00 <br /> h cent sales tax <br /> <br />1,275,000.00 <br /> <br />20-9-45-10-701 Mt. Pleasant <br /> Impoundment <br /> <br />0.00 75,000.00 75,000.00 <br /> <br />PURPOSE OF BUDGET REVISION REQUEST: <br /> To appropriate the money needed for Black Run Creek Reservoir. <br /> <br />NEW BUSINESS <br /> <br /> At 7:30 P.M., Chairman Lentz opened the public hearing on the proposed <br />industrial development revenue bonds financing by the Cabarrus County Industrial <br />Facilities and Pollution Control Financing Authority of an industrial project <br />by Oiles America Corporation. <br /> Mr. Branson Jones, Executive Vice-President of the Greater Cabarrus County <br />Economic Development Corporation, spoke on behalf of the Oiles America <br />Corporation. He reviewed the company's plans to construct a facility for the <br />manufacture of self-lubricating bearings and related products on a 25-acre site <br />at the International Business Park in Concord. According to Mr. Jones, the <br />proposed project will create approximately 70 jobs within the next three years. <br /> Mr. Wallace Hinnant of Wimbledon Court in Concord questioned the creation <br />of any hazardous processes or by-products by the proposed manufacturing <br />facility. Mr. Jones responded that there would be no hazardous products <br />associated with the proposed Oiles America Corporation project. <br /> There being no one else present to speak on the advisability of issuing <br />the revenue bonds and the proposed project, and Chairman Lentz closed the public <br />hearing at 7:42 P.M. <br /> Commissioner Hamby introduced the following resolution, the title of which <br />was read: <br /> <br />APPROVAL IN PRINCIPLE OF INDUSTRIAL PROJECT <br />FOR OILES AMERICA CORPORATION, AND THE FI- <br />NANCING THEREOF WITH INDUSTRIAL REVENUE BONDS <br />IN A PRINCIPAL AMOUNT OF UP TO $6,000,000 <br /> <br /> WHEREAS: The Cabarrus County Industrial Facilities and <br />Pollution Control Financing Authority (the Authority) has agreed to <br />assist in the financing under the North Carolina Industrial and <br />Pollution Control Facilities Financing Act (the Act) of an <br />industrial project by Oiles American Corporation, a Michigan <br /> <br /> <br />