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04-13-1988 MinutesSupe~v~or~ i~ A~ndanc~: Mr. G. ~. App%ega%e, Chairman Mr. M. B. sullivan, Vice chairman Mr. C. F. Currin, Jr. Mr. Harry G. Daniel Mr. 3~ ~. May~ County Admintstra~o~ Mrs. Doris DeBate, Legislative C0ord. Ms. Joan Dolezal, Clerk to the Board Chief Robert ~an~s, Fire Department Deputy C~. Admln.~ Management Services Buildin~ Official Mr. William ~. ~owell, Dir., ~en. Services Mr. Thomas E. Jacobson, Dir. o~ Planning' Ms. Mary Lou Lyle, Dir. of AcconnLing Mr. Robert Masden, Deputy CO. Admin., Mr. R, J. M~Crecken, ~ran~p. Director Mr. Richard Mc~Ifi~h, Dir. of Env. Eng. ~rs. M. Arline McCuirs, ~r. Steve Micas, Co. Attorney Mrs. Pauline Mitchell, Dir. of News/Info, Service~ Col. JoeepA Pittman, Chief of Policm ~:. Richar~ Sale, Deputy Co. Admin., Development Mr. Jay Shegmaier, Dir. of Budget Dir. of Perks & Rec. ~r~ David Welchons, Dir. of Utilities Mr. Frederick Willie, Dir. of Hn~an Reeource Management Mr. Applegats called the meetin~ to order at 2:06 p.m. and multi-year recor~m~nded revenue sharing progr~un and the 1989 Financial Plan. Mr. McCracken stated the Virginia D~partm~nt of Transportation matchss revenue sharing ~unds up to a maximum of $500,000, ~or a total revenue of $1 million, which funds ar~ designated by the Board for highway projects~ He praeented a bmief overview o~ the p~opo~ed multi-year program, identifying priority projects and providing detaile~ info/marion relative to the BElmont Road to Cnurthoume Road and Route I0/Courthonse Road ~elocated Intersection, which projects are considers~ essential to the implementation of the County's overall road plan for this area of the County. Discussion, questions and comments ensued relative to funding for recreation accesses, the industrial growth impact of the proposed read improvements on the Airport Industrial Park, developer participation in the cost of extending Whitepine Road Extension, the closing of Keycan Road, etc. The proposed program was generally acceptable to the Board~ 25, 1988, at which time a formal resolution would be presented to the Board for its consideration. I.B. 1989 PROPOSED FII~IAI~CIA~ Mr. Stegmaier presented an overview o! information of the 1989 Operating Budget, eutline~ possible FY89 budget adjustments, funding and additional items requested by the Board, unfunded revenue, critical position needs for D~blic aafety and various fu~ni~hinqa/eguipment v~raus funding ~or direc~ s~rvice~, offset debt, salary adjus~ents, ajustment~ to the Mr. Sullivan expressed concerns r~la%iv~ to th~ $5.1 ~illion examine %halt pay increases. Should be approved for County mtsff, if warranted, but he did salaries. He also voiced support for %he proposal ed provide ~he School Sy$~em wi~h an additional $1.2 million but felt $95.5 million, ~he School System should be capable o~ finding packages arrived at by the Board, with additional apDroximate!y $t~5 million ~udget; the 'School System has proposed reductions in services totaling $2.3 m~llion without impacting the level of education within the County, through the additional revenue of $1.2 million provided by th~ County, t~ere is only $1.6 million difference, which could be It was 9enerally agreed the FX$9 Operating Budget, as amended, would be presented during the regularly ~cheduled me=ting at 7:00 p.m. for the ~eazd's consideration and approval. Mr. Ralp~ Westbay addressed the issue of teacher ~alarp increases and explained State ma~datu~. Mr. Ramsay indicated the Capital Improvement Program had been scheduled for discussion also; however, due to time constraints, h~ ~uqgest~d that ~taff pre~ent the matter fo~ the Board's consideration during the regularly ~cheduled meeting. The Board recessed to travel to Magnolia Grange for dinner. 3. DI~N~ME~TIN~ - WOLUNTEEK DISTRICT FI~ CHIEFS ~r. Applegate called the meeting to order at 5:~0 p.m. He introduced Chief Eanes~ who gave the invocation, Introductions were made of those present and dinner followed. Chief Donald A. Cooke, Chairman of the District Chiefs, expressed appreciation for the opportunity to meet with the ~oard a~d ~rlefly outtine~ major accomplishments o£ ~he previou~ year and anticipated goals ~or the future. Chief tennis Miller outlined the budget request from the District Chiefs for PY88-89 relative to obtaining newer c~iefs~ vehicles for the volunteer units. He stated the replacement of ~xi~ting voluntssr ecmgany vehicles, which range from fair to poor condition, could be achieved by expanding the Fire Department's target budget to include the purchase of new v~hicl~s and the process of attrition whereby the hetter-co~ditioned~ ~ed vshi~les could be 9a~sd onto the volunteer units. Chief Eanes stated the Fire Department, through discussions with the County Administrator, endorses this proposal. ~r. ~pplegate and s=a~ed =he County is proud of i=s fire departments and staff who give so freely and diligently of their time. The ~oard recessed to t~avel to the Courthouse for its regularly scheduled meeting at 7:00 p.m. Reconvening: 4. iN%~CATI ON Mr. Applegate in%reduced Chief Rebate Eanes who gave ~he 5. PLEDGE OF ~?X-RGIA~C~. TO TH~ FLAG OF THE ~NIT~-D STATES OF The Pledge of Allegiance to the Flag of the United Status of America was recited. 6. M. ARCH 23, 1~88 There was Qis¢oe$ion relative to zezcninq case 88S005, IRVING respect tQ th~ Request for Proposal as it relates to the iDtent/defiuition of standards for siting. On motion of Mr. Currin, seconded by Mr. Sullivan, the Hoard Nays: Mr. Mayes, as ke felt that if the County is paying $50jOO0 for a study, it ~hould be comprehensive and mad~ during that meeting, hOweVer, he did not believe the wording reflected the intent of his vote, as discussed regarding Case 88S005, IRVING G. 50RNER. 6. M. Ai%C~ 31, 1988 On motion of ~r. sullivan, seconded by Mr. Mayer, approved the minutes of Earch 31, 1988, as Sub~i~ted. Vote: Unanimous the Hoard On motion of ~r.. Daniel, seoonded by Mr. Mayes, approved the minutes of April 6, 1988, as ~ubmitt~d. Vote: Unanimous the Board 7. COUNTY A~MINIST~ATOR'S CeremENTS Chief Eanes introduced Volunteer District Fire Chief Lonaie ~ilte~, Company ~5, who pre,ended the ~ard with a plaque from the Chesterfield Fire Chiefs Association in appreciation and recognition of the Hoard'~ continued Support of the Fire Department. 8. BOA~D COMM~TTEE REPORTS Tho~e wer~ no Board Committee Reports to be presented at this ~. ~EQ~EZTZ ~) i~OZT~OWE ACTION~...E~RG]~N~ADDITION~ o~ On motion of Mr. Daniel, seconded by Mr. Mayes, the ~oard deleted Item 2, =xecu=iwe Session to Discuss Personnel Matters; added Item 10.F., Resolution Proclaiming April 24-~ay I, as "American Home Week"; added Item 14.I.