2020-04-24 - SR RIFA Agenda Package1
Staunton River Regional Industrial Facility Authority
Pittsylvania County, Virginia
Town of Hurt, Virginia
City of Danville, Virginia
AGENDA
April 24, 2020
12:00 P.M.
Chatham Community Center
115 S. Main Street
Chatham, Virginia 24531
County of Pittsylvania Members
Tim W. Dudley
Ben L. Farmer
Dr. Charles H. Miller, Alternate
Town of Hurt Members
Shirley Barksdale-Hill
Steve Watson
Collin Adams, Alternate
City of Danville Members
Sherman M. Saunders
Fred O. Shanks, III
J. Lee Vogler, Jr., Alternate
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Staunton River Regional Industrial Facility Authority
1. MEETING CALLED TO ORDER
A. Appointment by Vice Chairman, Sherman M. Saunders, of Matthew Rowe, Director,
Economic Development, Pittsylvania County, to prepare the minutes of the meeting in the
absence of the Authority’s Secretary
2. ROLL CALL
3. PUBLIC COMMENT PERIOD
Members of the public who desire to comment on a specific agenda item will be heard during
this period. The Chairman/Vice Chairman of the Authority may restrict the number of speakers.
Each speaker must identify themselves and state their address, and each speaker shall be
limited to a total of three minutes for comments. [Please note that the public comment period is
not a question-and-answer session between the public and the Authority.]
4. APPROVAL OF MINUTES OF THE JANUARY 24, 2020 MEETING
5. NEW BUSINESS
A. Consideration of Resolution No. 2020-04-24-5A, to amend and restate the Bylaws of the
Authority to remove the Town of Altavista, Virginia (“Altavista”) therefrom as a Member
Locality, to make conforming changes in connection therewith and consistent with the
Amended and Restated Cost and Revenue Sharing Agreement, which has been approved by
the governing bodies of the remaining Member Localities, and to change the Chairman and
Vice Chairman rotations – Jennifer H. Burnett, Esq., Clement Wheatley, Legal Counsel to the
Authority
B. ELECTION AND APPOINTMENT OF NEW CHAIRMAN AND NEW VICE CHAIRMAN – Ms.
Burnett
1. Election of Chairman from City of Danville Member Locality (see A&R Bylaws, Article VI,
paragraph 1)
2. Election of Vice Chairman from County of Pittsylvania Member Locality (see A&R Bylaws,
Article VI, paragraph 4)
C. General Expenditures Reports as of January 31, 2020, February 29, 2020 and March 31, 2020
– Kim Van Der Hyde, Director of Finance, Pittsylvania County
D. Next Meeting Date/Time/Place
6. CLOSED SESSION
[During the closed session, all matters discussed shall involve receiving advice from legal counsel,
and as such all communications during the closed session shall be considered attorney-client
privileged.]
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A. As permitted by Virginia Code § 2.2-3711(A)(39) for discussion or consideration of records
excluded under Virginia Code § 2.2-3705.6(3) (including without limitation (i) those certain
confidential proprietary records voluntarily provided by private business pursuant to a
promise of confidentiality from the Authority, and used by the Authority for business and
trade development and (ii) those certain memoranda, working papers, or other information
related to businesses that are considering locating or expanding in Virginia, prepared by the
Authority, where competition or bargaining is involved and where disclosure of such
information would adversely affect the financial interest of the Authority); such information
being excluded from mandatory disclosure under Virginia Code § 2.2-3705.1(12) and Virginia
Code § 2.2-3705.1(8) (appraisals and cost estimates of real property in one or more of the
Authority’s projects subject to a proposed purchase, sale, or lease, prior to the completion
of such purchase, sale, or lease); and
B. As permitted by Virginia Code § 2.2-3711(A)(3) for discussion or consideration of the
acquisition and/or the disposition of publicly held real property commonly known as the
Southern Virginia Multimodal Park, in Hurt, Virginia, where discussion in an open meeting
would adversely affect the bargaining position or negotiating strategy of the Authority; and
C. As permitted by Virginia Code § 2.2-3711(A)(5) for 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; and
D. As permitted by Virginia Code §§ 2.2-3711(A)(7) and 2.2-3711(A)(8) for consultation with
legal counsel and briefings by staff members or consultants pertaining to actual or probable
litigation, where such consultation or briefing in open meeting would adversely affect the
negotiating or litigating posture of the public body, and consultation with legal counsel
employed or retained by a public body regarding specific legal matters requiring the
provision of legal advice by such counsel.
RETURN TO OPEN SESSION
E. Confirmation of Motion and Vote to Reconvene in Open Meeting
F. Motion to Certify Closed Meeting
G. Consideration of Resolution No. 2020-04-24-6G, regarding settlement of certain additional
matters related to Altavista’s withdrawal from the Authority – Ms. Burnett [NO WRITTEN
RESOLUTION]
7. COMMUNICATIONS FROM:
Authority Staff
Authority Board Members
8. ADJOURN
Resolution No. 2020-04-24-5A
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A RESOLUTION APPROVING AND ADOPTING AMENDED AND RESTATED
BYLAWS OF THE STAUNTON RIVER REGIONAL INDUSTRIAL FACILITY
AUTHORITY, TO REMOVE THE TOWN OF ALTAVISTA, VIRGINIA, AS A
MEMBER LOCALITY OF THE AUTHORITY, TO MAKE CONFORMING CHANGES
IN CONNECTION THEREWITH AND CONSISTENT WITH THE AMENDED AND
RESTATED COST AND REVENUE SHARING AGREEMENT AMONG THE
REMAINING MEMBER LOCALITIES, AND TO CHANGE THE CHAIRMAN AND
VICE CHAIRMAN ROTATIONS.
