BC 1996 06 17 - Laserfiche WebLink

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121 14. WSACC shall have the authority to contract with the City of Concord, or other jurisdictions, to provide services in place of private contractors or engineers. IN WITNESS WHEREOF, County has executed this Agreement this __ day of , 1996, and WSACC has executed this Agreement this day of , 1996. ATTEST: CABARRUS COUNTY By: Chairman, Cabarrus County Board of Commissioners Frankie F. Bonds, Clerk This instrument has been pre- audited in the manner required by Local Government Budget and Fiscal Control Act. Finance Director ATTEST: WATER AND SEWER AUTHORITY OF CABARRUS COUNTY, a Public Corporation of the State of North Carolina By: Chairman, Board of Directors Jamie Y.Small, Clerk This instrument has been pre- audited in the manner required by Local Government Budget and Fiscal Control Act. Deputy Finance Officer Adoption of the FY 1996-97 Cabarrus County Budget Mr. Clifton listed a number of items for which funding and/or revenues had been transferred to FY 96-97, including Courts $90,320.00; General Services $179,756.00; Required Workfare Program Study - $70,000; Aerial Photography Project - Increase to $262,500.00; and Cooperative Extension Service Increase of $3,110.00 for Computer Terminals. Also, the budget had been changed to reflect the $755.00 per pupil expenditure approved for the schools. Mr. Clifton reviewed two options relative to a tax increase to cover the annual debt service for the $49 million school bonds to be sold in January 1997 at a projected interest rate of 5.90 percent. These options were as follows: (1) For FY 97, increase the tax rate by $.039 cents to cover the August 1997 debt payment estimated at $2,295,500.00 and again increase the tax rate in FY 98 to cover the two debt service payments. (2) For FY 97, increase the tax rate by $.077 to cover the total cost of the annual debt service estimated at $4,591,000.00. Further, Mr. Clifton pointed out that any growth in the County's tax base or a reduction in the projected interest rate could be used to lower the tax increase required to fund the debt service beginning in FY 98. UPON MOTION of Commissioner Niblock, seconded by Commissioner Casper and unanimously carried, the Board agreed to set aside $596,000.00, or an equivalent of one cent on the tax rate, for start-up costs for the new Weddington Hills Elementary School with the funds to be held in the County's capital reserve account pending specific purchase requests by the County Schools. There was lengthy discussion regarding the amount of the tax rate increase and the sale of the $49 million school bonds. Suggested increases in the tax rate included $.035, $.039 and $.077. UPON MOTION of Commissioner Fennel, seconded by Commissioner Mills with Commissioners Fennel, Mills and Casper and Chairman Barnhart voting for and Commissioner Ntblock voting against, the Board set the tax rate for FY 1996-97 at $.61 per $100 valuation, including a $.035 increase for the first debt service payment and one cent for the start-up costs for Weddington Hills Elementary School, with the adoption of the following Budget Ordinance.