04-21-2020 Work Session Packet
BOARD OF SUPERVISORS
WORK SESSION
Tuesday, April 21, 2020 – 4:30 PM
Gallery Room - Chatham Community Center
115 South Main Street,
Chatham, Virginia 24531
AGENDA
1. CALL TO ORDER (4:30 PM)
2. ROLL CALL
3. AGENDA ITEMS TO BE ADDED
4. APPROVAL OF AGENDA
For the citizens’ convenience, all Work Session and Committee Meetings are now being
recorded and can be viewed on the same YouTube location as the Board of Supervisor’s
Business Meetings. Please remember that the Board’s Work Session is designed for
internal Board and County Staff communication, discussion, and work. It is not a
question and answer session with the audience. Accordingly, during the Work Session,
no questions or comments from the audience will be entertained. Respectfully, any
outbursts or disorderly conduct from the audience will not be tolerated and may result in
the offending person’s removal from the Work Session. As a reminder, all County
citizens, and other appropriate parties as designated by the Board’s Bylaws, are permitted
to make comments under the Hearing of the Citizens’ Section of tonight’s Business
Meeting.
5. PRESENTATIONS
a. Reassessment Presentations (Staff Contact: David M. Smitherman); (50 minutes)
b. Potential Tax Anticipation Note Resolution Discussion (Staff Contact: Kimberly G.
Van Der Hyde); (10 minutes)
6. STAFF, COMMITTEE, AND/OR CONSTITUTIONAL OFFICER REPORTS
7. BUSINESS MEETING DISCUSSION ITEMS
8. CLOSED SESSION
Work Session - April 21, 2020
a. Discussion of the award of a public contract involving the expenditure of public
funds, including interviews of bidders or offerors, and discussion of the terms or
scope of such contract, where discussion in an open session would adversely affect
the bargaining position or negotiating strategy of the public body. (Staff Contact:
David M. Smitherman)
(1) Legal Authority: Virginia Code § 2.2-3711(A)(29)
Subject Matter: Reassessment
Purpose: Reassessment Contract Award Discussion
b. Discussion concerning a prospective business or industry or the expansion of an
existing business or industry where no previous announcement has been made of the
business' or industry's interest in locating or expanding its facilities in the community.
(Staff Contact: Matthew D. Rowe)
(1) Legal Authority: Virginia Code § 2.2-3711(A)(5)
Subject Matter: Project Ten and Emotion
Purpose: Update on/Discussion on the Expansion of
Existing Businesses
c. Discussion, consideration, or interviews of prospective candidates for employment;
assignment, appointment, promotion, performance, demotion, salaries, disciplining,
or resignation of specific public officers, appointees, or employees of any public
body. (Staff Contact: David M. Smitherman)
(1) Legal Authority: Virginia Code § 2.2-3711(A)(1)
Subject Matter: County Administrator and County Attorney
Purpose: Discussion of County Administrator and County
Attorney Employment Agreements
d. Consultation with legal counsel employed or retained by a public body regarding
specific legal matters requiring the provision of legal advice by such counsel. (Staff
Contact: J. Vaden Hunt, Esq.)
(1) Legal Authority: Virginia Code § 2.2-3711(A)(8)
Subject Matter: Personnel Complaint Letter
Purpose: Consultation with Legal Counsel/Provision
of Legal Advice
9. RETURN TO OPEN SESSION & CLOSED SESSION CERTIFICATION
a. Closed Session Certification (Staff Contact: J. Vaden Hunt, Esq.)
10. ADJOURNMENT
Board of Supervisors
EXECUTIVE SUMMARY
INFORMATION ITEM
Agenda Title: Reassessment Presentations (Staff Contact: David M. Smitherman); (50
minutes)
Staff Contact(s): David M. Smitherman
Agenda Date: April 21, 2020 Item Number: 5.a
Attachment(s):
Reviewed By:
Brightminds, LLC, and Wingate and Associates, LTD, will give the Board presentations
regarding Reassessment services.