WHEREAS, the Staunton River Regional Industrial Facility Authority (the
“Authority”) is a political subdivision of the Commonwealth of Virginia duly created pursuant
to the Virginia Regional Industrial Facilities Act, as amended; and
WHEREAS, at its meeting on October 4, 2019, and by Resolution No. 2019-10-04-5A
approved and adopted by the Board of the Authority (the “Board”) at such meeting, the Board
approved the withdrawal of the Town of Altavista, Virginia (“Altavista”), as a Member Locality
of the Authority; and
WHEREAS, as a result of Altavista’s withdrawal as a Member Locality of the Authority,
certain changes are necessary to the current Bylaws of the Authority, which were originally
approved and adopted at the Authority’s organizational meeting held on February 8, 2019 (the
“Bylaws”), (i) to remove Altavista as a Member Locality, (ii) to make conforming changes in
connection therewith, and (ii) to change the Chairman and Vice Chairman rotations, all as shown
in the redline of the Bylaws attached hereto as Exhibit A and incorporated herein by this
reference (the “Amendments”); and
WHEREAS, Article XIV (“Amendments”) of the Bylaws provides that the Bylaws “may
be amended, repealed, or altered, in whole or in part, by a majority vote of the Board, at any
regular meeting … or at any special meeting … , [provided] at least one (1) week advance
written notice of such proposed amendment, repeal or alteration shall be given to directors and
alternate directors”; and
WHEREAS, at least one (1) week advance written notice of the Amendments was given
to directors and alternate directors of the Board; and
WHEREAS, the Board of Directors of the Authority has determined that it is in the best
interests of the Authority and the citizens of its member localities for the Authority to approve
the Amendments and to adopt and approve the Amended and Restated Bylaws of the Authority
incorporating the Amendments, as set forth in Exhibit B attached hereto and incorporated herein
by this reference (the “A&R Bylaws”).
NOW, THEREFORE, BE IT RESOLVED, that
1. The Board hereby approves and adopts the Amendments and the A&R Bylaws.
Resolution No. 2020-04-24-5A
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3. The Authority hereby authorizes and directs staff and other agents and
representatives working on behalf of the Authority to take such actions and to do all such things
as they in their discretion deem necessary or appropriate in order to carry out the intent and
purposes of these resolutions.
4. The Authority hereby approves, ratifies and confirms any and all actions
previously taken by the Authority, its agents and representatives, with respect to the matters
contemplated herein.
5. This Resolution shall take effect immediately upon its adoption.
CERTIFICATE
I, the undersigned Secretary of the Staunton River Regional Industrial Facility Authority,
hereby certify that the foregoing is a true, correct and complete copy of a Resolution duly
adopted by a majority of the Directors of the Staunton River Regional Industrial Facility
Authority at its meeting duly called and held on April 24, 2020, and that such Resolution has not
been repealed, revoked, rescinded or amended, but is in full force and effect on the date hereof.
WITNESS my hand as Secretary of the Staunton River Regional Industrial Facility
Authority as of the 24th day of April 2020:
_________________________________________
Hollye M. Keesee
Secretary, Staunton River Regional Industrial
(SEAL) Facility Authority
Resolution No. 2020-04-24-5A
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Exhibit A
(Redline of Bylaws)
See attached.
1
AMENDED AND RESTATED BYLAWS
OF
STAUNTON RIVER REGIONAL INDUSTRIAL FACILITY AUTHORITY
Adopted February 8, 2019
Revised April 24, 20201
ARTICLE I. PURPOSES AND POWERS
Staunton River Regional Industrial Facility Authority (the “Authority”) shall be
organized and operated in accordance with Title 15.2, Chapter 64 of the Code of Virginia, 1950,
as amended, also known as the Virginia Regional Industrial Facilities Act (the “Act”), as the
same may be amended from time to time. The Authority shall also comply with all lawful
directives as may be mutually agreed its members: (i) the County of Pittsylvania, Virginia (the
“Pittsylvania”); (ii) the Town of Hurt, Virginia (“Hurt”); and (iii) the Town of Altavista,
Virginia ( “Altavista”); and (iv) the City of Danville, Virginia ( “(“Danville”). The general
purpose of the Authority shall be to enhance the economic base of Pittsylvania, Hurt, Altavista
and Danville by developing, owning, and operating one or more facilities on a cooperative basis
involving such localities (each locality being hereinafter referred to as a “Member Locality” or
collectively hereinafter referred to as “Member Localities”), including without limitation the
specific purpose to develop the Southern Virginia Multimodal Park located in Pittsylvania
County, and to develop one or more parcels within the boundaries of the Member Localities as
regional industrial parks and for additional purpose of future development of other industrial
properties or other reasons as permitted by the Act and as agreed upon by the Member Localities.
The Authority shall have any and all powers under the Act, as the same may be amended from
time to time.
ARTICLE II. OFFICES
1. The principal office of the Authority shall be located within the boundaries of a
Member Locality as designated by the Board of Directors of the Authority (the “Board”).
2. The title to all property of every kind belonging to the Authority shall be titled in
the name of the Authority, which shall hold such title for the benefit of its Member Localities.
3. Except as otherwise required by resolution of the Authority, or as the business of
the Authority may require, all of the books and records of the Authority shall be kept at the
office to be designated as provided above.
1 The original Bylaws of the Authority were adopted by the Board of the Authority at its organizational meeting held
on February 8, 2019 (the “Original Bylaws”). The Town of Altavista, Virginia (“Altavista”) was a Member
Locality of the Authority under the Original Bylaws. Altavista’s Town Council approved and adopted a resolution
on June 25, 2019, withdrawing as a Member Locality of the Authority, and the Board of the Authority approved
such withdrawal by the adoption of a resolution at its meeting held on October 4, 2019. These Amended and
Restated Bylaws are adopted to remove Altavista as a Member Locality and to make conforming changes in
connection therewith and consistent with the Amended and Restated Cost and Revenue Sharing Agreement dated
October 4, 2019, and they also change the Chairman and Vice Chairman rotations.
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4. The minutes of the Authority shall be open and available for inspection as
required by The Virginia Freedom of Information Act, Virginia Code §§ 2.2-3700 et seq., as
amended. Draft minutes shall be made reasonably available within ten (10) business days of the
meeting to which they relate. Final minutes shall be made reasonably available within three (3)
business days of approval by the Board.
ARTICLE III. MEMBERSHIP
The Member Localities of the Authority are Pittsylvania, Hurt, Altavista, and Danville,
each of which is a political subdivision of the Commonwealth of Virginia, and each of which is
authorized by the Act to participate in the Authority. The membership may, with unanimous
approval of the Board, be expanded as may be authorized in the Act.
ARTICLE IV. MEMBER LOCALITY AGREEMENT
1. The Authority shall be governed by the Act, these Bylaws and by the Amended
and Restated Staunton River Cost and Revenue Sharing Agreement among Pittsylvania County,
Virginia, the Town of Hurt, Virginia, the Town of Altavista, Virginia, and the City of Danville,
Virginia, dated as of December 28, 2018October 4, 2019, executed by the Governing Body of
each Member Locality (the “Agreement”). The Agreement establishes the respective rights and
obligations of the Member Localities and provides for revenue and economic growth-sharing
arrangements with respect to tax revenues and other income and revenues generated by any
facility owned by the Authority.
