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�r�aE <br /> 092 <br /> ED COUNTY OF ORANGE <br /> ALCOHOLIC BEVERAGE CONTROL BOARD <br /> 122 NOWAY 70 EAST <br /> HILLSBOROUGH, NORTH CAROLINA 27278 T. �,, „ <br /> Caro (91e)732 4A52 swu e►E FRAY,via Wow <br /> CAL R IME M.Mai EFIWO,Gar/AWARE <br /> wwv++arES <br /> CHARLES MOM <br /> December 9, 1985 <br /> • <br /> W. Donald Willhoit <br /> 203 Lexington Road <br /> Chapel Hill, N. C. 27514 <br /> Dear Chairman Willhoit: <br /> In order for the ABC Board to have funds for future growth, the <br /> ABC Board would need to withhold some portion of the profits. <br /> Written authority from the County Commissioners must be obtained <br /> to withhold profits. (G.S. 18B-805 (e)) <br /> After discussion in our board meeting of November 25, 1985 it was ' <br /> decided to distribute profits o£ $500,000.00 per year. Any excess <br /> would be placed in a capital improvement account for future expansion. <br /> We cannot tell future profits, only estimate; if there were excessive <br /> profits for a period, or profits were to drop below $500,000.00 a <br /> year, .then there would have to be an adjustment made. <br /> Sincerely, <br /> 4 ' <br /> Tom Bacon, Jr. • <br /> Chairman <br /> • cc: Ben Lloyd <br /> Norman Walker <br /> Shirley Marshall <br /> Moses Carey, Jr. <br /> €fit;, <br />