2011-10-07 Apprv Assign Funds to be rcvd TICRC12ESOLUTION OF THE BOARD OF SUPERVISORS
OF THE COUNTY OF I'ITTSYLVANIA, VIRGINIA
APPROVING AN ASSIGNMENT OF FUNDS TO BE RECEIVED FROM THE
VIRGINIA TOBACCO INDEMNIFICATION AND COMMUNITY REVITALIZATION
COMMISSION
2011-10-07
WHEREAS, County of Pittsybania, Virginia (the "County") and the City of
Danville, Virginia (the "City") are jointly developing an industrial park to be owned by the
Danville-Pittsylvania Regional Industrial Facility Authority (the "Authority"), to attract
industries and promote economic development; and
WHEREAS, the County and the City desire, in conjunction with the Authority, to
finance, as part of the development of the industrial park,`land acquisition and related capital
expenditures (the "Project"); and '
WHEREAS, the Authority riow proposes"~to undertake the financing of the
Project, including necessary expenses incidental thereto;,by the issuance ofits fixed rate bonds in
an aggregate principal amount not to'exceed~'$13,700,000 (the "Bonds"); and
_r~,-y.
!WHEREAS; tKe'pi•iricipal of, premium, if'ariy, and interest on, the Bonds 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 City and the County each being responsible for one-half of such Debt Service; and
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,WHEREAS, the Virginia Tobacco Indemnification and Community
Revitalization Commission (the "Commission") has adopted a Resolution '(the "Grant
Resolution") stating its intent to allocate and pay $2,901,987.50 to the City (tfie,"City Grant")
and $2,901,987.50 to the County (the "County_Granf.') for the payment of a portion of the Debt
Service; and
WHEREAS, in connection with its purchase of the Bonds, Davenport &
Company I,I.C desires that the use of the City Grant by the City and of the County Grant by the
County for the payment of Debt Service as provided for in the Grant Resolution be formalized in
an Assignment Agreement, dated as of November 1, 2011 (the "Assignment Agreement"),
among the City, the County, the Authority and the bond trustee; and
WHEREAS, the Assignment 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 Assignment Agreement. The Assignment
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. 1'he execution and delivery of the
Assignment Agreement are hereby authorized.
Z. Execution and Delivery of Assignment 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 Assignment Agreement on behalf of the County. The
Clerk and Deputy Clerk of the Board of the County, either of whom may act, are each authorized
and directed to affix the seal of the County to the Assignment Agreement (if required), attest the
seal (if required) and deliver the Assignment Agreement to the other parties thereto.
3. Further Actions. 'fhe Chairman and the Vice Chairman of the Board and
other ofticers 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 d'elive'ry"of the Assigmnerit' Agreement, including, without
limitation, the execution=and delivery of any closing documents arid,certificates relating thereto.
All such actions previously-taken by the Chairman, Vice Chairman or such ofticers and agents
are hereby approved,'ratified and confirmed. ~ ~ • - -
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4: , Limitation of.Liabiliiy of Officials ofthe'County. No covenant, condition,
agreement or obligation contained•hereinsFiall.be deemed to be a covenant, condition, agreement
or obligation of an officer„einployee~o"r agent of the"",County in~his;or-her individual capacity, and
no officer of the County executing the Assfgnment~Agreement shall be liable personally on the
Assignment Agreement or be subject to any personal liability or accountability by reason of the
execution and delivery thereof.
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5. Effective Date. "fhis Resolution shall take effect immediately.
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CF,RTIFICATE
'fhe undersigned Clerk of the Board of Supervisors 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 oP Supervisors held on October 18, 2011, and of the whole thereof so tar 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
quonim was present. "1'hc vote of the members of the Board of Supervisors upon the foregoing
Resolution was as follows:
Member Present/Absent Vote
Tim R. Barber Yes Yes
James Snead Yes
.- Yes
.
Fred M. Ingram ~ ,
.,
'" ' Yes~:~ ~~
Yes
r. ' ; `i
Coy E. Harville' ~ -s •.-,
r !i
Yes ,
1
Yes
Marshall A. Ecker Yes Yes
William H. Pritchett Yes Yes
Henry A. Davis, Jr. yes Yes
~
WITNESS MY HANll and the seal ofthe County of Pittsylvania, Virgi nia, this~
day
of October, 201 L ~
Clerk, Board of
Pittsylvania, V
of the f~"ounty of
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