2. Without limiting the provisions of the Agreement, each Member Locality, through
its county administrator, town manager, city manager or other respective designee, is authorized
to incur, on behalf of the Authority, up to an aggregate amount of Ten Thousand Dollars
($10,000.00) in reasonable expenses, related to, or arising out of, (i) developing or testing the
Authority’s projects for a particular business prospect or (ii) marketing to a particular business
prospect. Prior to incurring any such expense under this paragraph, the Member Locality shall
consult with the other Member Localities on such business prospect. Such expenses shall be
reported to the Board at its next regular meeting for consideration and ratification.
ARTICLE V. BOARD OF DIRECTORS
1. The powers, rights, and duties conferred by the Act upon the Authority shall be
exercised by the Board, which shall consist of eight (8six (6) members, as follows:
Pittsylvania: Two (2) members of the Board;
Hurt: Two (2) members of the Board;
Altavista: Two (2) members of the Board; and
Danville: Two (2) members of the Board.
In addition to the members of the Board, each Governing Body of each Member Locality
shall select one (1) alternate director, to serve in the absence of a director appointed by the
Governing Body of such Member Locality, in accordance with the provisions of these Bylaws.
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2. Each Member Locality shall appoint to the Board (2) members according to
paragraph 1 of this Article, from its Governing Body to serve an initial four (4) year term
pursuant to the Act. Each Member Locality shall also appoint one (1) member from its
Governing Body to serve an initial four (4) year term as an alternate director. Each appointee of
a Governing Body shall be a resident of the Member Locality of that Governing Body.
Notwithstanding the foregoing, so long as a Board member is otherwise qualified to serve in
accordance with these Bylaws (i.e., is a member of the appointing Governing Body), such Board
member shall hold office until a successor is duly appointed by the appropriate Governing Body.
3. In order to remain eligible as a director or alternate director of the Authority, such
director or alternate director must be a current member of the Governing Body that appointed
that director or alternate director. Once a director or alternate director of the Authority is no
longer a member of the Governing Body, the Member Locality will appoint a new director or
alternate director, as the case may be, from its Governing Body to fill the unexpired term of the
vacating director or alternate director as the case may be. In the event of a vacating director, the
alternate director from the same Member Locality shall serve until a replacement director is
appointed by the Governing Body of such Member Locality, which shall have the authority to fill
any such vacancies.
4. Each director or alternate director of the Board, before entering upon the
discharge of the duties of the office, shall take and subscribe to the oath prescribed in Virginia
Code § 49-1, as amended, and shall serve in compliance with the Act, these Bylaws and the
Agreement.
5. In the absence of a director appointed by the Governing Body of a Member
Locality, the alternate director of the same Member Locality may act in place of such absent
director. The alternate director from one Member Locality shall not have the right to vote unless
at least one (1) director from the same Member Locality is absent.
6. All powers and duties of the Authority shall be exercised and performed by the
Board, acting by simple majority vote of those directors present at a meeting at which a quorum
is present, except that no facilities owned by the Authority shall be leased or disposed of in any
manner without a majority vote of the Board. A quorum shall consist of three (3two (2) directors
(including any alternate director entitled to vote at such meeting) of the Board, where each of
them represents a different Member Locality. For the purposes of determining quorum, an
alternate director from one Member Locality shall not be counted unless a director of the same
Member Locality is absent. No vacancy in the membership of the Board shall impair the right of
a quorum to exercise all the rights and perform all the duties of the Board.
7. Members of the Board and alternate directors shall be reimbursed for actual and
reasonable expenses incurred the performance of their duties from funds available to the
Authority.
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ARTICLE VI. OFFICERS
1. The Board shall elect from its directors a Chairman and a Vice Chairman. The
director elected to the office of Chairman shall rotate each term of office from one Member
Locality to each of the other Member Localities, beginning with Pittsylvania, next Hurt, next
AltavistaDanville, and next DanvilleHurt and then repeating such rotation in the same order with
Pittsylvania, next Hurt, next AltavistaDanville, and next DanvilleHurt.
2. The term of office for the officers shall be for the calendar year in which they are
elected, and shall continue until their successors are elected.
3. The duties of the Chairman shall be to preside at meetings of the Authority; to
prepare the agenda for any and all meetings, and to make a copy of such agenda available to the
Secretary for the purpose of providing notice of special meetings as hereinafter provided; to call
special meetings; to call special elections; to appoint committees as may be deemed appropriate
to carry out the intents and purposes of the Authority; to be ex officio a member of all
committees; to sign, with the Secretary or any other proper officer of the Authority authorized by
the Board, any documents or instruments which the Board has authorized to be executed, except
in cases where the signing and execution thereof shall be expressly delegated by the Board or by
these Bylaws to some other officer of the Authority, or shall be required by law to be otherwise
signed or executed; and in general shall perform all duties incident to the office of Chairman and
such other duties as may be prescribed by the Board from time to time. The Chairman shall have
an equal vote with the other directors, and shall not have a second, tie-breaking vote on any
question.
4. The Vice Chairman shall, in the absence or disability of the Chairman, perform
the duties imposed upon the Chairman and exercise the powers granted to the Chairman,
including without limitation those duties and powers set forth in these Bylaws. The director
elected to the office of Vice Chairman shall not be from the same Member Locality as that of the
Chairman and shall rotate each term of office from one Member Locality to each of the other
Member Localities, beginning with Hurt, next Altavista, next DanvillePittsylvania, and next
PittsylvaniaDanville and then repeating such rotation in the same order with Hurt, next Altavista,
next DanvillePittsylvania, and next PittsylvaniaDanville.