5.a
Packet Pg. 3
Board of Supervisors
EXECUTIVE SUMMARY
INFORMATION ITEM
Agenda Title: Potential Tax Anticipation Note Resolution Discussion (Staff Contact:
Kimberly G. Van Der Hyde); (10 minutes)
Staff Contact(s): Kimberly G. Van Der Hyde
Agenda Date: April 21, 2020 Item Number: 5.b
Attachment(s): Pittsylvania - 2020 Tax Anticipation Note - Note Resolution
Line of Credit Costs
Reviewed By:
For the Board’s Reference and Review, attached is a sample Resolution for a potential Tax
Anticipation Note Borrowing that may occur after July 1, 2020. Because of the uncertainty
surrounding the financial implications of the COVID-19 Pandemic, County Staff wants to ensure
that the County is prepared should the need arise to have funds available to cover operating
expenses should revenues be detrimentally impacted. County Staff is unsure of the true financial
need the County has at this time.
After initial contact with Chris Kulp, County Bond Counsel, and Kevin Rotty and Kristy Choi,
County Financial Advisors, it was determined that the best vehicle, at this time, to consider
would be a line of credit borrowing with the backing of the County’s FY2021 tax revenues. This
line of credit would be good for one (1) year and would be paid off at the end of the one (1)-year
term. Attached is also a copy of the potential costs involved with this type of deal. The
County’s financial advisor, PFM, is keeping us informed of market conditions and has already
contacted the County’s bank, First Citizens Bank (“FCB”), to find out where it stands regarding
providing the County with a line of credit.
As you can imagine, FCB is being inundated with liquidity requests and it is trying to prioritize
the ones it can help since they cannot fund everyone. FCB does value the County’s banking
relationship and will be making every effort possible to assist the County. County Staff will
continue working with PFM to determine what will work best for the County. County Staff will
also be looking at potential Grant opportunities that could be used to fill the gaps during this
financially uncertain time. This item is for discussion purposes only and to make the Board
aware of the potential for a line of credit borrowing in early FY2021.
5.b
Packet Pg. 4
COVERING CERTIFICATE FOR RESOLUTION
The undersigned Clerk of the Board of Supervisors (the “Board”) of Pittsylvania County,
Virginia (the “County”), certifies as follows:
1. Attached hereto is a true, correct and complete copy of a resolution entitled
“RESOLUTION AUTHORIZING THE ISSUANCE, SALE AND AWARD OF A TAX AND
REVENUE ANTICIPATION NOTE OF PITTSYLVANIA COUNTY, VIRGINIA, IN AN
AGGREGATE PRINCIPAL AMOUNT NOT TO EXCEED $[_______], AND PROVIDING
FOR THE FORM, DETAILS AND PAYMENT THEREOF” (the “Resolution”). The Resolution
was adopted at a regular meeting of the Board held on [______ __, 2020], by a majority of all
members of the Board by an affirmative roll-call vote.
2. The Board meeting at which the Resolution was adopted was held at the time and
place established by the Board for its regular meetings in accordance with Section 15.2-1416 of
the Code of Virginia of 1950, as amended, and the terms of the emergency ordinance adopted by
the Board on _______, 2020. The minutes of such meeting reflect the attendance of the members
and their votes on the Resolution as follows:
Member Attendance
(Present/Absent)
Vote
(Aye/Nay/Abstain)
Joe Davis
Tim W. Dudley
Ben Farmer
William “Vic” Ingram
Charles Miller
Ronald Scearce
Robert “Bob” Warren
3. The Resolution has not been repealed, revoked, rescinded or amended and is in full
force and effect on the date hereof.
WITNESS my signature and the seal of the Board of Supervisors of Pittsylvania County,
Virginia, this ____ day of [_______], 2020.
