2016-07-01 RIFA SUP AGREERESOLUTION OF THE BOARD OF SUPERVISORS
OF THE COUNTY OF PITTSYLVANIA, VIRGINIA
APPROVING A SUPPORT AGREEMENT WITH THE DANVILLE - PITTSYLVANIA
REGIONAL INDUSTRIAL FACILITY AUTHORITY
RESOLUTION 2016 -07 -01
WHEREAS, the County of Pittsylvania, Virginia (the "County") and the City of
Danville, Virginia (the "City") are jointly developing the Cane Creek Centre (the "Cane Creek
Centre "), a 928 acre (more or less) manufacturing industrial center located in the County and
owned by the Danville - Pittsylvania Regional Industrial Facility Authority (the "Authority"), to
accommodate industries that require large land areas; and
WHEREAS, the County and the City, in conjunction with the Authority,
financed, as part of the development of Cane Creek Centre, land acquisition, roads, wetland
remediation, lot clearing and other capital expenditures in the Cane Creek Centre (collectively,
the "Project'); and
WHEREAS, the Authority financed the Project, including necessary expenses
incidental thereto, by the issuance of its variable rate revenue bonds in an aggregate principal
amount of $7,300,000 in 2005 (the "2005 Bonds ") and refinanced the 2005 Bonds through the
issuance of its fixed rate revenue refunding bond in an aggregate principal amount of $5,595,000
in 2013 (the "2013 Bond "); and
WHEREAS, the 2013 Bond matures on August 1, 2016, and the Authority now
proposes to undertake the refinancing of the 2013 Bond and pay any necessary expenses
incidental thereto through the issuance of its fixed rate revenue refunding bond in an aggregate
principal amount not to exceed $3,700,000 (the "Bond "); and
WHEREAS, the principal of, premium, if any, and interest on, the Bond and
other costs relating to the issuance thereof (collectively, the "Debt Service ") are to be paid by the
Authority from funds that are subject to appropriation in each fiscal year by the County and the
City, with the County and the City each being responsible for one -half of such Debt Service; and
WHEREAS, in connection with its purchase of the Bond, Wells Fargo Bank,
National Association desires that the commitment of the County and City to provide such funds,
subject to annual appropriation as described above, be set forth in a Support Agreement, dated as
of August 1, 2016 (the "Support Agreement'), between the County and the Authority and in a
Support Agreement, dated as of August 1, 2016, between the City and the Authority; and
WHEREAS, the Support Agreement has been presented to the Board of
Supervisors of the County (the "Board ") in substantially final form;
NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF
SUPERVISORS OF THE COUNTY OF PITTSYLVANIA, VIRGINIA:
1. Form and Authorization of Support Agreement. The Support Agreement
is hereby approved, with such variations, insertions, changes or deletions (including without
limitation changes to the date thereof) as may be approved by the Chairman or the Vice
Chairman of the Board or the County Administrator. The execution and delivery of the Support
Agreement are hereby authorized.
2. Execution and Delivery of Support Agreement. The Chairman and the
Vice Chairman of the Board and the County Administrator, any of whom may act, are each
authorized and directed to execute the Support Agreement on behalf of the County. The Clerk
and Deputy Clerk of the Board, either of whom may act, are each authorized and directed to affix
the seal of the County to the Support Agreement (if required), attest the seal (if required) and
deliver the Support Agreement to the other parties thereto.
3. Further Actions. The Chairman and the Vice Chairman of the Board and
other officers and agents of the County, including the County Administrator and the Finance
Director, are authorized and directed to take such further actions as they deem necessary
regarding the execution and delivery of the Support Agreement, including, without limitation, the
execution and delivery of any closing documents and certificates with respect to the issuance of
the Bond by the Authority. All such actions previously taken by the Chairman, Vice Chairman or
such officers and agents are hereby approved, ratified and confirmed.
4. Limitation of Liability of Officials of the County. No covenant, condition,
agreement or obligation contained herein shall be deemed to be a covenant, condition, agreement
or obligation of an officer, employee or agent of the County or Board in his or her individual
capacity, and no officer of the County or Board executing the Support Agreement shall be liable
personally on the Support Agreement or be subject to any personal liability or accountability by
reason of the execution and delivery thereof.
5. Effective Date. This Resolution shall take effect immediately.
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CERTIFICATE
The undersigned Clerk of the County of Pittsylvania, Virginia, does hereby certify that the
foregoing constitutes a true and correct extract from the minutes of a meeting of the Board of
Supervisors held on July 19, 2016, and of the whole thereof so far as applicable to the matters
referred to in such extract. I hereby further certify that such meeting was a regularly scheduled
meeting and that, during the consideration of the foregoing Resolution, a quorum was present. The
vote of the members of the Board of Supervisors upon the foregoing Resolution was as follows:
Member
Jessie L. Barksdale
Elton W. Blackstock
Tim R. Barber
Robert "Bob" Warren
Jerry A. Hagerman
Ronald Scearce
Joe Davis
Present /Absent
Vote
Present
Yes
Present
Yes
Present
Yes
Present
Yes
Present
Yes
Present
Yes
Present
Yes
WITNESS MY HAND and the seal of the County of Pittsylvania, Virginia, this ,day
of July, 2016.
Clerk, County of Pittsylvania, Vir# is
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