~ Authorization for the County Administrator tO E~eeute a "Sale and Purchase Aqreement" to Acquire an Interest in the Greater Richmond Transit Company; and adopted the agenda, as amended. Vote: Unanimous 10,A, ~. $~LDO~ H. WILLIA/~SOE~ UPO~ ATTAIninG ~K 0F ~AGLE SCOU~ On motion of the Boa~d~ the follo~in~ ~csclution wc~ adopted: WHE~ The Boy SCO~ ~[ ~muric~ wa~ incor~c=~t~d b~ ~r. Willi~ U. ~oyce on February $, 1910; a~d WHE~AS, The Boy Scout= of ~rica was founde~ =o promote citizenship training, per~onal development and fitness of individuals~ an~ WHE~AS, After earning at toast twenty-one m~rit badq~ in a wide variety of fields, serving in a l~ad~r~hip po~i~ion in a treeD, carrying Out a service project beneficial to the co--unity, being activ~ in th~ troop, demonstrating SCout spirit and living up to the Scout Oa~ and Law; and W~EREAS, Sheldo~ Heath Williamson, Shawcndassee Di~trict~ Troop 845, ha~ aucomplished ~hose high standards cf co~itmen~ and has reached the long-~ought goal of Eagle scout which i~ r~c~i~e4 by less than two percent of ~kose individuals ~n=e~ing th~ S~outinq movement; and W~E~S, Growing through his experiences in scouting, learning the lo,sons of r~sponsibte citizenship and priding himself on the great aceompli~untS of his County, Sheldon Hea~ Willi~son is indeed a member of a new generation of p~epaf~d ~cuug citizens of whom we can all be very proud. NOW, T~E~FORE BE IT RESOLVED, that the Chesterfield tc Sheldon Heath WilLi~son and acknowledges the good f~rtune its citizens. Vote: Unan~ou~ Mr. Mayas presented ~ executed re~olution %o Mr. Williamscn and c~ended him for his outstanding achiev~ent. 10.R, D~CLA~I~G APRIL 17-23, 1988 AS "VOLUNT=ER WEEK" On motion of the Board, the following resole%ion was adopted: WH~lk~AS, volun%eerimm has long been an important Dart of America's hi~to~y; and WItEREAS, The citizens of Chesterfield County continue to give generously e~ their time and talents to serve =heir fellow citizen~ and WB~P~AS~ These talents have contributed s~gnlficantly to the quality of l~fe ~n our County and Our Co~onwealth; and WMERF~AS, The work of our volunteers represents a cor~i%m~nt to the coutinne~ well-being oi our County. WOW, THEREFORE BE IT RESOLVED, %ha~ %he Chesterfield county Board of Supervisors does hereby declare April 17 - 23, I~$ as "Volunteer Appreciation Week" in Chesterfield County in honor of the invaluable work of our fine volunteers. Mrs. DeHart introduced D~. Philip Wagner and acknowledged Mr. Randy Allen in resogni=ion of their invaluable volunteer contributions to the COUnty. Mr. Daniel expressed appreciation for ~he significant contributions of volunteers and presented Dr. Wagner with the executud resolution on b~half of ~11 volunteers in the County. 10.C, DECLART~Q A~RTL 17-23, 19~8 AS "LIBRARY WEEK" On motion of the Board, the following resolution wax adopted: WHEREAS, Libraries touch the l±vee of every oitiz~n, either directly or indireotly; and WHEREAS, Libraries continue to b~ among our nation's most valuable resource~ p~oviding vital information and services to and WHEPd~AS, Our Coenty is s~rved by many public, eo~porate, academic and ~chool libraries; and WHEREAS, These libraries are joining the D~merican Library Association in celebrating the 31~ Annual National Library Week With the theme "Charge up at t_he Library"~ an~ W~EREAS, That theme ~ncourages everyone to be "charged up" by taking advantage of the library's information ~ervlces-- whether for personal enrichment, business, academic pursuits or pleasure. ~OW, TH~R~FOR~ BE IT RESOLVED, that th~ Chesterfield County Board Of Supervisors docs hereby prou!aim April 17 - 23, 1988 as "Library Week" in Chesterfield County and ~rges every citizen to be "charged up" and call or visit our local libraries ~bis week and throughout the y~ar. Vote~ Unanimou~ ~r. Sullivan p~¢uunted the ex~cuted re,clariOn to Dr. Wagenkneeht, who was pre~ent. 10.D. DECLARING APRIL 17-23., ~988 AS "VTCT%M~~ RZGNTS WEEK" On motion of th~ ~oard, the following reeol=tion was adop=ed; WHEREAS, President Reagan h~e ~eolared the weak of ADril 17 - 2~, 19~ to ~e "National Victir~s' Rights Week"; and W~EREAS, The U. S. Department of Justic~ estimates that five out of six Of to,ayes twelve-y~ar olds will beoome the victim or intended victim o9 a violent crime in their lifetime if current crime ra~ee per,is%; and WSE~AS, The cost of violent crime to victims exceeds $12 billion annually; and W~EP~EAS~ ~he public and private S~OtQZS of Virginia mus~ join rosette/ with our government to address the crisis of violent crime and promot~ greatly needed ~erviee~ to innocent victims of erim~; and WHEt~EAS, Th~ citizens of Chesterfield County, Virginia must confirms to support program~ end services to provide violent crime vlct~ms with comprehensive services including counseling, guidanc~ ~h~ough our criminal justice system, compensation and restitution; and WH~REAS~ The Chesterfield County Sheriff's Departm~nt~ Victim-Witness Assistance Progr~ and the Young Lawyer~ Conference, Twelfth Circuit, along with five thousand ~%ate ~D~ local victim~' advocacy organizations nationwide, will pro, ore greater public awareness ubo~t the right~ and ne~ds of violent crime victims during "National Vict~s' Rights Week." ~OW, T~ER~FORE BE IT R~SOLV~b, thac t~e Chesterfield County Board O~ Supervisors proclnim~ April 17 - 23, 1988 as "Victims' Right~ W~k" in Chesterfield County. A/~D, B~ IT ~URTHEB P~$QLVED, that the Chesterfield Count~ Board of Supervisors reaffirms its commitment to address victims' rights and criminal justice issues during '~National vieti~' Righ%~ W~k" ~nd t~arcughout the year. AND, BE IT FURTheR R~$OLV~D, that a copy of thi~ proclamation be presented tc the Chesterfield County Sheriff's Department, Victim-Nitness Assistance Program and the Virginia Sta~e Bar, ~eung Lawyers Conference, Twelfth Circuit. Vote: Unanimous Sheriff Mutispaugh introduced Mn. Penny stayer, Director of the Victim-Witness Assistance Program, who was 9rssent. Mr. Currin pre~ented the e~ecuted resolution to ~s. Stayer and commended those isvolved in the program for their awareness, oo~it~ent and efforts to promote services far vfolsnt crime victims. 10.E. DECLARING APKZL 24-30, 1985 AS "'CREDIT EDUCATION WEEK" On motion of the ~oard, th~ following resolution was adopted: W~E~EAS, Understanding the natu=e sf credlt, its cost and benefits is necessary if our citizens ~e to ~ealim~ the full benefits of their incom~; and WH~AS, The dissemination of information regardin~ credit will help inform consu~rs of their rights. County Board of Supervisors doe~ hereby pre~ent thi~ resolution to CWi~ Credit Pr0fe$$io~als of Richmond, Virginia in recognition of "National Credit Education Week", April 24 - 30~ I9~8. Vote: Unanimous Mr. Applegate s~ated representativem of ~he Credit Profeami0n- als of Richmond, Virginia could not be present and %he resolu- tion wOU~d be £orwar~e~. On motion of the Board, the following r~solution was adopted: W~R~A$~ Because American~ enjoy mor~ political and economic freedom than any other peopl~ on earth~ this gr~at nation is known the world over as the l~nd of %iberty~ end precious is the right of each citizen to ©%zn~ ~Se of transf~ real preper~y as he or she sees fit, so long as the rights of others are net infringe~ upon~ and WHEREAS, We must guard against taking for granted the rights that oem~ with home ownership, owning one's home and preserving these riqhts fcste~ democracy because it disperses individual decision-making that collectively affects the well~being of our community; much ownership requires that people save not only for their c~n humes, but it ensonrages savings in other sectorm of the economy, creating grow%h and contributing to a higher quality of life; and National Association of ~TO~, arm getting amide a w~Qk to celebrate OUr eoRsti=utio~al freedom to own real property, asking all citizens in our community to join i~ xoe£firming this basic freedom. NOW, THEEEPOKE BE IT RESOLVED, that the Chesterfield County Board of Supervisors docs hereby proclaim April 24 - May 1~ 198~ e~ "American Nome Week" and asks all r~sident$ o~ Chesteriield County to join with the Richmond Board of REALTORS and it~ members in setting aside this period to remind ourselves that we are a frae people endowed with the right tc own real property, and giv%n +-he responsibility to protect that right. 