2019-06-01 RIFA Cane Creek Bond Refinancing RESOLUTION OF THE BOARD OF SUPERVISORS
OF THE COUNTY OF PITTSYLVANIA,VIRGINIA
APPROVING A SUPPORT AGREEMENT WITH THE DANVILLE-PITTSYLVANIA
REGIONAL INDUSTRIAL FACILITY AUTHORITY
RESOLUTION 2019-06-01
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 Authority refinanced the 2013 Bond through the issuance of its fixed rate
revenue refunding bond in an aggregate principal amount of $3,700,000 in 2016 (the "2016
Bond"); and
WHEREAS,the 2016 Bond matures on August 1, 2019, and the Authority now proposes
to undertake the refinancing of the 2016 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 $2,545,000 (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 July 1,
2019 (the "County Support Agreement"), between the County and the Authority and in a Support
Agreement, dated as of July 1, 2019, between the City and the Authority: and
WHEREAS, a draft of the County Support Agreement, in substantially final form, has
been made available to the Board of Supervisors of the County (the "Board") for review prior to
this meeting;
NOW,THEREFORE,BE IT RESOLVED BY THE BOARD OF SUPERVISORS OF
THE COUNTY OF PITTSYLVANIA,VIRGINIA:
1. Form and Authorization of County Support Agreement. The County 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 County
Support Agreement are hereby authorized.
2. Execution and Delivery of County 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 County 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 County Support Agreement (if required), attest the seal (if required) and
deliver the County 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 County 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 County Support Agreement shall be
liable personally on the County 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 June 18, 2019, 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 Present/Absent Vote
Tim R. Barber Present Yes
Elton W. Blackstock Present Yes
Joe B. Davis Present Yes
Ben L. Farmer Present Yes
Charles H. Miller, Jr. Present Yes
Ronald S. Scearce Present Yes
Robert W. Warren Present Yes
WITNESS MY HAND and the seal of the County of Pittsylvania, Virginia,this 18th day
of June, 2019.
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