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5 <br /> available funds will revert to the State's General Funds; and <br /> WHEREAS, in Region J funds in the amount of $53, 350 will be used <br /> to carry out the economic development plan approved by the COG Board of <br /> Delegates and especially to improve the economy of the counties and <br /> towns of the Region by strengthening ties to and consequently benefits <br /> of the Research Triangle Park. <br /> NOW, THEREFORE BE IT RESOLVED, that the Orange County Board of <br /> Commissioners request the release of its $7, 130.29 share of these funds <br /> to the Triangle J Council of Governments at the earliest possible time <br /> in accordance with the provisions of Chapter 1066, Senate Bill 1426, <br /> Section 42 of the 1990 Session Laws. <br /> VOTE: UNANIMOUS <br /> VII. SPECIAL PRESENTATIONS - NONE <br /> VIII. PUBLIC HEARINGS <br /> A. HOUSING DEVELOPMENT GRANT APPLICATION <br /> A proposed 1990 Housing Development Grant Application was <br /> presented to receive comments from the public. The application is a <br /> request for funds to assist Habitat for Humanity with their road paving <br /> efforts in Chestnut Oaks. <br /> John Eckblad and Dave Nichols spoke in support of this <br /> proposal. <br /> There were no further comments. Motion was made by <br /> Commissioner Hartwell, seconded by Commissioner Halkiotis to close the <br /> public hearing. <br /> VOTE: UNANIMOUS <br /> Motion was made by Commissioner Marshall, seconded by <br /> Commissioner Hartwell to approve the submission of the Housing <br /> Development Grant Application and authorize the Chair to sign. <br /> VOTE: UNANIMOUS <br /> IX. REPORTS <br /> A. 1989-90 COMPREHENSIVE ANNUAL FINANCIAL REPORT <br /> Ken Chavious made comments and gave an overview of the <br /> financial report. As of June 30, the undesignated fund balance was 4.1 <br /> million of general fund expenditures. There was a 29% increase in <br /> investment earnings during FY 1989-90. Rex Price from Deloitte and <br /> Touche commended the County for their accounting practices. <br /> B. REPORT - SENATE BILL 766 <br /> Marvin Collins explained that the county would need to amend <br /> its ordinances to reflect this new legislation. This would include <br /> defining in a specific way what is meant by site specific development <br /> plan and a phased development plan. Actually, the bill has no great <br /> impacts upon the County as a whole. The major difference between this <br /> bill and the current practice is the time frame involved. The present <br />