Loading...
09-01-1983 MinutesBOARD OF SUPERVISORS MINUTES September 1, 1983 Supervisors in Attendance: Mr. J. Royall Robertson, Chairman Mr. R. Garland DodO, Vice Chairman Mr. C. L. Bookman Mr. Harry G. Daniel Mrs. Joan Girone Mr. Richard L. Hedrick County Administrator Staff in Attendance: Mr. Elmer Hodge, Asst. Co. Administrator Mrs. Mary A. McGuire, County Treasurer Mr. Steve Micas, County Attorney Mr. Lane Ramsey, Dir. of Budget and Accounting Mr. Robertson called the meeting to order at the Courthouse at 10:15 a.m. (EDST). Mr. Dodd gave the invocation. Mr. Hedrick stated his appreciation for the Board attending this special called meeting. He introduced Mr. Jeff Michael for WXEX TV and Jenifer Clark for WTVR both who were filling in temporarily for the regular reporters. 1. ISSUANCE OF BOND ANTICIPATION NOTES FOR SCHOOL LITERARY LOANS Mr. Hedrick stated the first item of business was the resolution authorizing issuance of the bond anticipation notes. Mr. Ramsey stated this resolution would give the Treasurer authority to issue $4,950,000 in bond anticipation notes and to go with $1,000,000 at this time. He stated these notes would be issued against the $6,000,000 in General Obligation Bonds which had not been issued under the 1981 bond referendum. He stated she had received bids on the $1,000,000 at 5.94%. He stated the Literary Loans will repay the bond anticipation notes and if for some reason the Literary Loans are not forthcoming then the notes would have to become long term bonds. After further discussion, it was on motion of the Board that the following resolution be adopted: BE IT RESOLVED BY THE BOARD OF SUPERVISORS OF CHESTERFIELD COUNTY: SECTION 1. Findings and Determinations. Pursuant to Chapter 5 of Title 15.1 of the Code ofVzrg~nla,'~ ' 1950, as amended, (the same being the Public Finance Act), an election duly called and held under the Public Finance Act in Chesterfield County, Virginia (the "County"), on November 3, 1981, and Orders of the Circuit Court of the County of Chesterfield dated December 30, 1981, the County is authorized to contract debt and issue its general obligation bonds in the maximum amount of twenty-six million dollars ($26,000,000) for capital school improvement purposes, acquisition of future school sites and such other school construction as may be required by 'the actual educational needs in the County. Twenty million dollars ($20,000,000) aggregate principal amount of such general obligation bonds have heretofore been issued by the County, and the Board deems it advisable and in the best interest of the County to authorize the issuance of up to four million nine hundred fifty thousand dollars ($4,950,000) aggregate principal amount of such bonds and to authorize and provide at this time for the issuance and sale of general obligation bond anticipation notes in anticipation thereof. The Chesterfield County School Board, by motion adopted on August 29, 1983, has requested the issuance of such notes. 83-472 SECTION 2. Authorization of Bonds. For the purpose of financing the costs of school construction as may be required by the actual educational needs in the County, there are hereby authorized to be issued not to exceed four million nine hundred fifty thousand dollars ($4,950,000) aggregate principal amount of general obligation bonds of the County (hereinafter referred to as the "Bonds"). The Bonds shall be issued at one time or in part from time to time, and in such manner, as this Board by resolution or resolutions hereafter determines. This Board by resolution or resolutions hereafter adopted shall also fix the form and details of the Bonds. SECTION 3. Authorization of Notes. General obligation bond anticipation notes {hereinafter referred to as the "Notes") are authorized for issuance and sale by the County Treasurer in anticipation of the issuance of the general obligation bonds authorized for issuance herein. The Notes shall be issued at one time or from time to time and in such principal amounts, not to exceed in the aggregate four million nine hundred fifty thousand dollars ($4,950,000), as shall be determined by the County Treasurer. Each issue of Notes shall be dated, shall mature and be payable within two years from their date, shall be issued in fully registered form in the name of the purchaser, shall be executed by the County Treasurer, shall bear interest at such rate of interest not in excess of the rate permitted by Section 2.1-326.1 of the Code of Vir~inia, 1950, as