5. The Board shall appoint a Secretary and a Treasurer from the Authority’s staff,
which may include staff provided by a Member Locality or other persons employed or contracted
by the Authority. The offices of Secretary and Treasurer may be held by the same person. If a
person serving as Secretary or Treasurer ceases to be staff of a Member Locality, such person
shall not be disqualified from serving as Secretary or Treasurer and shall continue to serve the
remainder of the term of office unless such person is sooner removed or resigns from such office.
a. The duties of the Secretary shall be to take the minutes of the meetings of
the Board; to have custody of all records of the Authority; to have custody of the Seal of the
Authority and to ensure that the Seal of the Authority is affixed to all documents or instruments,
the execution of which on behalf of the Authority under its Seal is duly authorized by the Board;
to sign with the Chairman (or the Vice Chairman, as the case may be) any documents or
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instruments which the Board has authorized to be executed; to ensure that all notices are duly
given as required by law, these Bylaws or by the Board; to call meetings of the Board to order in
the absence of the Chairman and the Vice Chairman, and thereupon to conduct an election for a
temporary presiding officer for that meeting; and in general to perform all duties incident to the
office of Secretary and such other duties as from time to time may be assigned by the Board. In
the absence of the Secretary, the Chairman shall appoint a director or alternate director or shall
direct a member of the Authority’s staff to be responsible for the preparation of detailed minutes
of any meeting.
b. The duties and authority of the Treasurer shall include: (a) the duty to
keep suitable records of all financial transactions of the Authority; (b) the authority to arrange for
the preparation of any audits of the financial records of the Authority, as may be directed by the
Board; (c) the duty and authority to have charge and custody of all funds and arrange for their
investment and deposit in the name of the Authority when authorized by the Board; (d) the duty
and the authority, in the absence of the Secretary, to perform all duties of the Secretary, except
for those certain other duties which the Chairman, under the Bylaws, delegates to a director,
alternate director, officer or staff member in the Secretary’s absence; and (e) in general, the duty
and the authority to perform all the duties incident to the office of Treasurer and such other duties
as from time to time may be assigned by the Board. The Treasurer shall give bond in such sum
as may be fixed by the Board with surety to be approved by the Board. The cost of such surety
shall be paid by the Authority.
ARTICLE VII. ELECTIONS OR APPOINTMENT OF OFFICERS
1. Regular elections or appointment of officers shall be held at the regular meeting
of the Board in January of each year.
2. Special elections of officers in order to fill vacancies or to fill newly created
offices shall be held (i) at a regular meeting duly called or (ii) at a special meeting designated by
the Chairman, but only after notice of such special meeting, as provided in Paragraph 3 of Article
VIII (“Meetings”), has been given.
ARTICLE VIII. MEETINGS
1. The Board shall determine the times and places of its regular meetings, but shall
meet at least, for its annual meeting, as set forth in Paragraph 2 below. Regular meetings of the
Board shall be open to the public (unless otherwise provided under Virginia Code § 2.2-3711, as
amended or successor provision). Regular meetings shall be held in Pittsylvania, Hurt, Altavista
or Danville upon call of the Chairman or as otherwise provided in these Bylaws. At a regular
meeting, any business may be brought before the Board, whether or not that business is set forth
in the notice of regular meeting. In the event that the date of any regular meeting determined by
the Board is a date on which any one or more of the Member Localities’ administrative offices
are closed for business, the regular meeting shall be held on the next date on which all the
Member Localities’ administrative offices are open for business. At the regular meeting of the
Board in January, the Board shall elect or appoint its officers to serve for that calendar year.
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2. The annual meeting of the Board shall take place at the regular meeting of the
Board in July of each year, at such place, time, and date as may be established by the Board or
the Chairman. Each Member Locality shall make its appointments prior to such annual meeting
so that the membership of the Board will be complete for such annual meeting.
3. Special meetings of the Board may be called by the Chairman at the request of (a)
any two (2) directors; (b) two (2) alternate directors; or (c) one (1) director and one (1) alternate
director, so long as those two (2) persons requesting the special meeting represent different
Member Localities. Such request shall be in writing, which may be by email to the Chairman at
the email address of record, and shall specify the time and place of the special meeting and the
matters to be considered at the special meeting. No matter not specified in the notice of special
meeting shall be considered at such special meeting unless all directors (or an alternate director
acting in lieu of an absent director) of the Board are present. Special meetings shall be open to
the public (unless otherwise permitted under Virginia Code § 2.2-3711, as amended or successor
provision).
4. Notices of both regular and special meetings shall be mailed by the Secretary to
each member of the Board not less than three (3) business days before any such meeting; and
notices of special meetings shall state the purposes thereof. All notices required herein shall
state the date, time, and location of the meeting and shall be delivered by hand, United States
mail, or a private courier service which provides evidence of receipt as part of its service to the
address of record of all directors and alternate directors. A notice given hereunder shall be
deemed given on the date of hand delivery, deposit with the United States Postal Service
properly addressed and postage prepaid, or delivery to a courier service properly addressed with
all charges prepaid, as appropriate. Any notice required herein may be waived in writing by the
party entitled to such notice, and such waiver may specify that notice may be given to such party
electronically (including without limitation by email or access to a website) in lieu of other
means of delivery.
At the time that any such notice is given to the directors and alternate directors, a
copy of such notice shall be posted (i) in a prominent location at which notices are regularly
posted, and (ii) at the office of the clerk of the Authority, currently at 1 Center Street, Chatham,
Virginia. A copy of any agenda materials or other information included with the notice to the
directors and alternate directors (other than materials exempt from disclosure under The Virginia
Freedom of Information Act, Virginia Code §§ 2.2-3700, et seq., as amended) shall be posted or
made available with the copy of such notice. Notice may also be posted electronically on the
Authority’s website or otherwise, but such posting shall not be required.
At least one (1) copy of the agenda materials or other information given at the
meeting to the directors and alternate directors (other than materials exempt from disclosure
under The Virginia Freedom of Information Act, Virginia Code §§ 2.2-3700, et seq., as
amended) shall be made open and available for inspection at the meeting.
Attendance of a director or alternate director at a meeting shall constitute a waiver
of notice of such meeting, except where a director or alternate director attends for the express
purpose of objecting to the sufficiency of the notice given or to the lack of notice.
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5. Formal action shall be taken by the Board only at open meeting sessions, and such
sessions shall be open to the public.
6. The vote on the adoption of every resolution, any proposals creating a liability, or
for the appropriation or expenditure of funds shall be by yeas or nays, and whenever the vote is
not unanimous, the names of the directors (or alternate directors, where permitted under these
Bylaws) voting for and of those voting against such action shall be entered upon the minutes.
7. Unless otherwise provided, procedure at meetings shall follow Robert’s Rules of
Order as then revised.
8. When approved, all minutes shall be signed by the Secretary and the presiding
officer of the particular meeting.
9. All actions of the Board requiring the approval of an expenditure will be
accompanied by a budget reference and/or funding source.
10. No item will be added to the agenda of a Board meeting without the unanimous
consent of the Board members present.