(SEAL) David M. Smitherman, Clerk, Board of
Supervisors, Pittsylvania County, Virginia
5.b.a
Packet Pg. 5 Attachment: Pittsylvania - 2020 Tax Anticipation Note - Note Resolution (1994 : Tax Anticipation Note Resolution Discussion (Staff Contact:
RESOLUTION AUTHORIZING THE ISSUANCE, SALE
AND AWARD OF A TAX AND REVENUE ANTICIPATION
NOTE OF PITTSYLVANIA COUNTY, VIRGINIA, IN AN
AGGREGATE PRINCIPAL AMOUNT NOT TO EXCEED
$[_______], AND PROVIDING FOR THE FORM, DETAILS
AND PAYMENT THEREOF
WHEREAS, Pittsylvania County, Virginia (the “County”) is a political subdivision of the
Commonwealth of Virginia, and pursuant to, and subject to the provisions of, the Public Finance
Act of 1991, Chapter 26, Title 15.2, Code of Virginia of 1950, as amended (the “Act”), the Board
of Supervisors of the County (the “Board”) is authorized to borrow money in anticipation of the
collection of the taxes and revenues of the County and to issue its notes therefor;
WHEREAS, the Board has determined that is necessary and expedient for the County to
borrow money to pay expenses (the “Expenses”) expected to be incurred prior to the collection of
the taxes and revenues of the County for the fiscal year ending [June 30, 2021];
WHEREAS, the Board desires to issue [on or after July 1, 2020], a tax and revenue
anticipation note of the County in an aggregate principal amount not to exceed $[______] (as
further described herein, the “Note”) (a) to finance the Expenses and (b) to pay the related costs of
issuance;
WHEREAS, the County’s administration and a representative of PFM Financial Advisors
LLC, the County’s financial advisor (the “Financial Advisor”), have recommended to the Board
that the County issue and sell the Note through a direct bank loan with a commercial banking or
other financial institution;
WHEREAS, the Board desires to authorize the County Administrator, in collaboration
with the Financial Advisor, to solicit proposals from various commercial banking and other
financial institutions to make a loan to the County to be evidenced by the purchase of the Note;
and
WHEREAS, the Board has determined to (a) authorize such loan and provide for the
issuance and sale of the Note and (b) delegate to the County Administrator the authority to award
the Note and to negotiate the final terms thereof, subject to the financing parameters set forth in
this Resolution;
BE IT RESOLVED BY THE BOARD OF SUPERVISORS OF PITTSYLVANIA
COUNTY, VIRGINIA:
1. Issuance and Award of Note. Pursuant to the Constitution and statutes of the
Commonwealth of Virginia, including the Act, the Board hereby authorizes the issuance and sale
of the Note to provide funds to finance the Expenses and to pay related costs of issuance. Further,
the Board hereby authorizes the County Administrator, in collaboration with the Financial
Advisor, to solicit proposals from various commercial banking and other financial institutions, to
negotiate loan terms with one or more of such institutions, and to accept and award the Note to the
commercial banking or other financial institution (the “Bank”) that the County Administrator
determines offers the most beneficial loan terms for the County.
5.b.a
Packet Pg. 6 Attachment: Pittsylvania - 2020 Tax Anticipation Note - Note Resolution (1994 : Tax Anticipation Note Resolution Discussion (Staff Contact:
2
2. Authorization of Loan Agreement. The Board hereby authorizes the Chairperson
and Vice Chairperson of the Board and the County Administrator, any of whom may act, to execute
and deliver a loan agreement, line of credit agreement or similar type of agreement with the Bank
to provide for the issuance and sale of the Note (the “Loan Agreement”), if such officer determines
that the Loan Agreement is in the best interests of the County and not inconsistent with this
Resolution. The actions of such officer in executing and delivering the Loan Agreement shall be
conclusive, and no further action with respect thereto shall be necessary on the part of the Board.
3. Details of Note.
(a) The Note shall be (i) designated “Tax and Revenue Anticipation Note, Series 2020
(Federally Taxable),” or such other designation as shall be determined by the County
Administrator, (ii) issued in the form of a single, typewritten note, (iii) issued in registered form
without coupons, (iv) dated such date as determined by the County Administrator and (v)
numbered R-1. The Note shall be sold to the Bank with such final loan terms as the County
Administrator, in collaboration with the Financial Advisor, determines to be in the best interests
of the County; provided, however, that the Note shall (x) be issued in an aggregate principal
amount not to exceed $[______], (y) bear interest at an annual rate not to exceed [____]%, subject
to adjustment, if any, as determined by the County Administrator, and (z) mature no later than
[____ __, 2021].
(b) Upon the decision of the County Administrator, the Note may be delivered in a
form providing for the Bank to make principal advances from time to time in an aggregate amount
not to exceed $[______]. An authorized representative of the Bank shall enter the amount and the
date of each such advance on the Certificate of Principal Advances on the Note (or in such other
location as may be identified in the Loan Agreement) when the proceeds of each such advance are
delivered to the County. Each such advance shall bear interest from the date of such advance as
entered on such Certificate.
