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<br />;8 <br /> <br />WEDNESDAY <br /> <br />MAY 4, 1983 <br /> <br />members of Council expressed a preference--although not necessarily in disagreement <br /> <br />with the motion--to defer action on the motion; consequently, with Councilman West <br /> <br />and Vice-Mayor Oakes acceding, no vote was taken on the motion. <br /> <br />In conclusion, Mayor Cole indicated concurrence with the proposed 76i real estate <br /> <br />rate but, as he has stated before, does not concur with the long-time practice of <br /> <br />financing current obligations (such as the City's contribution to Blue Ridge Regional <br /> <br />Library and/or bond principal payments) with General Revenue Sharing funds, suggesting <br /> <br />that such items might be financed at times from surplus funds and/or greater contri- <br /> <br />butions from the Electric Fund to the General Fund, in which events some $400,000.00 <br /> <br />of General Revenue Sharing funds, in 1983-84, could be used to finance the cost of <br /> <br />capital improvements, citing, for example, the unresolved question of how to finance <br /> <br />the cost of further developing the City's Industrial Park. <br /> <br />By mutual agreement, Council directed that a special meeting of the Council, for the <br /> <br />purpose of further considering the City Manager's recommended 1983-84 City Budget, be <br /> <br />conducted on Tuesday, May 10, 1983, in the Council Chamber, beginning at 3:00 P.M. <br /> <br />W. H: <br /> <br /> <br />of Council <br />