ARTICLE IX. REQUIRED REPORTS
1. Annual Reports. The Board shall report to the Governing Body of each Member
Locality annually, on or before the last March meeting of the Governing Body, on the activities
of the Authority. In addition to oral presentation at the meeting, a written annual report shall be
provided prior to the meeting and shall contain, at a minimum, the following information:
a. A financial update through December 31 of the current fiscal year;
b. After completion of the first fiscal year, an audited financial report
showing expenditures and revenues and a statement showing financial
condition at the end of the preceding fiscal year;
c. A written report, approved by the Board, of the activities and
accomplishments of the Authority and recommendations regarding future
activities of the Authority; and
d. A list of tenants, purchasers or other persons occupying the Southern
Virginia Multimodal Park and any other regional industrial facilities
developed by the Authority.
2. Special Reports. Upon written request of the Governing Body of any Member
Locality, the Board shall report to such Governing Body within thirty (30) days of receipt of
such request or within a longer period if so provided in such request. The special report shall
describe the activities and financial status of the Authority within the six (6) month period
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immediately preceding the request, or as otherwise specified in the request and shall be furnished
to each Member Locality. A written report shall be provided if requested.
ARTICLE X. FUNDING
Funding of the Authority shall be by appropriation as decided from time to time by the
Governing Bodies of the Member Localities and from such other sources as are identified in the
Agreement.
ARTICLE XI. STAFF
The Board may hire such employees as are necessary to accomplish the purposes and
powers of the Authority.
ARTICLE XII. OFFICIAL SEAL
The Seal of the Authority shall show the name of the Authority, the name of the
Commonwealth, and the year of its formation; i.e., “STAUNTON RIVER REGIONAL
INDUSTRIAL FACILITY AUTHORITY - VIRGINIA - 2018”.
ARTICLE XIII. FISCAL YEAR
The fiscal year of the Authority shall be from July 1 until June 30 of the following year.
ARTICLE XIV. AMENDMENTS
Except as otherwise provided by law, these Bylaws may be amended, repealed, or
altered, in whole or in part, by a majority vote of the Board, at any regular meeting of the Board,
or at any special meeting where such action has been announced in the call and notice of such
meeting; however, instead of the time frame described in Paragraph 3 of Article VIII
(“Meetings”) above, at least one (1) week advance written notice of such proposed amendment,
repeal or alteration shall be given the directors and alternate directors.
The undersigned hereby certify that the foregoing are the Amended and Restated Bylaws
adopted by the Board of Directors at its initial meeting held on February 8, 2019April 24, 2020.
____________________________________
Secretary
*The footnotes and annotations do not constitute part of these Bylaws and are provided for
convenience only.
Resolution No. 2020-04-24-5A
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Exhibit B
(Amended and Restated Bylaws)
See attached.
1
AMENDED AND RESTATED BYLAWS
OF
STAUNTON RIVER REGIONAL INDUSTRIAL FACILITY AUTHORITY
Adopted February 8, 2019
Revised April 24, 20201
ARTICLE I. PURPOSES AND POWERS
Staunton River Regional Industrial Facility Authority (the “Authority”) shall be
organized and operated in accordance with Title 15.2, Chapter 64 of the Code of Virginia, 1950,
as amended, also known as the Virginia Regional Industrial Facilities Act (the “Act”), as the
same may be amended from time to time. The Authority shall also comply with all lawful
directives as may be mutually agreed its members: (i) the County of Pittsylvania, Virginia (the
“Pittsylvania”); (ii) the Town of Hurt, Virginia (“Hurt”); and (iii) the City of Danville, Virginia
(“Danville”). The general purpose of the Authority shall be to enhance the economic base of
Pittsylvania, Hurt, and Danville by developing, owning, and operating one or more facilities on a
cooperative basis involving such localities (each locality being hereinafter referred to as a
“Member Locality” or collectively hereinafter referred to as “Member Localities”), including
without limitation the specific purpose to develop the Southern Virginia Multimodal Park located
in Pittsylvania County, and to develop one or more parcels within the boundaries of the Member
Localities as regional industrial parks and for additional purpose of future development of other
industrial properties or other reasons as permitted by the Act and as agreed upon by the Member
Localities. The Authority shall have any and all powers under the Act, as the same may be
amended from time to time.
ARTICLE II. OFFICES
1. The principal office of the Authority shall be located within the boundaries of a
Member Locality as designated by the Board of Directors of the Authority (the “Board”).
2. The title to all property of every kind belonging to the Authority shall be titled in
the name of the Authority, which shall hold such title for the benefit of its Member Localities.
3. Except as otherwise required by resolution of the Authority, or as the business of
the Authority may require, all of the books and records of the Authority shall be kept at the
office to be designated as provided above.
1 The original Bylaws of the Authority were adopted by the Board of the Authority at its organizational meeting held
on February 8, 2019 (the “Original Bylaws”). The Town of Altavista, Virginia (“Altavista”) was a Member
Locality of the Authority under the Original Bylaws. Altavista’s Town Council approved and adopted a resolution
on June 25, 2019, withdrawing as a Member Locality of the Authority, and the Board of the Authority approved
such withdrawal by the adoption of a resolution at its meeting held on October 4, 2019. These Amended and
Restated Bylaws are adopted to remove Altavista as a Member Locality and to make conforming changes in
connection therewith and consistent with the Amended and Restated Cost and Revenue Sharing Agreement dated
October 4, 2019, and they also change the Chairman and Vice Chairman rotations.
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4. The minutes of the Authority shall be open and available for inspection as
required by The Virginia Freedom of Information Act, Virginia Code §§ 2.2-3700 et seq., as
amended. Draft minutes shall be made reasonably available within ten (10) business days of the
meeting to which they relate. Final minutes shall be made reasonably available within three (3)
business days of approval by the Board.
ARTICLE III. MEMBERSHIP
The Member Localities of the Authority are Pittsylvania, Hurt, and Danville, each of
which is a political subdivision of the Commonwealth of Virginia, and each of which is
authorized by the Act to participate in the Authority. The membership may, with unanimous
approval of the Board, be expanded as may be authorized in the Act.
ARTICLE IV. MEMBER LOCALITY AGREEMENT
1. The Authority shall be governed by the Act, these Bylaws and by the Amended
and Restated Staunton River Cost and Revenue Sharing Agreement among Pittsylvania County,
Virginia, the Town of Hurt, Virginia, and the City of Danville, Virginia, dated as of October 4,
2019, executed by the Governing Body of each Member Locality (the “Agreement”). The
Agreement establishes the respective rights and obligations of the Member Localities and
provides for revenue and economic growth-sharing arrangements with respect to tax revenues
and other income and revenues generated by any facility owned by the Authority.