(c) The principal of and interest due on the Note shall be payable on dates and in
amounts as determined by the County Administrator to be in the best interests of the County.
(d) Following the determination of the final loan terms, the County Administrator shall
execute a certificate setting forth such final terms and shall file such certificate with the records of
the Board. The actions of the County Administrator in entering into the loan evidenced by the
Note shall be conclusive, and no further action with respect to the sale and issuance of the Note
shall be necessary on the part of the Board.
(e) If the date on which any payment is due with respect to the Note is not a Business
Day (as hereinafter defined), the payment shall be made on the next succeeding Business Day.
“Business Day” shall mean a day on which banking business is transacted, but not including a
Saturday, Sunday, legal holiday or any other day on which banking institutions are authorized or
required by law to close in the Commonwealth of Virginia.
(f) Principal, premium, if any, and interest shall be payable by the Registrar (as
hereinafter defined) by check or draft mailed to the registered owner at the address as it appears
on the registration books kept by the Registrar on the dates selected by the County Administrator
5.b.a
Packet Pg. 7 Attachment: Pittsylvania - 2020 Tax Anticipation Note - Note Resolution (1994 : Tax Anticipation Note Resolution Discussion (Staff Contact:
3
as the record date for the Note (the “Record Date”); provided, however, that at the request of the
registered owner of the Note, payment may be made by wire transfer pursuant to the most recent
wire instructions received by the Registrar from such registered owner. Principal, premium, if
any, and interest shall be payable in lawful money of the United States of America.
4. Prepayment Provisions. Subject to the limitations contained herein, the County
Administrator is hereby authorized to determine the prepayment provisions of the Note. Such
prepayment provisions may include the payment of a prepayment premium not to exceed [2.00]%
of the par amount of the Note (or portion thereof) to be redeemed and/or may include a “make-
whole” payment based on market conditions, all as the County Administrator determines to be in
the best interests of the County.
5. Execution and Authentication. The Note shall be signed by the manual or
facsimile signature of the Chairperson or Vice Chairperson of the Board and shall be countersigned
by the manual or facsimile signature of the Clerk or Deputy Clerk of the Board, and the Board’s
seal shall be affixed thereto or a facsimile thereof printed thereon; provided, however, that if both
of such signatures are facsimiles, the Note shall not be valid until it has been authenticated by the
manual signature of an authorized officer or employee of the Registrar and the date of
authentication noted thereon.
6. Form of Note. The Note shall be in substantially the form of Exhibit A attached
hereto, with such completions, omissions, insertions and changes not inconsistent with this
Resolution as may be approved by the officers signing the Note, whose approval shall be evidenced
conclusively by the execution of the Note and delivery thereof to the Bank.
7. Pledge of Taxes and Revenues. The Note shall be payable from the collection of
the taxes and revenues of the County for the fiscal year ending [June 30, 2021]. Nothing in this
Resolution, the Note or the Loan Agreement shall be deemed to constitute a pledge of the faith
and credit or taxing power of the County.
8. Representations by County. The County represents that the anticipated taxes and
revenues of the County for the fiscal year ending [June 30, 2021], will be in excess of $[______].
The County also represents that no other loans will have been or will be made in anticipation of
the collection of the taxes and revenues of the County for such fiscal year and that no such loans
for this or any preceding fiscal year are outstanding and unpaid.
9. Registration, Transfer and Owners of Note. The Note shall be issued in
registered form without coupons, payable to the registered holder or its registered assigns. The
Board hereby appoints the County Treasurer to act as the initial paying agent and registrar for the
Note (in both capacities and together with any successor paying agent and registrar, the
“Registrar”); provided, however, the Board may at any time, in its sole discretion, after notice to
the registered owner of the Note, appoint a qualified bank or trust company to act as successor
Registrar for the Note. The Registrar shall maintain registration books for the registration and
registration of transfers of the Note. Upon presentation and surrender of the Note to the Registrar,
or its corporate trust office if the Registrar is a bank or trust company, together with an assignment
duly executed by the registered owner or its duly authorized attorney or legal representative in
such form as shall be satisfactory to the Registrar, the County shall execute, and the Registrar shall
5.b.a
Packet Pg. 8 Attachment: Pittsylvania - 2020 Tax Anticipation Note - Note Resolution (1994 : Tax Anticipation Note Resolution Discussion (Staff Contact:
4
authenticate, if required by Section 5, and deliver in exchange a new Note or Notes having an
equal aggregate principal amount, in authorized denominations, of the same form and maturity,
bearing interest at the same rate and registered in the name(s) as requested by the then registered
owner or its duly authorized attorney or legal representative. Any such exchange shall be at the
expense of the County, except that the Registrar may charge the person or entity requesting such
exchange the amount of any tax or governmental charge required to be paid with respect thereto.
