BC 1998 06 15 - Laserfiche WebLink

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626 12. 13. 14. using longer-dated investments not to exceed ten (10) years to maturity. It is the County's full intent, at the time of purchase, to hold all investments until maturity to ensure the return of all invested principal dollars. However, economic or market conditions may change, making it in the County's best interest to sell or trade a security prior to maturity. Ail moneys earned and collected from investments other than bond proceed earnings will be allocated quarterly to various fund amounts based on the quarter's average cash balance in each fund as a percentage of the entire pooled portfolio. Earnings on bond proceeds will be directly allocated to the same proceeds. The Finance Director is charged with the responsibility of preparing a monthly investment inventory report which includes investment types, cost, market value, maturity date and yield. This shall serve as the County's investment policy. Approval of Sewage Service Agreement between Cabarrus County and the Water and Sewer Authority of Cabarrus County UPON MOTION of Commissioner Barnhart, seconded by Commissioner Niblock and unanimously carried, the Board approved the Sewage Service Agreement between the Water and Sewer Authority of Cabarrus County and Cabarrus County. The Agreement as approved by the Board is on file in the Office of the County Manager and hereby included by reference as a part of the minutes. Authorization to Issue Notice of Exercise of the Option to Purchase Real Property for Right-of Way Across the Teresa B. Eudy Property at the Coddle Creek Reservoir UPON MOTION of Commissioner Barnhart, seconded by Commissioner Niblock and unanimously carried, the Board authorized the issuance of the Notice of Exercise of the Option to purchase real property for right-of-way across the Teresa B. Eudy Property at the Coddle Creek Reservoir. NEW BUSINESS Petition G98-O2(T) - Zoning Text Amendment Regarding Customized Development Standards in the Medium Density Residential District - Public Hearing - 6:30 P.M. Mr. Brad Lagano, Senior Planner, presented Petition C98-02(T) to amend the Zoning Text to allow flexible front setbacks for the Medium Density Residential (MDR) district's customized development standards. He listed the following options to make the MDR front setbacks more flexible: (1) Allow the front setbacks to be flexible with no minimum or maximum setbacks required. The developer could choose the setbacks he desired for the whole subdivision or just part of it. (2) Allow the developer to use flexible front setbacks for a percentage of his property while maintaining the 30-foot setback for the remainder of the development. (3) (Planning and Zoning Commission Recommendation) Reduce the required front setback from the existing 30 feet to 10 feet. The setbacks for the customized development standards for the MDR district would be as follows: Minimum front Setback: 10 feet; Minimum side setback: flexible; Minimum rear setback: flexible. Vice-Chairman Carpenter opened the public hearing on Petition G98-O2(T) at 6:55 P.M. and asked if anyone wished to speak either for or against the proposed zoning text amendment. Mr. Sherrill Laney of 6177 Miller Road in Kannapolis expressed concern the reduced front setbacks would result in increased paved areas, thus negatively impacting stormwater conservation. There was no one else who wished to address the Board, and Vice-Chairman Carpenter closed, the public hearing. UPON MOTION of Vice-Chairman Carpenter, seconded by Commissioner Niblock and unanimously carried, the Board approved Petition C98-02(T) to amend the Zoning Text to allow flexible front setbacks for the Medium Density Residential District's Customized Development standards as follows: Allow the