9otc: ~animous ~r. Applegatc presented the executed reeolu~ion to Mr. Tom Ennis, President of the Richmond Board of Realtors, and Ms. Armenta ~uckner~ Vice Chairman o~ the Public R~lations Committes, who were present. 11. H~INGH OF CITIZENS O~. UN8~uUD~ ~Aa-~.m~S OR CLAIMS claims. or DBFEPI~EDITEMS ADOPT ORDINANCE ESTABLISHING ANNUAL TAX LEVY ON VARIOUS CLASSES OF ~]~AL A~D PRRSOHA~ On motion of thc Board, the following ordinance wa~ adopted: AN ORDINA~C~ TO ~TABL!~N THE ANNUAL TAX LEVY CH VARIOUS CLASSES OF PROPERTY PeR COU~TI OF CHESTErFIeLD ~E ~T ©FJ~AIN~D by the Board cf Su~srvi~sr~ Of the County of Chesterfield that for the year beginning on ~he first day of Sanuery, 198~, and ending on t_he thirty-first day of Decembez~ 19~s~ the ta×e~ on property in all the ~agi~t~r~al Districts of tho County of Chesterfield shall he a~ follows: Sec. ~. Real Pre~ezt~ and Mo~ile Homes. On tracts of lan~, lots or improvemant~ thereon and on mobile home~ the tax shall be $1+0~ on every $100 of assessed value thereof. Sec. 2. Personal Property. (a) On autcmobile~ trailers, boa=~, boat trailers, other motor vehicles and on all tangible personal property used or held in connection with any mininq~ manufacturing or other business, trade, occupa=icn or proTession~ inci~ding furnishinge, f~rniture and appliances in ~hatl be $3.60 on every $100 of thc assessed value thereof. (h) On aircraft ~s defined by 5cc=ion 58.1-3503 an~ -3506 of the Code cf Virginia, 1950, as amended, the tax shall be $1.10 on every $100 of the assessed value thereof. Sec. $. Public Service Coz?oration Property.. (a) On that per=ion of real estate and tangible personal property of public service corporations which has been sgualised as provided in Section 58.1-2684 of the Code of Virqinia~ 1950, as amended, the tax shell be $1.04 on every $100 of the assessed value thereo~ determined by the State Corporation Commission. notwithstandinq, on automobiles and truck~ belonginq to ~uch public service so,potations the tax shall b~ $3.60 aD every See. 4. Machinery and Tools. On machinery and tools used in a manufacturing or mining business the tax shall be $I.00 on every $100 assessed v~lue Vote~ Hnanimous 12.B. ADOPTION OF 1989 FINANCIAL PLAN Mr. Stegmaier distributed copies of the amended 1989 ~inancial Plan which amendments rm~ultmd from the Board's earlier work Mr. Sullivan ~tatsd he was delighted that the Board had been able to address needs of human services, ~ibr~ries, however, stated he felt the budget did not addrsms the needs cf the School System and, for that reason, found it unacceptable as it would adversely impact the quality of eduea~ien and educational facilities. After Board discussion of %he ma=~er, i~ was on motion of Mr. Daniel, szconded by Mr. CuEEin, resolved that the Board adept the 1989 Financial Plan, as amended, in the total amount of $333,551,800. The Board being polled~ the vote was as follows: ~r. Daniel: Aye. Mr. ~ayes: Aye. Mr. Sullivan: Nay, as he felt the budget did not address the found it unacceptable am it would adversely impact the quality of education and educational facilities. Mr. Ceftin: · Aye. Mr. Ramsay e~pzesse~ appreciation, on behalf of ~taff, for th~ diligent ~fforts of th~ Budget Cormmittee and the ~oard in It wa~ g~nerally agreed the ~oard wo~ld r~e~cc for ten After a brief discussion, the Board deferred the adoption of the proposed Five Year Capital Improvement P~0gram until April 18, 19~, in order to comply with th~ ~ven (71 day legal requirement period between the astual date of the hearing and the date o~ adoption of the Capital Improvement ~regram. 12.C. PUBLIC HEARING TO CONSIDER OPdDINANCE TO AMEND THE CODE · E~ COUNT¥ OF c~EgTERFIELB, 1978, AS ~.MENDED, BY AMENDING SECTIONS 21-142 THROUGR 21-146 REI~ATING TO A~RICULTUP~AL It wa~ generally agreed to defmr consideration of an ordinance to amend th~ County Cod~ relatinq to Agricultural Districts so to immediately follow Ite~ 13.P., Public Hearing tn Consider an Ordinance to Amend the Code of the County of Chesterfield, 1978, as Amended, by Reenacting Chapter 18, Known as the "Subdivision of Land", aL the two items arq similarly related. 13. PUBLIC 13.A. TO CONSIDER THE P~STRICTION OF THROUGK TRUCK TRAFFIC ON COURTHOUSE ROAD FROM ROUTE 360 TO ROUTE 10 Mr. 8ale stated this date and time had been a~ver~ised for a public heariDg to consider through truck traffic restriction on Courthou~ Road from Route 360 to Route 10. There wa~ no one pr~nt ~O speak in favor o£ or a~ain~t the proposed restriction. On motion of Mr. Daniel~ seconded by Mr. Mayer, the Boar~ adopted the following :e~olution~ ~EEP~A$, the Chesterfield County ~oard of Supervisors has received reques£s ffom citizens to restrict through truc~ traffic on Courthouse Road (Route 653 and Route 604) from Rou%~ 360 to Route l0 by any truck or truck an~ trailer or semi-~railer combinatien except pickup or panel trucks; and W~REAS, the Board has conducted a public hearing on the question. NOM~ T~EREFORE, BE IT R~$OL~D~ that the Soard of Supervisors requests the Virginia Department of Transportation to restrict through truck traffic on Ceurtkousa Road from Route · E IT FURTHER RES0~V~D, that the Board requests the Depur~unt to impose this restriction only ~fter Rd=be ~8 is completed from Route 360 to Route I0. Vote: Unanimous 13.B. TO CONSIDER T~E RESTRICTION OF THROUGH TRUCK TRAFFIC ON FORDHAM ROAD FROM JACOBS ROAD TO HULL ST~ET ROAD AND ON JACOBS ROAD FRO~ ~W~YS BRIDGE ROAD TO FORDHAM ROAD Mr. Sale stated this data a~ time had been advertised for a p~blic hearing to consider through truck traffic r~strictlon on Fordham Road from Jacobs Road to ~ull ~treet Road and on Jacobs Road from Newbya Bridge Road to Fordham Road+ Mr. John Coqbill, representing ML~B PartDershlp, and Mrs. Rhea Calfea, representing the Fernbreok community, voiced support for the pfop0sed restriction as it would e!iminst~ posen=iai safety hazards for the neighborhood, On motion 0£ Mr. Daniel, seconded by Mr. Mayes~ the Board udoptud the followin~ resolution= W~A$, the Chesterfield C0un~y Board of supervisors has received requests from citizens to me~trict through truck traffic on Fordham Road {Rou~e 7~) from Jacobs Road (Route 882) to Hull Street