The Registrar shall treat the registered owner as the person exclusively entitled to payment
of principal, premium, if any, and interest and the exercise of all other rights and powers of the
owner, except that interest payments shall be made to the person or entity shown as owner on the
registration books on the Record Date.
10. Preparation and Delivery of Note. After the Note has been awarded, the
Chairperson or Vice Chairperson and the Clerk or Deputy Clerk of the Board are authorized and
directed to take all proper steps to have the Note prepared and executed in accordance with its
terms and to deliver the Note to the Bank upon payment therefor.
11. Mutilated, Lost or Destroyed Note. If the Note has been mutilated, lost or
destroyed, the County shall execute and deliver a new Note of like date and tenor in exchange and
substitution for, and upon cancellation of, such mutilated Note or in lieu of and in substitution for
such lost or destroyed Note; provided, however, that the County shall so execute and deliver only
if the registered owner has paid the reasonable expenses and charges of the County in connection
therewith and, in the case of a lost or destroyed Note, (a) has filed with the County evidence
satisfactory to the County that such Note was lost or destroyed and (b) has furnished to the County
satisfactory indemnity.
12. Other Actions. 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 Note are
ratified, approved and confirmed. The officers of the County are authorized and directed to
execute and deliver all certificates and instruments and to take all such further action as may be
considered necessary or desirable in connection with the issuance, sale and delivery of the Note.
13. Repeal of Conflicting Resolutions. All resolutions or parts of resolutions in
conflict herewith are repealed.
14. Filing. The Clerk of the Board, in collaboration with the County Attorney, is
authorized and directed to see to the immediate filing of a certified copy of this Resolution in the
Circuit Court of Pittsylvania County, Virginia.
15. Effective Date. This Resolution shall take effect immediately.
5.b.a
Packet Pg. 9 Attachment: Pittsylvania - 2020 Tax Anticipation Note - Note Resolution (1994 : Tax Anticipation Note Resolution Discussion (Staff Contact:
A-1
Exhibit A
Interest on this note is intended by the issuer hereof to be included in gross income for federal
income tax purposes.
REGISTERED REGISTERED
No. R-____ [______ __, 2020]
UNITED STATES OF AMERICA
COMMONWEALTH OF VIRGINIA
PITTSYLVANIA COUNTY
Tax and Revenue Anticipation Note
Series 2020 (Federally Taxable)
[Pittsylvania County, Virginia (the “County”), for value received, promises to pay to
_______________________________ (the “Bank”), or its registered assigns or legal
representative, the principal amount equal to the sum of the principal advances shown on the
Certificate of Principal Advances and Prepayments below, but not to exceed ______________
AND 00/100 DOLLARS ($________), together with interest on the unpaid principal advanced
hereunder from the date of each principal advance, at the rate of ____%, calculated on the basis of
a 360-day year of twelve 30-day months. Principal shall be payable at maturity on _______ __,
20__ (the “Maturity Date”), subject to prepayment as hereinafter provided. Interest shall be
payable monthly in arrears on the first day of each month, beginning the calendar month after the
first principal advance and continuing thereafter until final payment, with the final payment due
on the Maturity Date. Principal of and premium, if any, and interest on this note are payable in
lawful money of the United States of America by the County Treasurer, who has been appointed
paying agent and registrar for this note, or by such bank or trust company as may be appointed by
the County as successor paying agent and registrar (the “Registrar”).]
If the date on which any payment is due with respect to this note is not a Business Day (as
hereinafter defined), the payment shall be made on the next succeeding Business Day. “Business
Day” shall mean a day on which banking business is transacted, but not including a Saturday,
Sunday, legal holiday or any other day on which banking institutions are authorized or required by
law to close in the Commonwealth of Virginia.
