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July 26, 2004 Page 559 4 o 5 0 7 o The debt management policies of Cabarrus County are found to have been carried out in strict compliance with the applicable law. The budgetary and fiscal management policies of Cabarrus County are found to have been carried out in compliance with applicable law. The estimated increase in property tax to pay the increased debt service requirements resulting from the bonds of approximately $0.0678 per $100.00 of assessed value of property subject to taxation is hereby found to be not excessive. The filing of an application with the Local Government Commission for approval of the proposed bonds is hereby approved and confirmed and the Finance Director is designated to serve as the representative of the County in connection with the application for approval of the bonds with the Local Government Commission and is authorized to cause a Notice of Intent to file the application to be published. 8. This resolution shall take effect immediately. Commissioner Carpenter moved for passage of the foregoing resolution and Acting Chairman Carruth seconded the motion and the resolution was passed by the following vote: AYES: Carpenter, Carruth and Freeman NAYS: None Setting a Special Meeting Ms. Dubois reviewed the schedule of events related to the November bond referendum. She also explained that the General Statutes require separate bond issues for the public schools and the community college. UPON MOTION of Commissioner Carpenter, seconded by Acting Chairman Carruth and unanimously carried, the Board scheduled a Special Meeting on August 25, 2004, at 6:00 p.m. for a public hearing and further consideration of the bond referendum. (C) RECOGNITIONS AND PRESENTATIONS (C-1) Recognition of Trout~an Motors on its 60th Anniversar~ The Board recognized G. Raiford Troutman on the celebration of the 60tn anniversary of Troutman Motors. Commissioner Carpenter presented the following proclamation to Mr. Troutman: PROCLAMATION WHEREAS, G. Raiford Troutman began Troutman Motors in June 1944 in Concord, and the company is celebrating its 60tn year of serving the residents of Cabarrus County; and WHEREAS, during the years, Mr. Troutman expanded to other areas, including residential and commercial construction, real estate, insurance, rental property and a restaurant business; and WHEREAS, Mr. Troutman, through his strong work ethic and with the support and assistance of his family, established Troutman Enterprises, a diverse group of family-owned and operated businesses that includes Troutman Motors, Troutman Land Investments and Troutman's Bar-B-Q; and WHEREAS, Troutman Enterprises is a vital part of Cabarrus County and a major taxpayer, providing affordable transportation and homes and creating job opportunities for many local residents; and WHEREAS, Troutman Enterprises has made a significant contribution to the quality of life and economic well-being of Cabarrus County and contributed greatly to the community through participation in civic organizations and other community activities. NOW THEREFORE, BE IT PROCLAIMED the Cabarrus County Board of Commissioners hereby congratulates Troutman Motors on the celebration of its 60tn anniversary, recognizes and honors G. Raiford Troutman for his exceptional accomplishments and many contributions to Cabarrus County and extends best wishes for the continued success of Troutman Enterprises in the future.