Road (Route 360) and on Jacobs Road (Route ~8~) from Newby~ Bridge RO~ (ROUte 649) to Fordham Road (Route 763) by any truck er ~ruck and trailer or s~mi-trailer combination except pickup or panel tr=cks; an~ W~R~AS, the ~card has conducted a public hearing on the q~estion. ~OW~ THE~FO~, BE IT ~SOLVED, that th~ Boaz4 of S~pervisors requests the Virginia Depar~snt of Transportation 88~217 Road to Null Street Road and on Jacob~ Road from Newby~ 5ridge Road ko Fordham Road. Vote~ Unanimous 13.C. TO CONSIDER kN ORDINANCE TO A~END THE CODE OF THE COUNTY REENACTING SECTION 6-4 P~LATING TO BUILDING AND RELATED PERMIT FEES Mr. Sale stated this date and time had been advertised for a public hearing to con~ider an ordinance to amend the County Cod~ relating to building and related permit ~ees. Mr. Tom Cauble, a homebuilder and representative for the Noms Ruilder~ Association of Richmond, voiced support ior proposed ordinance es the amendments would be most beneficial to the eO~m~Unity, ~ al~o e~pressed appreciation for the opportunity afforded the A~soeiation to address problems being There was no opposition present. On motion of Mr. Daniel, seconded by Mr. Sullivan, the adopted the followinq ordinance~ AN ORDINANCE TO ~LEND T~E CODE OF TEN COUNTY OF CNESTER~IELD, 1978, AS AMENDED, BY A~L~NDI~G AND REENACTING SECTION 6-4 ~LATING T0 ~UILDING AND RELATED PE~IT FEES ~E IT ORDAINED by the Board of Supervisors of Chesterfield County: (1) That Chapter 16 of the Code cf the County o~ field, Virginia is ~ended and reenacted by amending following ~ection: ~ec. 6.4. ~ermit fees. (a) ~. Unless otherwise excepted, no pe~it demolition or other building operation fur construction required by the several provision~ of the Virginia Uniform $=a:ewide ~uilding Cods shall be issued un%il %he :o a permi~ necessitating an a~di=ional fee because of an inorease in the e~timated cost of the wozk involved shall approve4 un=il ~he a~diuional fee has been paid. All such permits shall be iuouud by the building official on shall be based upon %he project cos% for labor and materials. Marshall and Swift Index or other ~valuation oi building costs a~ approved by ~he Building Official. Minimum acceptable will b~ adjuce~d annnalty on J~ly 1 to rPflect ¢hanq~ in o~ construction. The Buildinq Official may assess additional f~s when a r~view of the permit applicatiou or plans shows that sufficient fees have not been paid, Fees will be charged in ac0ordance with the following schedule= (1) Building: a. ResidentlalNew Minimum fee .............................. $ 120.00 Each five hundred dollars 0r Sractiun thereof o~ estimated construction cost.,,$ 1.45 b. Residential A~ition - Garage: Zinimum fee ........ ~ ..................... $ ~0.OO ~aeh five hundred dollars or fraction %h~rsof Of estimate~ construction ~o~...$ 1.45 c. Residential Addition - Except Garage: Minimum fee .............................. $ 25.00 ~ach five hundred dollars or fraction thereof of estimated construction cost..,$ d. Residential Remade!lng: _ Minimum fee .............................. $ 25,00 thereof of estimated construction cost...$ 1.45 Commercial Building Structure Excluding Signs: TWO thOUSand dollars or leas ............. $ 17.25 Each additional One thousand dollars Or fraction thereof of estimated.construction coat ..................................... $ ~.70 f. sign~: Two thousand dollars er less ............. $ 17.25 Each addltlo~al one thousand dollars er fraction thereof of estimated eon~truetlon cost ..................................... $ 4.70 g* Accessory ~uilding: ($1.45 per $~OO e~time=ed cost) Minimum fee .............................. $ ~7.25 (Estimated cost o~ $5~0 or less - NO FEE) Re-roofing, Trim, siding, Masonry ~ireplace (~elining Or replacement) ...... i. Mobil~ ~cm¢ in Mobile Eome ~ark (Including buildings, electrical and plumbing) ...................... $ 34.25 j. Mobile Home on Private Property (D©~s not in¢luae electrical and plumbing) ...................... $ 17.25 k. Permit ReinstaEem~nt ........... $ 17.25 (2) ~echanical~ a. When the cos~ of labor and material (applicant's cost) involved in installation, alteration, replec~ment and/or repair $~--300 ..................................... $35.00 $301--5~0 ................................... $1,001--2,000 ............................... 50,00 $2,001--3,000 ............................... 55.00 $3,D01--4,000-. .............................. 60.00 $4,00I--5~000 ............................... 65.00 Over $5,00t ................................. 65.00 Plus $4,60 for each additional $],000 or fra~%ion thereof. [3) Plu~%bin~: · · a. The fee for each pluming permit issued shall include the installation, alteration, rsplace- meat, and/or repair of any one or all of the following: Water service piping, building sewer (including connec- tion to the County water system); water distribution piping; building and sewer {including connection to the County 8ewer ~ystem); drain waste, and vent piDinq; gas piping; private or public wetly, pump~; storm drains; traps and ~ixtures. When the cost cf labor and material (applicant's cost) involved in installation, alteration~ replacement and/or $0--300 ..................................... $35.00 $301--500 ................................... 40.00 $50I--1~000 ................................. 45.00 $1,~01--2,000 ............................... 50.00 $2~001--3,000 ................................ 55.00 $3,001~4,000 ................................ 60.00 $4,001--5,000 ................................ 65.00 Over $5,001 .................................. 6~.00 Plu~ $4.60 for each additional $I,000 ar fraction b. Aceive ~olar When the cost of labor and material (applicant's cost) involved in installation, alteration, replacement and/or rmpair $0--300 ....................................... $35.00 $301--500 .................................... 40.00 S501--1,000 ................................... 45.00 $1~001--2,000 ................................. 50.00 $2,001--3,000 ................................. 55.00 $3,00I--4,000 ................................. 60.00 $4,001--5,000 ................................. 65.00 Over $5~001 ................................... 65,00 PlU~ $4.60 for ~ach ~dditional $1,000 or fr~ction thereof. s. Septic tank pe~i% .................. $50.00 (4) Electrical: a. When the cost of labor au~ material {applicant's QO~t) invotvgd in inst~lation, alteration, r~placement and/or repair is: $0--300 ....................................... $35.00 ~301--MOO ..................................... 40.00 $501--1,000 ................................... 45.00 $1,00~--2,000 ................................ , 50.00 $2,001-~3~000 ................................. 55,00 $~,001--4,000 ................................. 60.00 $4,00t--5,000 ................................. 65.00 Over $5,001 ................................... 65.00 Plum.$4.6O for each additional $1,000 or fraction (~) Electrical, plumbing and building related mechanical workers' a, Master card ......................... $10.00 Examination ......................... 45.00 b. Journeyman card ..................... 