This note is issued pursuant to the Constitution and statutes of the Commonwealth of
Virginia, including the Public Finance Act of 1991, and in anticipation of the collection of the
taxes and revenues of the County for the fiscal year ending [June 30, 2021]. [INSERT LOAN
AGREEMENT IF APPLICABLE] This note has been authorized and is issued pursuant to a
resolution adopted by the Board of Supervisors of the County (the “Board”) on [_______ __, 2020]
(the “Resolution”), to provide funds to pay expenses expected to be incurred prior to the collection
of taxes and revenues of the County for the fiscal year ending [June 30, 2021] and the related costs
of issuance.
5.b.a
Packet Pg. 10 Attachment: Pittsylvania - 2020 Tax Anticipation Note - Note Resolution (1994 : Tax Anticipation Note Resolution Discussion (Staff Contact:
A-2
[INSERT PREPAYMENT PROVISIONS IF APPLICABLE]
This note is payable from the collection of the taxes and revenues of the County for the
fiscal year ending [June 30, 2021]. Nothing in the Resolution, this note or the Loan Agreement
shall be deemed to constitute a pledge of the faith and credit or taxing power of the County.
The Registrar shall treat the registered owner of this note as the person exclusively entitled
to payment of principal of and premium, if any, and interest on this note and the exercise of all
rights and powers of the owner, except that interest payments shall be made to the person shown
as the owner on the registration books on the [fifteenth day of the month preceding each payment
date].
All acts, conditions and things required by the Constitution and statutes of the
Commonwealth of Virginia to happen, exist or be performed precedent to and in connection with
the issuance of this note have happened, exist and have been performed, and this note, together
with all other indebtedness of the County, is within every debt and other limit prescribed by the
Constitution and statutes of the Commonwealth of Virginia.
IN WITNESS WHEREOF, Pittsylvania County, Virginia, has caused this note to be
signed by the [Vice] Chairperson of the Board of Supervisors, its seal to be affixed hereto and
attested by the [Deputy] Clerk of the Board of Supervisors, and this note to be dated the date first
above written.
(SEAL)
[Vice] Chairperson, Board of Supervisors of
Pittsylvania County, Virginia
(ATTEST)
_________________________________
[Deputy] Clerk, Board of Supervisors of
Pittsylvania County, Virginia
5.b.a
Packet Pg. 11 Attachment: Pittsylvania - 2020 Tax Anticipation Note - Note Resolution (1994 : Tax Anticipation Note Resolution Discussion (Staff Contact:
A-3
ASSIGNMENT
FOR VALUE RECEIVED the undersigned sell(s), assign(s) and transfer(s) unto
______________________________________________________________________________
(Please print or type name and address, including postal zip code, of Transferee)
PLEASE INSERT SOCIAL SECURITY OR OTHER
IDENTIFYING NUMBER OF TRANSFEREE:
_______________________________________________
: :
: :
: :
the within note and all rights thereunder, hereby irrevocably constituting and appointing
_______________________________________________________________________,
Attorney, to transfer said note on the books kept for the registration thereof, with full power of
substitution in the premises.
Dated: ________________
Signature Guaranteed
___________________________________
NOTICE: Signature(s) must be
guaranteed by an Eligible Guarantor
Institution such as a Commercial Bank,
Trust Company, Securities Broker/Dealer,
Credit Union or Savings Association who
is a member of a medallion program
approved by The Securities Transfer
Association, Inc.
_______________________________
(Signature of Registered Owner)
NOTICE: The signature above must
correspond with the name of the
registered owner as it appears on the
front of this note in every particular,
without alteration or enlargement or
any change whatsoever.
5.b.a
Packet Pg. 12 Attachment: Pittsylvania - 2020 Tax Anticipation Note - Note Resolution (1994 : Tax Anticipation Note Resolution Discussion (Staff Contact:
A-4
CERTIFICATE OF PRINCIPAL ADVANCES AND PREPAYMENTS
The amount and date of principal advances not to exceed, in the aggregate, the face amount
hereof and the amount and date of principal prepayments shall be entered hereon by an authorized
officer of the Bank when the proceeds of each such principal advance are delivered to the County
or such principal prepayments are made to the Bank.