amended, shall be subject to redemption prior to maturity at any time at par plus accrued interest, shall recite that they are issued pursuant to the Public Finance Act and an election held in the County under said Act on November 3, 1981, and shall be sold at par at negotiated sale, and shall be issued and sold on such other terms and conditions, all as are determined by the County Treasurer. As soon as practicable following each such issuance, sale and delivery of a Note, the County Treasurer shall file with this Board a report setting forth the details of the Note and of the sale and issuance thereof, and making reference to and having attached thereto a copy of such Note. In lieu of the County Treasurer making such determinations and filing such report with respect to the issuance of any Note, such determinations may be made and the form of Note may be approved by resolution of this Board prior to delivery of the Note. The issuance and details of the Notes shall be governed by the provisions of Sections 15.1-223 and 15.1-224 of the Public Finance Act. SECTION 4. Authorization of Initial Note. Pursuant to Section 3 of this Resolution, this Board hereby determines that it is in the best interests of the County to issue a Note in the principal amount of One Million Dollars ($1,000,000), and to sell such note to United Virginia Bank for a price of par and accrued interest from the date of such note to the date of delivery thereof, such note to be executed by the County Treasurer and the form and details of such note to be as hereinafter set forth in Appendix A to this Resolution. The County Treasurer and other appropriate officers and employees of the County are authorized to take all action necessary in the issuance and delivery of such note. SECTION 5. Sources of Payment of Notes. There shall be levied and collected annually', at the same time and in the same manner as other taxes are assessed, levied and collected, ad valorem taxes upon all property subject to taxation by the County, without limitation as to rate or amount, sufficient to provide for the payment of the principal of and interest on the Notes as the same respectfully become due and payable, to the extent such principal, and interest is not paid from the proceeds of the Bonds, the proceeds of other Notes or from any other available funds including but not limited to the proceeds of loans from the State Literary Fund. 83-473 SECTION 6. ~iling of This Resolution and Subsequent Reports and Actions. The County Attorney is hereby authorized and directed to file a copy of this resolution and each resolution of this Board and report of the County Treasurer filed pursuant to Section 3, and any motion or resolution of this Board approving or otherwise pertaining to such report, in each case certified by the Clerk of this Board to be a true and correct copy thereof, with the Circuit Court of the County of Chesterfield. SECTION ?. Invalidity of Sections, Paragraphs, Clauses or Provisions. If any ~c%i'0n,' paragraph, claUse or prov~si6~n this resolution shall be held invalid or unenforceable for any reason, the invalidity or unenforceability of such section, paragraph, clause or provision shall not affect any of the remaining portions of this resolution. SECTION 8. H~adin~s of Sections. The headings of the sections of this resolution shall be solely for convenience of reference and shall not affect the meaning, construction, interpretation or effect of such sections or of this resolution. SECTION 9. Effective Date. effect upon its adoption. This resolution shall take Vote: Unanimous 2. REQUEST FOR FIREWORKS DISPLAY AT SOUTHSIDE SPEEDWAY On motion of Mr. Bookman, seconded by Mr. Daniel, the Board approved a fireworks permit for Southside Speedway to be held on Friday, September 2, 1983 at 10:30 p.m. subject to the rules and regulations of the Chesterfield County Fire Department. Vote: Unanimous 3. EXECUTIVE SESSION On motion of Mr. Dodd, seconded by Mr. Daniel, the Board went into Executive Session to discuss litigation regarding Dunning v. the Board of Supervisors and the acquisition of real property for public purposes as permitted by Section 2.1-344(a) (6) and (2) of the Code of Virginia, 1950, as amended. Vote: Unanimous Reconvening: 4. DISCUSSION OF PROPERTY The Board discussed the property of Mangolia Grange and the Laurus Tract. On motion of Mr. Dodd, seconded by Mrs. Girone, the Board adjourned at 12:45 p.m. Vote: Unanimous I IRich'~ ~L~ Hed'~ick ~lCounty Administrator 83-474