BC 1990 11 30 - Laserfiche WebLink

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601 LENTZ: Are we ready? I would move that we come out of executive session. Is there a second? MOSS: Second. LENTZ: Seconded by Mr. Moss. Any other discussion? Hearing none, we will vote. Ail in favor, signify by saying aye. LENTZ, MELVIN, MOSS, SIMMONS: Aye LENTZ: It's unanimous. Of course we have been in executive session discussing the contractual agreement between the County and the City of Concord and at this time I would like to make a motion to approve the budget amendment allocating $1.5 million to the City of Concord for the extension of water and sewer mains to Kings Grant as more particularly described in the Contract between Concord and Cabarrus County. Is there a second? MOSS: Second LENTZ: Seconded by Mr. Moss. Any discussion. Hearing none, we will vote. Ail in favor of the motion, signify by saying aye. LENTZ, MOSS, MELVIN: Aye LENTZ: Ail opposed, no. SIMMONS: No (The budget amendment to which they refer in the course of this discussion reads as follows: BUDGET REVISION/AMENDMENT REQUEST DEPARTMENT OF GENERAL FUND AMOUNT $1,500,000.00 TYPE OF ADJUSTMENT: Supplemental Request PURPOSE OF REQUEST: To allocate funds for the transfer of $1.5 million to the City of Concord for the extension of water and sewer mains to King's Grant as more particularly described in a contract between Concord and Cabarrus County. Line Item Present Approved Revised Account Number Budget Increase Decrease Budget 01-6-17-60-110 $4,119,136.42 Fund Balance Approp. $1,500,000.00 $5,619,136.42 01-9-19-80-715 City of Concord) -0- $1,500,000.00 $1,500,000.00 LENTZ: The vote is 3 to 1 in favor of the motion. Now, did the press get a copy of the draft of the two agreements. Do you have those? Some changes have been recommended on those drafts. Before we do that, Mr. Moss has a comment. MOSS: Well, it was just in reference. If you are going to write a story, you need to wait until you get the draft because there are some changes on that $1.5 million. It's going to be, that money is going to be drawing interest the entire time it is over there and the County will receive the interest annually. So you need to wait .. if you are going to write a story, try to get it all in there, try to get it all in there right if you can. LENTZ: It may be what...what the agreement is at this time is that $1.5 million be transferred from the County to the City over the period of time until a contract is let on the actual installation of the work or lines... MOSS: Water and sewer lines. LENTZ: The total interest from that moneywill be returned to the County. That