2. Without limiting the provisions of the Agreement, each Member Locality, through
its county administrator, town manager, city manager or other respective designee, is authorized
to incur, on behalf of the Authority, up to an aggregate amount of Ten Thousand Dollars
($10,000.00) in reasonable expenses, related to, or arising out of, (i) developing or testing the
Authority’s projects for a particular business prospect or (ii) marketing to a particular business
prospect. Prior to incurring any such expense under this paragraph, the Member Locality shall
consult with the other Member Localities on such business prospect. Such expenses shall be
reported to the Board at its next regular meeting for consideration and ratification.
ARTICLE V. BOARD OF DIRECTORS
1. The powers, rights, and duties conferred by the Act upon the Authority shall be
exercised by the Board, which shall consist of six (6) members, as follows:
Pittsylvania: Two (2) members of the Board;
Hurt: Two (2) members of the Board; and
Danville: Two (2) members of the Board.
In addition to the members of the Board, each Governing Body of each Member Locality
shall select one (1) alternate director, to serve in the absence of a director appointed by the
Governing Body of such Member Locality, in accordance with the provisions of these Bylaws.
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2. Each Member Locality shall appoint to the Board (2) members according to
paragraph 1 of this Article, from its Governing Body to serve an initial four (4) year term
pursuant to the Act. Each Member Locality shall also appoint one (1) member from its
Governing Body to serve an initial four (4) year term as an alternate director. Each appointee of
a Governing Body shall be a resident of the Member Locality of that Governing Body.
Notwithstanding the foregoing, so long as a Board member is otherwise qualified to serve in
accordance with these Bylaws (i.e., is a member of the appointing Governing Body), such Board
member shall hold office until a successor is duly appointed by the appropriate Governing Body.
3. In order to remain eligible as a director or alternate director of the Authority, such
director or alternate director must be a current member of the Governing Body that appointed
that director or alternate director. Once a director or alternate director of the Authority is no
longer a member of the Governing Body, the Member Locality will appoint a new director or
alternate director, as the case may be, from its Governing Body to fill the unexpired term of the
vacating director or alternate director as the case may be. In the event of a vacating director, the
alternate director from the same Member Locality shall serve until a replacement director is
appointed by the Governing Body of such Member Locality, which shall have the authority to fill
any such vacancies.
4. Each director or alternate director of the Board, before entering upon the
discharge of the duties of the office, shall take and subscribe to the oath prescribed in Virginia
Code § 49-1, as amended, and shall serve in compliance with the Act, these Bylaws and the
Agreement.
5. In the absence of a director appointed by the Governing Body of a Member
Locality, the alternate director of the same Member Locality may act in place of such absent
director. The alternate director from one Member Locality shall not have the right to vote unless
at least one (1) director from the same Member Locality is absent.
6. All powers and duties of the Authority shall be exercised and performed by the
Board, acting by simple majority vote of those directors present at a meeting at which a quorum
is present, except that no facilities owned by the Authority shall be leased or disposed of in any
manner without a majority vote of the Board. A quorum shall consist of two (2) directors
(including any alternate director entitled to vote at such meeting) of the Board, where each of
them represents a different Member Locality. For the purposes of determining quorum, an
alternate director from one Member Locality shall not be counted unless a director of the same
Member Locality is absent. No vacancy in the membership of the Board shall impair the right of
a quorum to exercise all the rights and perform all the duties of the Board.
7. Members of the Board and alternate directors shall be reimbursed for actual and
reasonable expenses incurred the performance of their duties from funds available to the
Authority.
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ARTICLE VI. OFFICERS
1. The Board shall elect from its directors a Chairman and a Vice Chairman. The
director elected to the office of Chairman shall rotate each term of office from one Member
Locality to each of the other Member Localities, beginning with Pittsylvania, next Danville, and
next Hurt and then repeating such rotation in the same order with Pittsylvania, next Danville, and
next Hurt.
2. The term of office for the officers shall be for the calendar year in which they are
elected, and shall continue until their successors are elected.
3. The duties of the Chairman shall be to preside at meetings of the Authority; to
prepare the agenda for any and all meetings, and to make a copy of such agenda available to the
Secretary for the purpose of providing notice of special meetings as hereinafter provided; to call
special meetings; to call special elections; to appoint committees as may be deemed appropriate
to carry out the intents and purposes of the Authority; to be ex officio a member of all
committees; to sign, with the Secretary or any other proper officer of the Authority authorized by
the Board, any documents or instruments which the Board has authorized to be executed, except
in cases where the signing and execution thereof shall be expressly delegated by the Board or by
these Bylaws to some other officer of the Authority, or shall be required by law to be otherwise
signed or executed; and in general shall perform all duties incident to the office of Chairman and
such other duties as may be prescribed by the Board from time to time. The Chairman shall have
an equal vote with the other directors, and shall not have a second, tie-breaking vote on any
question.
4. The Vice Chairman shall, in the absence or disability of the Chairman, perform
the duties imposed upon the Chairman and exercise the powers granted to the Chairman,
including without limitation those duties and powers set forth in these Bylaws. The director
elected to the office of Vice Chairman shall not be from the same Member Locality as that of the
Chairman and shall rotate each term of office from one Member Locality to each of the other
Member Localities, beginning with Hurt, next Pittsylvania, and next Danville and then repeating
such rotation in the same order with Hurt, next Pittsylvania, and next Danville.
