1987 - 06-30-87 Adjour. Reg. Meeting

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236 system for certain parts of Lee County; and WHEREAS, as a method of financing said water supply facilities, certain funds were made available from the county's Capital Reserve Fund; and WHEREAS, on the 15th day of December, 1986, by Resolution, the Lee County Board of Commissioners approved arrangements whereby water system revenues would be used to repay the county's Capital Reserve Fund for monies used to purchase and construct said water supply system; and WHEREAS, it is the desire of the Lee County Board of Commissioners to change the method of using water system revenues for the aforementioned repayment to the county's Capital Reserve Fund: NOW, THEREFORE, BE IT RESOLVED by the Lee County Board of Commissioners as follows: SECTION L. THAT the Resolution adopted the 15th day of December, 1986, regarding the county water system indebtedness is hereby repealed. SECTION 2. THAT the amount of water system indebtedness is hereby established as of June 30, 1987 to be $700, 000. SECTION 3. THAT the term of indebtedness is hereby established to be 20 years, and shall be repaid in principal only without interest, with a repayment schedule of one (1) annual payment of $35, 000 due and payable on June 1st of each year beginning June 1, 1988, from water system revenues. SECTION 4. THAT this resolution shall supersede all previous resolutions and shall constitute a statement of debt owed by the Lee County Water System, Commissioner John R. Dossenbach, Jr. , seconded the motion and upon a vote the results were as follows: AYE: Cox, Dossenbach, and Dotterer ABSENT: Matthews NAY: Wicker The chairman ruled the resolution was adopted by a majority vote. County Manager Mills presented Budget Amentment No. 6-30-87 and recommended its adoption. Commissioner Raymond C. Cox, Jr. moved the adoption of the following: BUDGET AMENDMENT No. 6- 30- 87 BE IT RESOLVED that the 1986-87 budget be amended as follows: