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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 <br />its ordinances to reflect this nev <br />defining in a specific way what is <br />plan and a phased development plan <br />impacts upon the County as a whole. <br />bill and the current practice is th <br />that the county would need to amend <br />legislation. This would include <br />meant by site specific development <br />Actually, the bill has no great <br />The major difference between this <br />a time frame involved. The present <br />