Date
Advance
Amount
Prepayment
Amount
Principal
Balance
Authorized
Signature
___________
_
$__________ $__________ $__________ _____________________
_
___________
_
__________ __________ __________ _____________________
_
___________
_
__________ __________ __________ _____________________
_
___________
_
__________ __________ __________ _____________________
_
___________
_
__________ __________ __________ _____________________
_
___________
_
__________ __________ __________ _____________________
_
___________
_
__________ __________ __________ _____________________
_
___________
_
__________ __________ __________ _____________________
_
5.b.a
Packet Pg. 13 Attachment: Pittsylvania - 2020 Tax Anticipation Note - Note Resolution (1994 : Tax Anticipation Note Resolution Discussion (Staff Contact:
1
Kim Van Der Hyde
From:Kristy Choi <CHOIK@pfm.com>
Sent:Thursday, April 9, 2020 1:17 PM
To:Kim Van Der Hyde; Kevin Rotty
Subject:RE: LOC
CAUTION: This email originated from outside your organization. Exercise caution when opening attachments
or clicking links, especially from unknown senders.
Hi Kim,
Based on some of the proposals I’ve seen, here are some estimates:
Loan origination fee (an upfront charge): sometimes waived, but I’ve seen it charged up to $15k
Lender’s counsel fee: typically around $10k
These would be the upfront charges. So I think most likely around $20-25k. There will be on-going facility charges, which
would be around 25-60 bps (there is a big range on this these days) based on the line amount- so if we assume $3
million, that would be an annual fee ranging from $7,500 to $18k, but usually paid quarterly & over the course of the year.
As for what we’re seeing in the stimulus package – we are seeing a variety of things – but nothing that is of direct impact
to localities, yet. Most notably, the Fed announced the Municipal Liquidity Facility authorization today; however, the
eligibility criteria to utilize this vehicle is very constrained. For Counties, population > 2 million are eligible. I think the only
way that this facility put out by the Fed can be used by Va localities is if the Commonwealth uses it & somehow figure out
a way to offer it to localities through one of their programs..
Hope this helps. Kristy
From: Kim Van Der Hyde [mailto:Kim.Vanderhyde@pittgov.org]
Sent: Thursday, April 9, 2020 10:27 AM
To: Kevin Rotty <rottyk@pfm.com>; Kristy Choi <CHOIK@pfm.com>
Subject: FW: LOC
EXTERNAL EMAIL: Use care with links and attachments.
Good morning Kevin and Kristy,
I got the attached e-mail from David asking questions about the costs involved in taking out a LOC. He is also interested if
you all have heard of any other local government incentives included in the President’s stimulus package. Thanks for your
help!
Kim Van Der Hyde
Director of Finance
Finance
5.b.b
Packet Pg. 14 Attachment: Line of Credit Costs (1994 : Tax Anticipation Note Resolution Discussion (Staff Contact: Kimberly G. Van Der Hyde))
2
Tel. (434) 432-7742 | Fax. (434) 432-7746
1 Center Street P.O. Box 426
Chatham, VA 24531
Kim.Vanderhyde@pittgov.org
www.pittsylvaniacountyva.gov
Any e-mail or other correspondence sent to a member of the Board of Supervisors, or any other public official
or employee of Pittsylvania County, Virginia (the "County"), in the transaction of public business, is considered a
public record. Public records are subject to the Virginia Freedom of Information Act ("VA FOIA"). Virginia law
requires the County to provide a copy of any such e-mail, upon request, for inspection and copying to any
citizen of the Commonwealth, or to any member of the news media, unless lawfully exempted from
production/disclosure under VA FOIA. If you have received this email or any attachments in error, please notify
the sender immediately at (434) 432-7700, and by reply email, and delete this email and any attachments to it
from your inbox, sent items, and deleted items. Thank you.
From: David M. Smitherman <David.Smitherman@pittgov.org>
Sent: Thursday, April 9, 2020 10:22 AM
To: Kim Van Der Hyde <Kim.Vanderhyde@pittgov.org>
Cc: Pittsylvania County Executive Team <PCET@pittgov.org>
Subject: LOC
Can you check with PFM to see what fees are associated with taking out a LOC? Also, please ask him or other
sources if there is any similar local gov't assistance included in any of the stimulus proposals.
