2011-10-08 Apprv Suport Agreement with RIFARESOLUTION OF THE BOARD OF SUPERVISORS
OF THE COUNTY OF PITTSYLVANIA, VIRGINIA
APPROVING A SUPI'OKT AGREEMENT WITH THE DANVILLE-PITTSYLVANIA
REGIONAL INDUSTRIAL FACILITY AUTHORITY
2011-10-08
WHEREAS, the County of Pittsylvania, 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 City and thc;County 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 "now proposes to undertake the financing of the
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Project, including necessary expenses incidental,thereto~ ~by the issuance of its fixed rate bonds in
an aggregate principal amount not to exceed';$13,700,000:(Ihe "Bonds"); and
t~ '.
WHEREAS,,-the;principal ot; .premium, if any, ;arid interest on, the Bonds and
other costs relating to the issuance tliereof (collectively, tlic "Debt~Service") are to be paid by the
Authority from funds that arc-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, in connection with its purchase of the Bonds, Davenport &
Company LLG, desires that the commitment of the City and County to provide such funds,
subject to annual appropriation as described above, be set forth in a Support Agreement, dated as
of November 1,2011 (the "Support Agreement"), between the County and the Authority and in a
Support Agreement, dated as of November-1, 2011; 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 TFIE 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. Reaffirmation of Prior Resolution and Approval of Issuance of Bonds.
The Board reaffirms its October 6, 2008 resolution evidencing approval of the Project, and the
Board hereby approves the issuance of the Bonds by the Authority to finance the costs of the
Project.
4. 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, arc 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 Bonds by the Authority.r All such actions previously taken by the Chairman, Vice Chairman
or such officers and agents are hereby approved, ratified and confirmed.
5. Limitation of Liability of Ofticials~of the County. No covenant, condition,
agreement or obligation contained herein hall be deemed=to be-a_covenant; condition, agreement
or obligation of an officer, employee or agent of the Cotinty in his or her individual capacity, and
no officer of the. County eze uting..the Support Agreement shall-be liable personally on the
Support Agreement or be subject to ariy`personal' liability or accountability by reason of the
execution and delivery thereof.
6.~ Effective Date. "L'his Resolution shall take effect immediately.
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CERTIFICATE
The 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 Prom the minutes of a
meeting of the Board of Supervisors held on October 18, 2011, and of the whole thereof so far as
applicable to the matters referred to in such extract. I hereby fiirther 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 Present/Absent Vote
1'im R. Barber Yes Yes
James Snead - Yes Yes
Fred M. Ingram .. i Yes Yes
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Coy E. Harville - ~ Yes Yes
Marshall A. Ecker Yes Yes
William H. Pritchett
Henry A. Davis, Jr.
Yes
Yes
Yes
Yes
WITNF,SS MY HAND and the seal of the County of Pittsylvania, Virginia, this
of October, 20l L
Clerk, Board of Superv
Pittsylvania, Virginia
of
day
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