5. The Board shall appoint a Secretary and a Treasurer from the Authority’s staff,
which may include staff provided by a Member Locality or other persons employed or contracted
by the Authority. The offices of Secretary and Treasurer may be held by the same person. If a
person serving as Secretary or Treasurer ceases to be staff of a Member Locality, such person
shall not be disqualified from serving as Secretary or Treasurer and shall continue to serve the
remainder of the term of office unless such person is sooner removed or resigns from such office.
a. The duties of the Secretary shall be to take the minutes of the meetings of
the Board; to have custody of all records of the Authority; to have custody of the Seal of the
Authority and to ensure that the Seal of the Authority is affixed to all documents or instruments,
the execution of which on behalf of the Authority under its Seal is duly authorized by the Board;
to sign with the Chairman (or the Vice Chairman, as the case may be) any documents or
instruments which the Board has authorized to be executed; to ensure that all notices are duly
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given as required by law, these Bylaws or by the Board; to call meetings of the Board to order in
the absence of the Chairman and the Vice Chairman, and thereupon to conduct an election for a
temporary presiding officer for that meeting; and in general to perform all duties incident to the
office of Secretary and such other duties as from time to time may be assigned by the Board. In
the absence of the Secretary, the Chairman shall appoint a director or alternate director or shall
direct a member of the Authority’s staff to be responsible for the preparation of detailed minutes
of any meeting.
b. The duties and authority of the Treasurer shall include: (a) the duty to
keep suitable records of all financial transactions of the Authority; (b) the authority to arrange for
the preparation of any audits of the financial records of the Authority, as may be directed by the
Board; (c) the duty and authority to have charge and custody of all funds and arrange for their
investment and deposit in the name of the Authority when authorized by the Board; (d) the duty
and the authority, in the absence of the Secretary, to perform all duties of the Secretary, except
for those certain other duties which the Chairman, under the Bylaws, delegates to a director,
alternate director, officer or staff member in the Secretary’s absence; and (e) in general, the duty
and the authority to perform all the duties incident to the office of Treasurer and such other duties
as from time to time may be assigned by the Board. The Treasurer shall give bond in such sum
as may be fixed by the Board with surety to be approved by the Board. The cost of such surety
shall be paid by the Authority.
ARTICLE VII. ELECTIONS OR APPOINTMENT OF OFFICERS
1. Regular elections or appointment of officers shall be held at the regular meeting
of the Board in January of each year.
2. Special elections of officers in order to fill vacancies or to fill newly created
offices shall be held (i) at a regular meeting duly called or (ii) at a special meeting designated by
the Chairman, but only after notice of such special meeting, as provided in Paragraph 3 of Article
VIII (“Meetings”), has been given.
ARTICLE VIII. MEETINGS
1. The Board shall determine the times and places of its regular meetings, but shall
meet at least, for its annual meeting, as set forth in Paragraph 2 below. Regular meetings of the
Board shall be open to the public (unless otherwise provided under Virginia Code § 2.2-3711, as
amended or successor provision). Regular meetings shall be held in Pittsylvania, Hurt, or
Danville upon call of the Chairman or as otherwise provided in these Bylaws. At a regular
meeting, any business may be brought before the Board, whether or not that business is set forth
in the notice of regular meeting. In the event that the date of any regular meeting determined by
the Board is a date on which any one or more of the Member Localities’ administrative offices
are closed for business, the regular meeting shall be held on the next date on which all the
Member Localities’ administrative offices are open for business. At the regular meeting of the
Board in January, the Board shall elect or appoint its officers to serve for that calendar year.
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2. The annual meeting of the Board shall take place at the regular meeting of the
Board in July of each year, at such place, time, and date as may be established by the Board or
the Chairman. Each Member Locality shall make its appointments prior to such annual meeting
so that the membership of the Board will be complete for such annual meeting.
3. Special meetings of the Board may be called by the Chairman at the request of (a)
any two (2) directors; (b) two (2) alternate directors; or (c) one (1) director and one (1) alternate
director, so long as those two (2) persons requesting the special meeting represent different
Member Localities. Such request shall be in writing, which may be by email to the Chairman at
the email address of record, and shall specify the time and place of the special meeting and the
matters to be considered at the special meeting. No matter not specified in the notice of special
meeting shall be considered at such special meeting unless all directors (or an alternate director
acting in lieu of an absent director) of the Board are present. Special meetings shall be open to
the public (unless otherwise permitted under Virginia Code § 2.2-3711, as amended or successor
provision).
4. Notices of both regular and special meetings shall be mailed by the Secretary to
each member of the Board not less than three (3) business days before any such meeting; and
notices of special meetings shall state the purposes thereof. All notices required herein shall
state the date, time, and location of the meeting and shall be delivered by hand, United States
mail, or a private courier service which provides evidence of receipt as part of its service to the
address of record of all directors and alternate directors. A notice given hereunder shall be
deemed given on the date of hand delivery, deposit with the United States Postal Service
properly addressed and postage prepaid, or delivery to a courier service properly addressed with
all charges prepaid, as appropriate. Any notice required herein may be waived in writing by the
party entitled to such notice, and such waiver may specify that notice may be given to such party
electronically (including without limitation by email or access to a website) in lieu of other
means of delivery.
At the time that any such notice is given to the directors and alternate directors, a
copy of such notice shall be posted (i) in a prominent location at which notices are regularly
posted, and (ii) at the office of the clerk of the Authority, currently at 1 Center Street, Chatham,
Virginia. A copy of any agenda materials or other information included with the notice to the
directors and alternate directors (other than materials exempt from disclosure under The Virginia
Freedom of Information Act, Virginia Code §§ 2.2-3700, et seq., as amended) shall be posted or
made available with the copy of such notice. Notice may also be posted electronically on the
Authority’s website or otherwise, but such posting shall not be required.
At least one (1) copy of the agenda materials or other information given at the
meeting to the directors and alternate directors (other than materials exempt from disclosure
under The Virginia Freedom of Information Act, Virginia Code §§ 2.2-3700, et seq., as
amended) shall be made open and available for inspection at the meeting.
Attendance of a director or alternate director at a meeting shall constitute a waiver
of notice of such meeting, except where a director or alternate director attends for the express
purpose of objecting to the sufficiency of the notice given or to the lack of notice.
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5. Formal action shall be taken by the Board only at open meeting sessions, and such
sessions shall be open to the public.
6. The vote on the adoption of every resolution, any proposals creating a liability, or
for the appropriation or expenditure of funds shall be by yeas or nays, and whenever the vote is
not unanimous, the names of the directors (or alternate directors, where permitted under these
Bylaws) voting for and of those voting against such action shall be entered upon the minutes.
7. Unless otherwise provided, procedure at meetings shall follow Robert’s Rules of
Order as then revised.
8. When approved, all minutes shall be signed by the Secretary and the presiding
officer of the particular meeting.
9. All actions of the Board requiring the approval of an expenditure will be
accompanied by a budget reference and/or funding source.
10. No item will be added to the agenda of a Board meeting without the unanimous
consent of the Board members present.