10.0O ~×~ination ......................... 35.00 (6) Annual certificate of compliance for elevator~, escalators, dumbwaiters and manlifts~ a. such fees shall he as follows and shall be payable to tbs county on or beform December 3] of each year for the following year. The fee shall include the cost of the application for a Passenger elevators ..................... Freight elevators ...................... 10.00 Dumbwaiters ............................ 10.O0 Manlifte ................................ 10.00 Esealaters (per floor) .................... Note: If the initial certificate e£ cempliance is issued On Of after January 1 and on or before June 30~ ~ke fee is one-half (1/~) the ~meunt shown. If the initial certificate i~ ismued on or after July 1, there i$ nc charge for the initial certificate which will expire December 31 oX the year in which the certificate is issued. b. Exumptien~ from fee requirement: {1) No f~ shall b~ required £or building permits less than five hundred dollars ($500.00) and much construction would not invulve securin~ any other permit as requirmd by section ~09.0 of 'the Virginia Uniform Statewide ~uilding Code. (Z) NO fee shall ~e re~uired to be Daid for pe~mit~ to be issued for the construction of buildiugs designed for and used to house religious assemblies as a place of worship. c. Disposition o~ fees. Ail permit ~ees required by this section shall be pa~--~""the applicant to the county treasurer er his deputy a% the ~i~e the applicabi0n for permit is filed with {he buildinq official, and upon r~ceipt of such county general fund. d. Refundu on application for ps,mits c~eelled on request of applicants, if an application fur a permit is can- celled on request of the applicant before a permit i~ the permit fee ~hall be returned by the building official within ~ix (6) mcnth~ ufter th~ date the application is received in the e£~ice c~ the buildin~ oral=iai. If the permit has been issued, the permit fee shall be returned upon written request of the applicant within one ~ear of the ti~e the hermit has been issued unless the permit has been assigned t~ another person. The following administrative fees will deducted f~om the refund: I. Residential buil6ing p~rmits ............ $I5.00 88-221 2. Residential auxiliary permite ........... '$15.00 3. Commercial building permits ......... 20% of fee 4. Commercial auxiliary permits ........ 20% of fee e. ~ee for reins~ection of the same type. In additiun to the f~es set out ia this sectiont ~he~ shall b~ e fa~ of fifteen dollars ($15.00) for each inspection made in excess of two (2) ~ if such inspection trips are made nec=usary due work not being complete for inspection when request for inspection is made or if corrections are not mad= before calling for reinspections. Vote: Unanimou= 13.D. TO CONSIDER AMENDMENT TO THE COUNTY 1988 BUDGET APPROPRIAT~ ADDITIONAL $3,020,000 TO L~ASE PURCHASE THE AT&T SYSTEM 85 TELEPHOEE SYSTEM~ CERTAIN PUBLIC SAFETY EQUIPMENT A~D CERTAIN FIRE APPARATUS AND EQUIPMFNT Mr. Rammer stated this date and t~me had been scheduled for a public hearing to consider the appropriation of additional f~nding in ~h~ amount of $1~070,000 fo~ the lease purchase of the AT&T System 85 Telephone System and authorize ths County Administrator to enter into a contract witk ATeT for the pnrchase. Ne one came forward to speak in favor of or against the proposed matter. A~t~r a brief ~i~cu~flion, Mr. Daniel expressed concerns relative to the financial impact to which he felt should be available prior to oonsi~erlng the request. After further discussion, it was on mctlon o~ ~r. flu!liven, secondsd by Mr. Mayes, resolved that the Roard appfopfia[e an e~itional $1,090,000 for the lease purchase o~ tho AT&T ~ystem 85 Telephone Syfltem and authorized the County Administrator to enter into a contract with AT&T in an amount not to e~ceed $t,070,000 for purchase of th~ =yst~n. Ayes~ Mr, Applegate, Mr. Sullivan, Mr. Currin an~ Mr. Mayes. Nays: ~r. Daniel, aa he felt sufficient financial information was not available. It wa~ noted Item i3.D.2, hes two ~ections~ a publi~ hearing and adoption cf a bond resolution; that Item Appropriation of $43,526,881.59 to Complete the Refunding of the Water and Sewer Revenue Bonds, Series 196~B, By Isa=anco of the Water and Sewer Refunding Bonds, S=ries 1988, for which a revised paper was distributed, w0ald be heard in its appropriute sequence~ however, considerution Oi the s~optiun o~ the bon~ resolution, which is existing Item 13.D.~., should be moved to New Business ss Item Adoption o~ F~nal Resolntien Authorizing tbs Issuance o~ the water and S~w~ Refunding Bond~, S~rie~ 19~B, to be heard in sequence after Item 14.B. I3.D.2. APPRQPRIATiO~ OF $43,526,881.59 TO CONPLETE THE REFUNDING OF TEE WATER AND SEWER REVENUE RONDS~ SERIES 198~B~ BY TH= ISSUANC~ OF TE~ WATER AND S~W~R RSFU~DI~G Mr. Hammer ~tated this date and time had been advertised for a public hearing to csnsider an a~endment to the FY88 ~udget by 88-222 appropriating an a~di%ional $43,5~6,~81.59 to complete the refunding of the Water and Sewer Revenue Bonds, by =he issuance of the Water and Sower Refunding Bonds, Series 1988. No one Came forward to speak in favor of or against the propomed matter. On motion ef Mr. S~lliva~, seconded by Mr. C~crln, the Board amended the the P¥88 Budget by appropriating an additional $43,526,881.59 to complete the refundinq of the Water and Sewer Revenue Bonds, Series 19~5B, by ~he issuance of the Water and Sewer Refunding Bends, Series 1988, with recommended appropriations as follows: ~SES Accrued Interest Purchase SLG'$ Cash Deposit tn E~nrow Insurance Premiams IFSIC} Deposit to Debt Service Fund (Accrued Interest) Debt Service Reserve Fund Issuance Costs of County $43~872~957.65 106,2~4,13 $43,979,211.78 452,33~.19 $43,526,~1.59 311,673.90 341,494.98 106,254.13 4,3~7,295.77 109,262.81 $43,526,E81.59 13.E. TO CONSIDER AN ORDINANCE AMENDING TEE CODE OF THE COUNTY OF CEESTER~IELD~ 1978, AS A~D=D, ~Y ADDING SECTION FEES Mr. Jacobsen stated this date and time had b~n adv~rtlsed for a ~ublic hearing to consider an ordinance to amend the County Code zelatin9 to the posting of public nO,ices On ~roperty for which rezenlng is requested and fees to cover tho cozt of purchasing and pestles the signs. No one ~am~ £o~r~ fo speak in favor of or agains= the proposed ordinance. On motion ~f Mr. Sullivan, seconded by Mr. Cu~in~ the Board adopted the following ordinano~ AN ORDINANC~ TO AMEND TH~ COD~ OF TH~ COUNTY OF CHESTERFIELD, 1978, AS AMENDED~ BY ADDING SECTION 21-6.1 RELATING TO TEE 9OSTING OF ~U$LIC ~OTIC~S OF ~UELiC HEARING AND AMENDING S~CTION 2I-9 R~LATING TO FEES ME IT ORDAINED by the Board of Supervisors of Chesterfield County that= (1) Chapter 21 of the Cods of =he County of Chesterfield, Virginia, I978, aa ammnded, is amended by adding th~ following section= 88-223 21~6.1. Posting of Public Notices on Property._ (a) The Director of Planning, or his designee shall, at least twenty-one (21) days before the date of the first hearing on any applieati0n for rezoning, conditional use, variance