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81 <br /> <br />NEW BUSINESS <br /> <br />Resolution Authorizing the Refinancing of the Water and Sewer District Debt - Mr. <br /> Blair Bennett <br /> <br /> Mr. Blair Bennett, Finance Director, reported that Wachovia Bank had agreed <br />to refinance the Water and Sewer District Bonds, a taxable issue with a rate of <br />10.35% for 20 years. The bank would finance $4,819,800.00 at a rate of 8.18% for <br />the first 10 years and at the bank's prime rate for the remaining 6 years, with <br />a cap of 10.35% on the prime rate. According to Mr. Bennett, this would result <br />in a savings of $626,519.00 for the first 10 years, with a total estimated <br />savings during the life of the note being $841,765.00. He requested that the <br />Board authorize the Chairman to execute a commitment letter dated September 3 <br />with Wachovia Band and adopt a Resolution authorizing the refinancing of the <br />bonds. <br /> <br /> Commissioner Simmons proposed that the County consider financing the <br />approximate $5 million debt of the Water and Sewer District and thereby earning <br />the interest payments for the County. There was lengthy discussion relative to <br />the County's Fund Balance and Undesignated Fund Balance. Mr. Witherspoon stated <br />in his opinion the County was not in the financial position to make such a loan <br />to the District at this time. <br /> <br /> UPON MOTION of Commissioner Hamby, seconded by Commissioner Payne and <br />unanimously carried, the Board agreed to reconsider the refinancing proposal <br />later in the meeting. <br /> <br />Cabarrus County Parks and Recreation Advisory Commission Name Change <br /> Request/Revised By-Laws Mr, Mike Fox <br /> <br /> Mr. Mike Fox, Chairman of the Cabarrus County Parks and Recreation Advisory <br />Commission, reviewed the revised by-laws of the Commission and asked that the <br />word "advisory" be eliminated from the Commission's official title. He stated <br />this change would eliminate confusion by the general public regarding the <br />Commission's duties and responsibilities. <br /> <br /> UPON MOTION of Commissioner Barnhart, seconded by Commissioner Hamby and <br />unanimously carried, the Board approved the recommendation from the Cabarrus <br />County Parks and Recreation Advisory Commission to eliminate the word "advisory" <br />from the Commission's official title. The Commission will now be known as the <br />Cabarrus County Parks and Recreation Commission. <br /> <br />Budget Amendment - County Manager/Health <br /> <br /> Dr. William F. Pilkington, Health Director, and Mr. John Day, Budget <br />Officer, explained that a budget amendment was needed to continue the funding for <br />the pediatric services for the Child Health Program. <br /> <br /> UPON MOTION of Commissioner Barnhart, seconded by Chairman Carpenter and <br />unanimously carried, the Board approved the following budget amendment. <br /> <br />BUDGET REVISION/AMENDMENT REQUEST <br /> <br />DEPARTMENT OF COUNTY MANAGER <br />AMOUNT $25,330 <br />TYPE OF ADJUSTMENT: Transfer Between Departments/ Funds <br />PURPOSE OF REQUEST: Transfer funds from Contingency to Medical Consultants line <br /> in Child Health Program. This will provide for physician service. The <br /> program was under-budgeted. <br /> <br />Line Item Present Approved Revised <br />Account Number Budget Increase Decrease Budget <br /> <br />58-35-180 2000.00 <br /> Medical Consultants <br />19-10-660 100,000.00 <br /> Contingency <br /> <br />25,330.00 <br /> <br />25,330.00 <br /> <br />27,330.00 <br />74,670.00 <br /> <br /> <br />