$10 Million School BondsRESOLUTION ACCEI'TTNG A FIINANCING PROPOSAL AND AUTI~ORIZING
THE TAKII~IG OF OTHER ACTIONS WITH RESPECT TO THE
ISSUANCE OF BONDS BY PITTSYT,VANIA COUNTY, VIRGINIA
2007-12-82
~'VHEREAS, on November F, 2007, tl~e qualifiFd voters of Pittsylvania County,
Virginia (the "County") approved a public referendum on the issuance of general obligation
bonds by the County in an amount not to exceed 570,000,000 to finance a school renovation
program consisting of the renovation of four high schools;
WHEREAS, the..: Board of Supervisors of Pittsylvania County, Virginia (the
"13aard") wishes to issue a portion of the bonds so authorized prior to December 31, 2007 in
order to take advantage of the. laver interest rates atibrded to `"bank qualified" bonds, which can
be issued in a ma~crnum amount of $l0;OG0000 in a calendar year;
WIiETZEAS, the County will therf:fore issue bonds in an aggregate pruicipal
k~noi4~.t :ot .i exc.~d $ i 0,0(i0,t1t1~'~ pursuant to Lhe Puvlic r'inance Act of 1991, Ci-apter 25, Title
15?, Code of Virginia of 1950, as amended (the "Act")
WHEREAS, in connection with a ' solietatYon of bids through a request for
proposal process 'conducted by Davenport & Company LLC, the County has received proposals
from several financial institutions in connection with the purchase of such bonds, copies of such
proposals having been submitted to the Board at this. meeting; and
WHEREAS, the Board desires to authorize the selection of the winning proposaly
NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF
SUPERVISORS OF PITTSYLVANIA COUN'T'Y, VIRGINIA:
1. It is hereby determined to be necessary and expedient for the County to
issue its bonds on ~ bank-qualified basis in a maximum aggregate principal amount not to exceed
Teri Million Dollars ($10,000,000) (the "Bonds").
Z. After consideration of the methods of sale of the Bonds and the proposals
received from various financial institutions, it is hereby determined that it is in t'~e best interest of
the Co~mty to negotiate with 1!4&T Bank ("M&T Bank") with respect to its proposal to purchase
the Bonds, such proposal being contained in a letter from M&T Bank presented at this meeting.
If. the County and M&T Bank cannot agree on a final resolution of any terms in a manner
satisfactory to the County, then the proposal of Branch Banking & Trust Company ("BB,&T") is
selected as the second best proposal for purposes of negotiating the final terms.
3. The County Administrator is hereby authorized and directed to accept the
proposal of M&T Bank "or BB&T {tie "Winning Proposal") and to execute and deliver to the
provider of the same (the "Winning Bank"} any writing evidencing ::such acceptance as may be
requu~ed by the Winning Bank.
4. ' The County... Administrator and other officials of the County are hereby
authorized to execute and deliver: all other certificates, instruments and documents in the name
and on behalf of the bounty and to take all such further action (a) as they may consider necessary
or desirable to carry out the intent and purpose of this Resolution or the issuance of the Bonds or
(b) as may be reasonably requested by the Winning Bank in connection with any of the
foregoing.
5. The actions of the County Administrator -and his staff in undertaking
preliminary arrangements for the financing contemplated hereby are in all respects ratified,
approved and confirmed. All ~ other actions of officers of the County in conformity with the
purposes and intent of this Resolution and in furtherance of the issuance and sale of the Bonds,
regardless of whether such actions occurred before or occur after the enactment of this
-2-
resolution, aze hereby ratified, approved and confirmed. The final terms of the Bonds shall be
fixed by the Boazd by resolution adopted at a meeting prior to the date that any Bonds are sold.
6. This Resolution shall take effect immediately upon its adoption.
Adopted: December 3, 20G7
-3-
CLERKS CERTIFICATE
At a regular meeting of the Board of Supervisors of Pittsylvarua County, Virginia, held on
the 3rd day of December, 2007, at which the following members were present and absent:
ME ER PREP Ag_ SENT
Coy E. Harville %
Tim Barber g
M. Kate Berger g~
Robert Scearce, Jr. %
William Pritchett %
H.eory A. Davis, 3r. %
Michael L. Irby %
The foregoing resolution, a true and correct copy of which precedes this certification, was
adopted by the affirmative roll call vote of a n~a,~ority of all :neasbers of the Boaz3 of Supervisors,
the ayes and nays being recorded in the minutes of the meeting as follows:
VOTE
MEMBER AYE NAY
Coy E. Harville
Tim R. Barber
M. I~axe Berger
Robert {~I. Scearce, Jr.
William H. Pritchett
Henry A. Davis, Jr.
Michael L. Irby
WITNESS my hand as Clerk of the Board of
Virginia, this 3rd day of December, 2007.
Clerk, Board of
Virginia
-4-
S
%
of Pittsylvania County,
of
County,