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(a) GROSS DEBT, being the sum of a (1) , 90,418,352 <br /> a(2) , a(3) and a(4) $ <br /> (b) DEDUCTIONS <br /> b(1) Funding and refunding bonds <br /> authorized by orders introduced <br /> but not yet adopted $29 , 000, 000 <br /> b(2) Funding and refunding bonds <br /> authorized but not yet issued $ -0- <br /> b(3) The amount of money held in <br /> sinking funds or otherwise for <br /> the payment of any part of the <br /> principal of gross debt other than <br /> debt incurred for water purposes or <br /> sanitary sewer purposes (to the <br /> extent that the bonds are <br /> deductible under G.S. §159-55 (b) ) $ -0- <br /> b(4) Bonded debt included in gross debt <br /> and incurred, or to be incurred, <br /> for water purposes $ 1, 000, 000 <br /> b(5) Bonded debt included in gross debt <br /> and incurred, or to be incurred, <br /> for sanitary sewer system purposes <br /> to the extent that said debt is made <br /> deductible by G. S. §159-55 (b) $ -0- <br /> b(6) Uncollected special assessments <br /> heretofore levied for local <br /> improvements for which any part of <br /> the gross debt (that is not <br /> otherwise deducted) was or is to <br /> be incurred to the extent that <br /> such assessments will be applied, <br /> when collected, to the payment of <br /> any part of the gross debt $ -0 <br /> b(7) The amount, as estimated by the <br /> Finance Director, of special <br /> assessments to be levied for <br /> local improvements for which any <br /> part of the gross debt (that is not <br /> otherwise deducted) was or is to be <br /> incurred, to the extent that the <br /> special assessments, when collected, <br /> will be applied to the payment of <br /> any part of the gross debt $ -0- <br /> 2 <br />