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1972 - 12-18-72 Regular Meeting
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1972 - 12-18-72 Regular Meeting
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Minutes
Committee
Board of Commissioners
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0 <br />He further stated that they had additional funds from federal <br />revenue sharing and that from all of these changes the county <br />had the right to expect that its residents within the city of <br />Sanford should receive some release and reduction in taxation <br />from city operations. <br />Commissioner J. Eugene Rogers stated he would like for <br />the minutes to reflect that one of the reasons he is going to vote <br />for the resolution was because he did not feel that he or other <br />members of the Board knew what a proper charge for use of the <br />landfill should be since they have had no prior operating experience. <br />The Chairman then directed the Clerk to take a vote and upon a <br />roll call vote the Commissioners voted as follows: <br />Aye: Hancock, Rogers, F. Wicker <br />Nay: Cooper, G. Wicker <br />The Chairman declared the motion to be carried by a 3 <br />to 2 majority vote and had been duly adopted. <br />Chairman Gordon A. Wicker reported that the county had <br />received $168,554. in revenue sharing funds on December 11, 1972. <br />That a checking account was'opened at First Citizens Bank & Trust <br />Company for.these funds and.that all of the local approved <br />depositories had been solicited as to the rate of interest that <br />would be paid for the deposit of the funds. The Carolina Bank <br />and Southern National Bank 'offered 6 percent interest and First <br />Citizens Bank & Trust Company offered 5.58 percent interest. <br />Since the county presently has 2 times as much funds in The <br />Carolina Bank, the funds were placed on deposit with the Southern <br />National Bank. Commissioner William H. Cooper moved the adoption <br />of the following resolution: <br />A RESOLUTION ORDINANCE ESTABLISHING A TRUST FUND TO ACCOUNT FOR <br />FUNDS RECEIVED UNDER THE STATE AND LOCAL FISCAL ASSISTANCE ACT <br />OF 1972. <br />BE IT RESOLVED by the Board of Commissioners of Lee <br />County: <br />Section 1. There is hereby established on the books of <br />the county a trust fund to be known as the "Revenue-Sharing <br />Trust Fund." The trust fund shall remain available without fiscal <br />year limitation and shall consist of such amounts as may be <br />appropriated to it and deposited in it from funds made available to <br />the county by the United States Treasury pursuant to the State and <br />Local Fiscal Assistance Act of 1972 (Pub. Law 92-512). <br />Section 2. All monies disbursed from the trust fund <br />established by this resolution shall be disbursed through a special <br />checking account established for the trust fund in an official <br />depository of the county. <br />Section 3. The County Accountant of Lee County is <br />authorized to invest and reinvest all or any portion of the monies <br />in the trust fund in deposits and securities eligible for invest- <br />ment of local funds under the General Statutes of North Carolina <br />until such time as the monies are actually needed. <br />Section 4. This resolution is effective upon its adoption. <br />Commissioner Franklin D. Wicker seconded the motion, and upon a <br />vote it was unanimously adopted. <br />Chairman Stacy O. Budd, Finance Chairman Douglas Wilkinson, <br />and President J. F. Hockaday of the Central Carolina Technical <br />Institute appeared' before the Board. Other members of the Board <br />of Trustees of Central Carolina Technical Institute were also <br />present and in all, 9 of the 12 trustees were present. The Finance <br />Chairman presented a written request for a bond referendum and each <br />member of.the Board of Trustees spoke to the need for additional <br />buildings in order to carry on the program of the Institute. <br />Commissioner William H. Cooper moved the Board that the <br />Chairman and Clerk be authorized to take steps to initiate a bond <br />referendum in accordance with the request of the Board of Trustees <br />
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