or special exception, or any appeal ae provided for in Section 21-17, post om the land or building involved in any application or appeal, anutics Qf the public hearing. posted at reasonable internals along streets abutting street, then at the proposed public street entrance locations ~o as to be reasonably visible from public roads. NeitbeT the holding of any public hearing nor th~ validity of any action on an application, cT an appeal as provided for in Section 21-17, 8hall be affected by th~ ~na~thori~od r~mcval of a notics which ha~ been d~ly po~ted in accordanc~ with this ssetion. Posting shall nat be required when (a) the hearing involve~ an application for an 'amendment to th~ zoning ~ap inltia=ed by resolution cf the Planning Commipeio~ or Board of Supervisors, er appeal as provided for i~ Section 21-17 when such ~pplicat~on or appeal inv0t~zs twenty-six (26) or more parcels cf land, or (b) the hearing involves an appeal, as provided for in Section 21-17, c0nee~nin~ no ~pecifio property. (2) That Section 2I-9 of the Code of the County of Chest~rfisld, 1978, as amended, is a~snded as ~ollows: Section 21-9, Fees for Hearings. The cost o~ each hearing requested pursuant to the provisions of this chapter, including advertisement when required, shall be as follows and shall be deposited simultaneously with the filing of the application or petition~ (a) Zoning: {1) Agricultural (A) $ 370.00 Plus, per acre $ 10.00 I2) R~sidential (R~88, R-40, $ 645.00 ~-25, R-15, R-12, Plus, per acre $ 20.00 (3) Commercial, Industrial $ 645.00 Plus, per acre $ (h) C~nditional Use~ and ~p~oia% ~xception$~ (1) Multiple family or two family Plu~, per unit for each unit a~ter [Z) Mobile ~omes:. (al New $ 545.00 (b) Renewal $ 245.90 (3) Planned Development (a) ~ew $3,070.00 Plus, per acre $ 65.00 OR: Per multi-~]ily or duplex dwelling unit ~fter the first two (2) units Amend condition of Planned Development (4) ~ll others Plus, per acre $ 20.00 $ 745.00 (each occasion) $ 470.00 $ 55.00 (c} variances Appeal to deeisi0n of Director of Plan~ing 770.00 This ordinance shall be effective as of July 1, 19~. 13.F. TO C©N$IDEK A~ OADINANCE TO A~END THE CODE OF THE COUNTY OF CEESTERFIELD, 1978, AS Ai~ENDED, BY ~ENACTI~G CHAPTER 18, KNOW~ AS THE "SUBDZVISION OF LAND" ~r. Sale stated this date and time had been scheduled for e public h~aring to consider an ordinance to amend th~ County Code by reenacting chapter 18, known as the "Subdivision o~ Land". Mr. Doug Woolfolk stated he did not oppose the proposed ordinance amendment; however, he stated he hed received a number of call~ from in~ividuale concerned about certain interpretations of the ordinenc~ and requested a thirty day deferral to further study the proposal. There was nc one present in opposition to =he reques~ for a ~r. Applega~e indicated he had received communication from several members of the business community expressing ~imilar ~. Daniel ~equested that Mr. Woolfolk and others communicate their eoncer~s to ~ke Board in writing. On motion of Mr. ~ayes, seconded ~y Mr, Sullivan, the Beard deferred the public hearing relative to th~ "Subdivision of Land" entil May 25, 198~. 12.C. PUBL/C ~EARING TO CONSIDER ORDINANCE TO AMEND THE CODE THE COUNTY OF CHESTEt<FIELD~ 1978~ AS AMENDED, BY AMENDING SECTIONS 21-1~2 THROUGH 21-146 P~LATI~G TO AGRICULTURAL DISTRICTS Mr. Sale sta~ed this date and time had been advertised ~or u public h~aring to ccn~id~r an ordinance ~o amend the Cou~tx Code r~ta~ing to Agricultural Districts. Mr. Shields Jett voiced opposition to the proposed ordinance. After a brie~ di~cussion~ ~t was on motion of Mr. ~aniel, ~e0nd~d by Mr. ~ayes, resolved to defer the ~ublic heerinq on an ordinance to emend the ~gunty Code relating to Agricultural Dis~ricts un~il May 25, 1988, so that :he item could be heard in conjunctien with the ~ublie hearing on th~ ordinance 88-225 relative to the "Subdivision of ~and", as the two i~ems are similarly related~ ~It was noted public input would be continued on both issues.) 14.A. ACCEPTANCE OF DONATION OF AKTIFACTS DISCOVERED AT ~{AGNOLIA GRANGE Mr. Hammer introduced MS. Mary Ellen Howe, Chairman of Magnolia Grange/Historical Society~ who pre~ented the Board with artifacts diseovere~ at or near the Maqnolia Grange site. On motion o~ the Board, the Board accepted the donation of artifacts dating from the p~riod of 1750 - 1770 {Delftware Bowls, etc.) found at or around Magnolia Grange, or on property adjoining Magnolia Grange, fr~m Mr. C. Porter Vaughan, as recommen~e~ by the Historical SocletF, with the understanding that artifacts worthy of restoration be displayed items of interest ~n the Museum and County buildings: and udopt=d tho following re$olution~ W~I~f~AS, the Co=n~y is the owner of Magaolia Grange, a historic structure which is managed and maintained by the Historical Society; and WHEP~AS, during construction nn certain property owned by C. Porter Vaughan, adjacent to or n~ar Magnolia G~angs, certain artifacts were unearthed~ and WHEREAS, Mary Ellen ~ewe, ~ me~ber of the Historical Society, recognized the significance of the artifacts and spent many ~ours collecting, cleaning and restoring the artifacts; and N~EtC~AS, Mary Ellen How~ and C. ~orter Vaughan d~si~e ~o donate all the artifact~ and other items of hi~to~ical Now therefore be it re~olved ~ha~ th~ Board of Supervisors of the County of Chesterfield do~m h~r~by accept the artifacts an4 other items donated b~ C. ForCer Vaughan and' Mary ~llen Vote: Unanimous Mr. Daniel presented the executed resolution'to Ms. Howe and commended bo~h Mr. Vaughan's and her ~iligent ~ffort~ and involvement with the Historical $oclety/M~gnolia G/~nge in preserving remnants of the County's historical significance. t4.B. JAIL ADDITION ~RCJECT CHANGE ORDERS On motion of Mr, Daniel, seeonde~ by Mr. Mayes, the ~oar~ apDroved and authorized the Connty Administrator to execute the necessary change Orders, to~ling $6~,000 for the Jail Addition project to c6ver ehang~e that must be made to meet requirements of the Virginia Department of Corrections and County Building/Fire codes~ appropriated $16,200 in State funds to cover the State's portion cf the change orders; an~ transferre~ $46,800 of Jail Study Funds (net required because the State conducted study) to complete the project. Vote: Unan£muus 88-226 14.H. ADOPTION OF F~N~L ~SOLUTION AUTHORIZING THE ISSUANCE OF THMWATER AND SEWER ~EFUNDING BONDS,..~RIBS O~ MOtiOn of Mr. Sullivan, seconded by Mr. Currln, tke Board adopted the following resol~tion~ COu~xf OP CH~ST~ELD, VII%GIN/A THIRD WHEREAS, on July 24~ 1985, the Board o£ Supervisors [the "Hoard") of the County of Chesterfield, Virginia (the "County"), adopted a resolution, entitled "R~SOLUTION OP THE BOARD OF SUPERVISORS OP T~E COUNTY QF CRBSTE~FIELD, VIRGINIA, AUTHORIZING THE ISSUANCE OF WATER AND SEWER REVENUE BOND~ OF THE COUNTY OF CHESTERFIELD, VIRGINIA, A~N PAOVIDING FOR THE SECURITY OF THE HOLDERS THEREOF" (hereinafter r~ferred to as the "Bon~ Resolution"], authorizing tha issuance of fha "County of Chesterfield, Virginia, Water and Sewer Revenue (hereinafter refsrre~ tu as ~he "Bonds"]: and WH~Pd~A~, on August 28. 