5.b.b
Packet Pg. 15 Attachment: Line of Credit Costs (1994 : Tax Anticipation Note Resolution Discussion (Staff Contact: Kimberly G. Van Der Hyde))
Board of Supervisors
EXECUTIVE SUMMARY
INFORMATION ITEM
Agenda Title:
Discussion of the award of a public contract involving the expenditure of
public funds, including interviews of bidders or offerors, and discussion of
the terms or scope of such contract, where discussion in an open session
would adversely affect the bargaining position or negotiating strategy of
the public body. (Staff Contact: David M. Smitherman)
Staff Contact(s): David M. Smitherman
Agenda Date: April 21, 2020 Item Number: 8.a
Attachment(s):
Reviewed By:
(1) Legal Authority: Virginia Code § 2.2-3711(A)(29)
Subject Matter: Reassessment
Purpose: Reassessment Contract Award Discussion
8.a
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Board of Supervisors
EXECUTIVE SUMMARY
INFORMATION ITEM
Agenda Title:
Discussion concerning a prospective business or industry or the expansion
of an existing business or industry where no previous announcement has
been made of the business' or industry's interest in locating or expanding
its facilities in the community. (Staff Contact: Matthew D. Rowe)
Staff Contact(s): Matthew D. Rowe
Agenda Date: April 21, 2020 Item Number: 8.b
Attachment(s):
Reviewed By:
(1) Legal Authority: Virginia Code § 2.2-3711(A)(5)
Subject Matter: Project Ten and Emotion
Purpose: Update on/Discussion on the Expansion of
Existing Businesses
8.b
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Board of Supervisors
EXECUTIVE SUMMARY
INFORMATION ITEM
Agenda Title:
Discussion, consideration, or interviews of prospective candidates for
employment; assignment, appointment, promotion, performance,
demotion, salaries, disciplining, or resignation of specific public officers,
appointees, or employees of any public body. (Staff Contact: David M.
Smitherman)
Staff Contact(s): David M. Smitherman
Agenda Date: April 21, 2020 Item Number: 8.c
Attachment(s):
Reviewed By:
(1) Legal Authority: Virginia Code § 2.2-3711(A)(1)
Subject Matter: County Administrator and County Attorney
Purpose: Discussion of County Administrator and County Attorney
Employment Agreements
8.c
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Board of Supervisors
EXECUTIVE SUMMARY
INFORMATION ITEM
Agenda Title:
Consultation with legal counsel employed or retained by a public body
regarding specific legal matters requiring the provision of legal advice by
such counsel. (Staff Contact: J. Vaden Hunt, Esq.)
Staff Contact(s): J. Vaden Hunt, Esq.
Agenda Date: April 21, 2020 Item Number: 8.d
Attachment(s):
Reviewed By:
(1) Legal Authority: Virginia Code § 2.2-3711(A)(8)
Subject Matter: Personnel Complaint Letter
Purpose: Consultation with Legal Counsel/Provision
of Legal Advice
8.d
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Board of Supervisors
EXECUTIVE SUMMARY
INFORMATION ITEM
Agenda Title: Closed Session Certification (Staff Contact: J. Vaden Hunt, Esq.)
Staff Contact(s): J. Vaden Hunt, Esq.
Agenda Date: April 21, 2020 Item Number: 9.a
Attachment(s):
Reviewed By:
PITTSYLVANIA COUNTY BOARD OF SUPERVISORS
CLOSED MEETING CERTIFICATION
BE IT RESOLVED that at the Meeting of the Pittsylvania County Board of Supervisors
(the “Board”) on April 21, 2020, the Board hereby certifies by a recorded vote that to the best of
each Board Member’s knowledge only public business matters lawfully exempted from the Open
Meeting requirements of the Virginia Freedom of Information Act (the “Act”) and identified in
the Motion authorizing the Closed Meeting were heard, discussed, or considered in the Closed
Meeting. If any Board Member believes that there was a departure from the requirements of the
Act, he shall so state prior to the vote indicating the substance of the departure. The Statement
shall be recorded in the Board's Minutes.
Vote
Joe B. Davis Yes/No
Timothy W. Dudley Yes/No
Ben L. Farmer Yes/No
William (“Vic”) Ingram Yes/No
Charles H. Miller, Jr. Yes/No
Ronald S. Scearce Yes/No
Robert (“Bob”) W. Warren Yes/No
9.a
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