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16 The Chairman announced that this was the date, place and hour fixed by the Board of Commissioners to continue the Board's recessed regular meeting of January 22, 2001 to conduct a public hearing concerning a proposed plan of financing in an aggregate principal amount of up to $40,000,000, which plan would involve the entry by the County into an installment payment contract pursuant to North Carolina General Statutes Section 160A-20, as amended, with the proceeds thereof to be used to pay all or a portion of the costs of constructing two new public middle schools, and one new public elementary school and acquiring certain equipment related thereto (collectively the "2001 Project"), which 2001 Project was described in the notice of public hearing published in The Independent Tribune on January 19, 2001 (the "Notice"), and under said installment payment contract the County would secure the repayment by it of moneys advanced pursuant to such contract by granting a security interest in and lien on all or a portion of the 2001 Project. The Board of Commissioners first ratified and approved the designation of the meeting as a public hearing on the proposed plan of financing, the call of the public hearing and publication of the Notice. It was then announced that the Board of Commissioners would immediately hear anyone who might wish to be heard on such matter. No one appeared, either in person or by attorney, to be heard on such matter or the advisability of the plan of financing and the Clerk to the Board of Commissioners announced that no written statement relating to said matters had been received by the Clerk or the Finance Director, except Ms. Cindy S. Fertenbaugh, Chairperson of the Cabarrus County Board of Education, who appeared in person and stated support of the proposed plan of financing for constructing the three new schools. Ms. Fertenbaugh further expressed appreciation for the Board's commitment to fund school facility needs and reviewed the bids for the school construction projects. Ail of the foregoing statements were duly considered by the Board of Commissioners. It was then announced that the public hearing was closed. Upon motion duly made by Commissioner Privette, seconded by Chairman Fennel and unanimously approved, the Board of Commissioners thereupon affirmed the pIan of financing and the execution and delivery of the installment payment contract-related thereto and ratified all prior actions of the Board of Commissioners or its representatives with respect to the plan of financing. Water and Sewer Authority of Cabarrus County - Review of Master Plan, Water and Sewer Issues and Growth Pro~ections Mr. John C. Murdock, III, Executive Director of the Water and Sewer Authority of Cabarrus County (WSACC), outlined WSACC's Capital Improvement Program for Fiscal Years 2001-2006 and reviewed the status of the Water and Sewer Master Plan.. He presented growth projections and population density projections prepared 'by Black and Veatch for Cabarrus County. Using a high growth scenario, the population is expected to increase 'to 167,571 by 2005 and 477,958 by 2050. Mr. Murdock pointed out that growth trends are dependent upon the location of water and sewer lines. Further, he addressed the critical water supply issue in Cabarrus County. A new water source must be secured and implemented by 2005 to avoid water shortages countywide. Possible water sources include the inter-basin transfer of water from the Yadkin and Catawba Rivers. The City of Concord has enforced mandatory water restrictions. It is currently buying some water from Charl.otte-Mecklenburg Utilities and negotiating the purchase of water from the City of Albemarle, which would require the construction of a 36-inch water line from Albemarle to the City of Concord. Finally, Mr. Murdock discussed the need to develop a method to distribute capital costs for utility services more equitably. He pointed out that the City of Concord now provides the majority of funding for lines throughout Cabarrus County. To address this problem, Mr. Murdock proposed the concept of creating service areas for each of the municipalities as well as a County service area. There was lengthy discussion regarding the critical water- supply shortage, the County's financial participation in future water and sewer projects, increased density along new water and sewer lines, growth management issues, future commercial/industrial development, schools, the existing Cabarrus County Water and Sewer District and the potential for the County to return to the water and sewer business.