1985, the Board adopted a re,elation, entitled "SECOND SUPPLemENTAL E0~D OF $61,160,000 AGGREGATE PRINCIPAL A~OUNT OF WATER AND SAWER THE COUNTY OF CHESTE~IELD, VIRGINIA" (hereinafter referred as =he "Second SuDplemental Bon~ Resolution"}, authorizing iusuance of the County of Chesterfield, Virginia, Wa~er and 1985 (the "1985B Bonds"); and W~A~, the Board ha~ determined '~at a~v~ble for the County ko authorize the issuance, sale and to the Bond Resolution in the aggregate principal ~oun~ of Refunding B~nds, Series 1988" (h~reinafter ~ef~nad as the "1988 19~8 Donds. together with oth~r available moneys of the will b~ applied to refund and defense in advance of their stated maturities $41,125,000 aggregate principal ~ount of 19S5B Bond~ maturing No, ember 1, 2001, November 1, 2005 and EgGrow Deposit Agreement, dated as of April 1~ (Aereinafter defined us th~ "Escrow Deposit Agreement"), by and betwee~ siqnet TruSt Co[~pa~y {fo~erly Bank of Virginia Trust resolution, antitt~d '~SOLUTION OF TEE BOARD OF SU~VISORS THE C0~TY 0F CHeSTeRfIELD, VIRGINIA, APPROVING THE ADV~C~ REFUNDING OFA PORTION OR~L OF THE COUNTY'S WATER ~D R~U~ ~ONDS, SERIES I985B, AND A~HORIZING T~ COUNTY ADMINIST~TOR AND OTHER COUNTY OFF!CI~ T0 8~=~ THE APPROVAL OF THE STATE CO~CIL O~ LOCAL DEBT TO APPROVE TEE ISSU~C~ REFINING BONDS FOR SUCH DU~0S~ PURSUANT ~ SECTION 15.1-193 0F THE CODE OF VIRGINIA~ 1950, AS ~END~D, AND THE FOR T~ APPROVAL 0F REFUNDIN~ ~0NUS BY T~E STATE COUNCIL 88-22? LOCAL DEBT' ADOPTED BY TEE STATE COUNCIL ON LOCAL DEBT TEEREUNDER", approving the advance refunding of a portion or all of the I985B Bonds and authorizing the County Administrator and othe~ appropriate' officials of the County to~ present a plan of r~fuDding to the Stake Council on Local Debt ]the "State Council") and to seek the approval of the State Council of the issuance of th~ 1958 ~oads as refunding bonds ~ursuaat to Section 15.1-193 of th~ Code of Virginia, 1950, as amended (the '~Virgimi~ Code"]; and WEEREAS~ on ~arch 9, 1988, the Board adopted a re~ol~tion~ entitled "A RESOLUTION AUTBORIZING AND PROVIDING FOR THE PREPARATION ~/gD 'DISTRIBUTION OF A PRELIMINARY OFFICIAL STATEMENT IN CONNBCTIOR~ WITS THE!.PROPOBED ISSUANCE OF WATER A~D SEWER ~VENUE~ ~FUNDI~G . ~O~S/' 'CO~TY OF CHEST~IELD, VIRGINIA~ SERIES t988", authorizing the County Administrator and other appropriate officials of th~ County to prepare and distribute, or cause to be prepared and distributed, a published in Th~ Ric~ond N~w~-L~ad~r and The Petersburg ~e~peotively, ~e Beard, in accordance with the provisions Of Section 15.1-171.1 of ~ Virginia Code, 'conducted a public hearing with r=gurd to the adoption of this Third Supplemuntul Resolution; and WHHREAS, cn March 23~ 1988, the Board adopted a re~ulution, entitle~ "A R~SOLUTION APPOINTING MERRILL LYNC~ CAPITAL ~RKETS AS SENIOR MANAGING U~DEKWRITER IN CO~ECTION WIT~ T~E PROPOSED I~UANC~ 0~ CO~TY OF CHESTE~IELD, V~RGI~IA, WATER ~D S~ER ~VE~UE ~FUNDI~G BONDS~ SERIES 1988"~ ap'pointing ZerrilI Lynch Capital Markets as Senior Managing Underwriter in conneotion with the sale of tho 1988 Bond~; and ~ER~S~ On ~arch 23, 1988, the Board adopted a ADMINIST~TOR TO SIGN ~L NECESSARY DOCUMENTS IN CONNECTION WITH THE PROPOSED ISSUANCE 0P CO~TI 0~ CH=~T~I=LD, VIRGINIA, WATER AND SEWER ~VENUE R~FU~DING BONDS, S~RT~ authorizing %he County A~ni~tratcr sign ali necessary doc~en%~ [including a purchase contract) in connection with =h~ sal~ of the 19~8 Bonds in a prinoipal amount not and W~E~AS, on ~arch 25~ 1988~ the Stata Council adopted a resolution, ~ntitt~ "R=S0LUTION ADOPTED ?URSUA~T T0 S~CTION 15.1-1~3 QF TEE CODE OP VIRGINIA, 1950, AS ~ENDED, APPROVING T~ !$$UANC~ OU COUNTY 0F CHESTE~IELD, VIRGINIA, WATER A~D SEWER ~VE~E REFUNDING BONDS, SERIES 198S~ FOR TEE PU~OSE of the 198B Bonds us refunding bonds pursuant %o 1~.1-%93 of the virgini~ Code; W~E~AS, tha County A~inistr~tor, noting under authority of resolution described in th~ ~econd ~'~=~AS" clause, has exacuted and delivered on b~half of the County a Purchase Contract, dated Ma~¢h 31, 1~8 (~he Con~ract"), Drov~d~ng for the sale of the 198~ Bonds by the County t~ Merrill Lynch Capital Markets and the other Underwrlter~ n~ed ~herein upon satisfaction of the SUPERVISORS OF THE COUNTY OF CHESTE~IE~, VIRGINIA: 88-228 SECTION 1.1. Definitions. Unle~ the c~ntext shall ~learly indicate some cigar meaning, all the word~ and used in this Thir~ ~upplemental Bond Rase%orion which are purp0~es of this Third Supplemental Bond Resold%ion, Have ~he respeetiue meanings given to them in ~he Bond Re~Olution. Unless the context shall clearly indicate ~o~e 0the~ meeniD~, the following term~ shall, for all purposes of the ~ond Re~olutien and of any ~ertificate, resolution or Qthel instrument amendatory thereof or supplemental thereto (includ~n~ for ali purposes of this Third Supplemental Bond Re~olution) and ~or all purpos~ of ~ny opinion ar Or other documon~ therein mentioned~ have the following meanings, w~th the following definitions to be equally applicable to both tho singular and plural forms of such term~ and vice versa: "Bond insu=a~e Policy" shall moan the municipal bond insurance policy to be issued by tho Bond Insurer inmuring the payment of the principal (ar in the case cf the Capital Appreciation Bonds, the Accroted Value) and inkerest on the 1985 Bonds. "Bond In~ursr" shall mean Financial Guaranty Iasurance Company. "Bond Resolution" shall mean ~h~ resolution adopted by the Board on July 24, 1]S~, entitled "RESOLUTION OF TBE BOAKD OF SUPERVISORS OF TEE COUNTY OF CHESTE~IELD, AUT5ORIZI~G THE ISSUANCE OF WATER AND SEWER REVENUE BONDS THE COUNTY OF CHBSTERFIELD~ VIRGINIA, A~D PROVIDING F0~ TB~ SECURITY OE T~ ~O~D~AS of Bonds remains Outstanding, each o~e-year period beginning on issuanoe and ~elivery of any Series of Bonds. Deposit Agreement, da~ed as of April 1, 1988, by and between (i) plus (ii~ where: of Issuance cn all nonpurpose obligations iD whioh invested (other than investment~ attributable to an excess deSu.ribed in this clause (i}), over Ih) tho amount that would have been earned if such nonpurpose obligatien~ (other than amounts attributable to an exce~s described in this clause (i)) were invested at a rate equal to the yield on (ii) is any income attributable to the excess described in clause (i). 