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379
<br />
<br />b(7) The amount, as estimated by the
<br /> Finance Director, of special
<br /> assessments to be levied for
<br /> local improvements for which any
<br /> part of the gross debt (that is not
<br /> otherwise deducted) was or is to be
<br /> incurred, to the extent that the
<br /> special assessments, when collected,
<br /> will be applied to the payment of
<br /> any part of the gross debt ...................
<br />(b) DEDUCTIONS, being the sum of b(1),
<br /> b(2), b(3), b(4), b(5), b(6) and
<br /> b(7) .........................................
<br /> (c) NET DEBT
<br />(c) NET DEBT, being the difference
<br /> between the GROSS DEBT (a) and
<br /> the DEDUCTIONS (b) ...........................
<br /> (d) APPRAISED VALUE
<br />(d) APPRAISED VALUE of property subject
<br /> to county taxation before the
<br /> application of any assessment ratio,
<br />
<br />-0-
<br />
<br />$52,550,000
<br />
<br />$34,318,830
<br />
<br /> being the value fixed in 1993 ............... $4,539,131,921
<br />(e) Percentage which the NET DEBT (c)
<br /> bears to the APPRAISED VALUE (d) ............... 76%
<br />The foregoing statement is true.
<br />
<br />/s/ Blair D. Bennett
<br />
<br /> Finance Director of the
<br />County of Cabarrus, North Carolina
<br />
<br /> Mr. Bennett estimated a savings of $1.7 million over the life of the bonds.
<br />However, Commissioner Fennel asked Mr. Bennett to prepare a schedule showing the
<br />itemized savings per year over the next three years.
<br />
<br />UNFINISHED BUSINESS
<br />
<br />Lease Financing of Equipment Approved in 1993-94 Budget
<br />
<br /> Mr. Bennett recommended that the Board proceed with the lease financing in
<br />the amount of $404,062.00 for equipment approved in the 1993-94 budget. He
<br />stated the alternative to the proposed package would require an appropriation of
<br />approximately $80,000.00 from Fund Balance. However, Mr. Bennett did recommend
<br />that in the future the Board finance only that equipment costing at least
<br />$20,000.00 and having a useful life of at least four years.
<br />
<br /> The Board again discussed the inclusion of the two paddleboats at a cost
<br />of $2,200.00 in the lease financing package. Members questioned the approval of
<br />these items in the budget, the public's use of the boats, and the amount of
<br />revenue produced by the paddleboats. Chairman Carpenter requested information
<br />regarding this revenue as well as other "sub-revenues" generated at Frank Liske
<br />Park.
<br />
<br /> UPON MOTION of Commissioner Payne, seconded by Commissioner Barnhart and
<br />unanimously carried, the Board approved the proposal by First Union National Bank
<br />for the lease financing of equipment totaling $404,062.00 at 4.45 percent for
<br />four years. The Board directed Mr. Bennett to delete the $2,200.00 for the
<br />paddleboats or substitute other items for the paddleboats, as appropriate. Other
<br />equipment in the lease financing package included the following: Copier,
<br />$16,998.00; (2) Tabulators, $17,430.00; New Mainframe CPU, $120,000.00; Computer
<br />& Printer, $4,058.00; Industrial Air Cleaner, $1,295.00; Band Saw, $4,289.00;
<br />Computer & Printer, $3,400.00; Generator, $2,999.00; Top Dresser, $2,642.00;
<br />Clipper/Shredder, $3,381.00; Deck Mower, $8,200.00; Carpet Cleaner, $1,595.00;
<br />Water Flow Tester, $1,275.00; QRV, $26,000.00; (2) Life Pak 10's, $22,000.00;
<br />Containment Equipment, $1,300.00; Truck, $9,000.00; and 12 Patrol Cars,
<br />$156,000.00.
<br />
<br />
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