2010-08-11 Tunstall VFD FinancingPITTSYLVANIA COUNTY BOARD OF SUPERVISORS
Resolution Approving the Financing By Tunstall Fire Department
2010-08-11
VIRGINIA: AT THE ADJOURNED MEETING OF THE PITTSYLVANIA COUNTY
BOARD OF SUPERVISORS IN THE GENERAL DISTRICT COURTROOM IN
CHATHAM, VIRGINIA ON TUESDAY, AUGUST 17, 2010, THE FOLLOWING
RESOLUTION WAS PRESENTED AND ADOPTED:
WHEREAS, Tunstall Volunteer Fire Department has determined to finance an amount of up
to $300,000.00 for the refinance of the fire station. The United States Internal Revenue Code
requires that for such financing to be carried out on atax-exempt basis, this Board must first
approve the financing. The VFD has held a public hearing on the financing after published
notice, as required by the Code. The VFD has reported the proceedings to this Board; then
BE IT THEREFORE RESOLVED by the Board of Supervisors of Pittsylvania County,
Virginia, as follows:
The County approves the VFD's entering into the financing, as required under
the Code for the financing to be carried out on atax-exempt basis. The VFD's
conduct of the required public hearing has been approved.
2. The approval of the issuance of the financing is granted only to the extent
required by Section 147(f) of the Internal Revenue Code of 1986, as amended
(the "Code"), and does not constitute an endorsement to a prospective purchaser
of the financing of the creditworthiness of the Project or the Volunteer Fire
Department, and does not address, either directly or by implication, any other
Code requirements or tax matters with respect to the financing ,including and
without limitation whether the financing can be treated as "qualified tax-exempt
obligations" within the meaning for Section 265 of the Code. The financing
shall provide on its face that (i) the County shall not be obligated to pay the
principal of the financing or the interest thereon or other costs incident thereto
and (ii) neither the faith and credit not the taxing power of the Commonwealth
of Virginia nor any political subdivision thereof, including the County, shall be
pledged thereof.
I hereby certify that he foregoing resolution was duly adopted at a meeting of the
Pittsylvania County Board of Supervisors duly called and held on Tuesday, August 17, 2010,
and that a quorum was present and acting throughout such meeting. Such resolution remains in
effect as of this day.
ated this 27`" day of August, 2010
~~
William D. Sleeper, Clerk ~
Pittsylvania County Board of Supervisors