ARTICLE IX. REQUIRED REPORTS
1. Annual Reports. The Board shall report to the Governing Body of each Member
Locality annually, on or before the last March meeting of the Governing Body, on the activities
of the Authority. In addition to oral presentation at the meeting, a written annual report shall be
provided prior to the meeting and shall contain, at a minimum, the following information:
a. A financial update through December 31 of the current fiscal year;
b. After completion of the first fiscal year, an audited financial report
showing expenditures and revenues and a statement showing financial
condition at the end of the preceding fiscal year;
c. A written report, approved by the Board, of the activities and
accomplishments of the Authority and recommendations regarding future
activities of the Authority; and
d. A list of tenants, purchasers or other persons occupying the Southern
Virginia Multimodal Park and any other regional industrial facilities
developed by the Authority.
2. Special Reports. Upon written request of the Governing Body of any Member
Locality, the Board shall report to such Governing Body within thirty (30) days of receipt of
such request or within a longer period if so provided in such request. The special report shall
describe the activities and financial status of the Authority within the six (6) month period
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immediately preceding the request, or as otherwise specified in the request and shall be furnished
to each Member Locality. A written report shall be provided if requested.
ARTICLE X. FUNDING
Funding of the Authority shall be by appropriation as decided from time to time by the
Governing Bodies of the Member Localities and from such other sources as are identified in the
Agreement.
ARTICLE XI. STAFF
The Board may hire such employees as are necessary to accomplish the purposes and
powers of the Authority.
ARTICLE XII. OFFICIAL SEAL
The Seal of the Authority shall show the name of the Authority, the name of the
Commonwealth, and the year of its formation; i.e., “STAUNTON RIVER REGIONAL
INDUSTRIAL FACILITY AUTHORITY - VIRGINIA - 2018”.
ARTICLE XIII. FISCAL YEAR
The fiscal year of the Authority shall be from July 1 until June 30 of the following year.
ARTICLE XIV. AMENDMENTS
Except as otherwise provided by law, these Bylaws may be amended, repealed, or
altered, in whole or in part, by a majority vote of the Board, at any regular meeting of the Board,
or at any special meeting where such action has been announced in the call and notice of such
meeting; however, instead of the time frame described in Paragraph 3 of Article VIII
(“Meetings”) above, at least one (1) week advance written notice of such proposed amendment,
repeal or alteration shall be given the directors and alternate directors.
The undersigned hereby certify that the foregoing are the Amended and Restated Bylaws
adopted by the Board of Directors at its meeting held on April 24, 2020.
____________________________________
Secretary
*The footnotes and annotations do not constitute part of these Bylaws and are provided for
convenience only.
Cash Current YTD
Balance Rev/Exp Rev/Exp Budget Balance
Cash Balance-July 1, 2019*60,455.06
Funding
Locality Contributions:
City of Danville - 23,000.00 23,000.00 -
Pittsylvania County - 50,000.00 50,000.00 -
Town of Altavista - - 23,000.00 **23,000.00
Town of Hurt - 4,000.00 4,000.00 -
Interest 3.61 28.51 - -
Total Funding 3.61 77,028.51 100,000.00 23,000.00
Expense
Accounting-Audit Fees - 4,000.00 5,200.00 1,200.00
Legal Fees 402.50 6,728.00 40,000.00 33,272.00
Land Option Fee - 40,000.00 50,000.00 10,000.00
Postage, Mailing Service - - 100.00 100.00
Supplies 5.80 1,200.00 1,194.20
Meetings and Incidentals - 345.92 675.00 329.08
Insurance 1,625.00 1,625.00 -
Unobligated - 1,200.00 1,200.00
Total Expense 402.50 52,704.72 100,000.00 47,295.28
Net Income (398.89) 24,323.79
Cash on Hand 84,778.85
*Restated to account for Prior Yr Cost
**Amount not yet received
Staunton River Regional Industrial Facility Authority
General Expenditures for Fiscal Year 2020
As of January 31, 2020
Cash Current YTD
Balance Rev/Exp Rev/Exp Budget Balance
Cash Balance-July 1, 2019*60,455.06
Funding
Locality Contributions:
City of Danville - 23,000.00 23,000.00 -
Pittsylvania County - 50,000.00 50,000.00 -
Town of Altavista - - 23,000.00 **23,000.00
Town of Hurt - 4,000.00 4,000.00 -
Interest 0.85 29.36 - -
Total Funding 0.85 77,029.36 100,000.00 23,000.00
Expense
Accounting-Audit Fees - 4,000.00 5,200.00 1,200.00
Legal Fees 138.00 6,866.00 40,000.00 33,134.00
Land Option Fee - 40,000.00 50,000.00 10,000.00
Postage, Mailing Service - - 100.00 100.00
Supplies 966.81 972.61 1,200.00 227.39
Meetings and Incidentals - 345.92 675.00 329.08
Insurance 1,625.00 1,625.00 -
Unobligated - 1,200.00 1,200.00
Total Expense 1,104.81 53,809.53 100,000.00 46,190.47
Net Income (1,103.96) 23,219.83
Cash on Hand 83,674.89
*Restated to account for Prior Yr Cost
**Amount not yet received
Staunton River Regional Industrial Facility Authority
General Expenditures for Fiscal Year 2020
As of February 29, 2020
Cash Current YTD
Balance Rev/Exp Rev/Exp Budget Balance
Cash Balance-July 1, 2019*60,455.06
Funding
Locality Contributions:
City of Danville - 23,000.00 23,000.00 -
Pittsylvania County - 50,000.00 50,000.00 -
Town of Altavista - - 23,000.00 **23,000.00
Town of Hurt - 4,000.00 4,000.00 -
Interest 0.69 30.05 - -
Total Funding 0.69 77,030.05 100,000.00 23,000.00
Expense
Accounting-Audit Fees - 4,000.00 5,200.00 1,200.00
Legal Fees 2,579.00 9,445.00 40,000.00 30,555.00
Land Option Fee - 40,000.00 50,000.00 10,000.00
Postage, Mailing Service - - 100.00 100.00
Supplies - 972.61 1,200.00 227.39
Meetings and Incidentals - 345.92 675.00 329.08
Insurance - 1,625.00 1,625.00 -
Unobligated - - 1,200.00 1,200.00
Total Expense 2,579.00 56,388.53 100,000.00 43,611.47
Net Income (2,578.31) 20,641.52
Cash on Hand 81,096.58
*Restated to account for Prior Yr Cost
**Amount not yet received
Staunton River Regional Industrial Facility Authority
General Expenditures for Fiscal Year 2020
As of March 31, 2020