88-229 "~988 Bonds" shall mean the Bonds authorized in Section 2.1 of thi~ Third Supplamental Bond Resolution and issued under %he Bond Resolution and :his Third ~upplemental Bond Resolution at any time Outstanding. "1986 Code" shall m~an the Internal Revenue Code cf i986, as ~snded, and the regulations promulgated by the United States Department of the Treasury thereunder from time to time. '~Official Statement" shall mean the Official Statement of the ¢ount~, dated March 31, 1988, relating to the 1988 Bonds, "Preliminary Official Statement" shall m~an th~ Praliminary official' statement o~ the county, dated March 28, 198~, relatlnq to the 19~8 Bonds. "~rchase Contract" shall mean the Purchase Contract, dated March 31I 1988~ by and between the County and the ~nderwri=ers providing for the sale of 1988 Bonds to the "Refunded Bonds" shall mean the $41,125,000 uggrugato principal amount of County o~ Chesterfield, Virginia, Water and Sewer Revenue Bonds, Series 1985B, doted as of September 1985 and maturing on November l, 2001, ~ovember 1, 2005 and Novon%bet 1, 2010. "Third ~upplemental. Bond Resolution" shall mean this Third supplemental Bond Resolution. '~Underwriters' shall mo~n Morrill Lynch Capital Markets {Merrill Lynch, Pierce Fenner & Smith, Incorporated), and the othe~ underWriters named in the Purchase Contract, Unless the context shall clearly indicate otherwise or oth~rwi~ r~quire {i) all rsfer~nee~ in thi~ Third Supplemental Bond Resolu~ion ~o the Bond Rasolution (without of the Bond Resolution) ~hall be to the Bon~ Re~olution as ~men~ed'~nd supplemented? (ii) all references by number in this Third Supplemental Bond Resolution to a particular article or section of that number oi tho Bond Resolution, and if such artiole O~ section shall have been amended or supplemented, to such article er section as so amemded and supplemented; and (iii) all references by number in this Third supplemental Resolution to a particular article or s~ction of the Third Supplemental Bond Resolution shall be only to the article or s~ction of that n~ber of this Third Supplemental Bond Resolution. Whenever u~ed in this Third Supplamantal ~end Resolution~ the words "herein", "hereinbefore", "herelna~ter", "hereof", "hereunder", and other words of similar import, refer to this Third Supplemental Bond Resolution only and to this Third Supplemental Bond Resolution as a whole and not to any particular article, section e~ subdivision har~of; and the words "therein"~ "the~einbefore"~ "therenf'~ "thereunder", and other words of similar import, refer ~e the Bend Resolution a whole and not to any particular article, 'uection or subdivi=iun thereo~. AR?ICL~ IX SECTIO~ 2.1. Authorization of 1988 Bonds. (a} For the purposes of providing funds (i) for the deposit info tho Debt Service Reserve Fund held by the Trustee of the amount ~pscified in Section 2.9(b) of this Third Supplemental Bond Remolution~ and {ii) f~r the deposit with the E~crow Agent Section ~.9(c) of this Third Supplemental Bond Resolution far application, together with other available moneys of the County, to refund in advance of their stated maturities and defease the Refnnded Bonds, there are hereby authorized te be issued, and shall be issued, under and secured by the Bond Resolution, including this Third Supplemental Bond Resolution, a Series of san~s in the aggregate principal amount of $43,872,957.65 to be designated "County of Chesberfield~ Virginia, Water an~ sawer Revenue Refunding Bonds, Series t988" (herein defined and referred to as the "19~8 Bonds"), (b) The 1988 Bond~ in ~he ~ggregate principal aaloun~ of $~l,40fl~0QO maturing on November 1 in the ~ears 1988 through 1997, both inclusive, and 2004 through 2006, both inclusive (the "Current Coupon Donds"), ~hall bo dated ae of April 1, 1988; ~hall be issued in fully registered form; shall be in the denomination of $5~088 or any integral multiple thereof; and shall be numbered or let%~r~ff, or bo~h, as shall be determined by the Trustee, which numbers er letters shall have ~he letter "R" preiixsd thereto. The Current Coupon Band~ shall mature and became d~e and payable on November 1 in each of %he years and in the prinoipal ameun=s, and shall bear interest ~rom their da~e, payable on Noventber 1, 1988 and semiannually on as follow~ Principal Inter,st ~rin¢ipal Interest Year Amount Rate Year Amount Bate 19~8 $ 80Q,OOO 4.40 % ~995 $1,790,000 6.30 % 1989 1,245,000 ~.70 1996 1,~2~,000 6.$0 1990 ~,31~,000 5.~0 1997 2~065~000 6.60 I991 1,395,000 5.46 ?004 4~970,000 · 7.60 1992 t,480,000 5.65 2005 5,365,000 7.65 1993 1,570,060 ~.90 2006 5,$00,000 7,70 1994 t,6B0,000 (c) The 19@8 Bonds in the aggregate principal amount of $12,472~957.65 maturing on ~ave~er ~ in the years 1~98 through 2003, both inclnsive, and 2010 [the "Capital Appreciation Bonds"), shall b~ dated April 19, 1988, or i~ the. dace their i~suance and delivery to the Underwriters is nny other dab®, the date of such issuance and delivery; shall be ~ssued in fully re~istered fo~m and shall be numbered or lettered~ or both, as shall be determined by the True=ce, which nt~-~bers or letters shall have the Letter "R" preferred thereto. The Caplt~l Appreciation Bonds~ shall mature and become due end payabl~ on November 1 in each of the y~a~s and in the principal ~eunt$, shall be of the minimum denominations and integral multiples thereof and ~hall bear interest payable a% maturity in the amounts per minimum denomination as fallows~ Interest Payable At Principal Minimum Per Minimum 7~ar Amount Denomination Denomination 199~ $1,049,7~4.45 $2,447.05 $2,552.95 1999 960/66Q.00 ~,2~3.75 2,776.2~ 20Q2 1,636,814.60 1,714.90 3,285.18 2003 1,49~,872.50 1,5~9.50 3,430.50 2010 4,654,645.00 853.75 If the 1988 ~cnds are i~ued and delivered o~ any date other than April 19, tPR~, the minimum d~nomlnation of the Capital Appreciatien Bond~ maturing in each year set forth above shall be adjusted to be equal to present worth on suoh date of $5,000 payable at such maturity, computed on the same bases as the minimum denominations as of April 19, 1988, was saleulated~ and the total principal amounts of Capital Appreciation Bonds is~ue~ and maturing in each year shell be proportionately adjusted. In such'event, there shall he filed with the Trustee a certificate of the County setting forth the adjusted minim~un denominations and principal amounts of Capital Appreciation Bonds to be issued and to mature in each year, which certificate shall be conclusive. Subject tc the provisions of Section 2.6 hereof, principal of each 1988 Bond and interest On each Capital Appreciation Bond ~hall be payable %o the registered owner thereof at the principal office of the Trustee upon presentation and 'surrender of th~ '19~ Bond, and interest on each Current COupon Bond shall be paid by the Trustee as Paying Agent for the 19~ Bonds to th~ r~gi$~re~ owner thereof a~ shown on the books of registry maintained by the Trustee a~ Registrar for the 1988 Bonds, as of the fir:tenth (l~th) day of the calendar month next preceding each interest payment ~ate. (d} Subject to ti~e provisions of Section 2.6 hereof, the t988 Bonds shall be exchangeable for other 198~ Bonds in iutly registered form, all as provided in Section 3.3 of the Bond Resolution. The 1988 Sends may contain such vat,arlene, omissions and insertions as are incidental to such differences in their numbers, denominations and form~. (s) The Trustee is hereby appointed as the ~egistrar and the Paying Agent for the 198~ Bonds. SECT/ON 2.2 Accreted Value for Capital Appreciation Bo~d$. Th~ Aeoreted Value for each Capital Appreciation ~on~ shatI b~ the original principal ~mount of each Capital Appreciation Bo~d maturing on November 1 in each cf the years 1998 through 1003~ both incTn~ive, and ~010, a~ ~t forth in Section 2.1(c), together with interest thereon compounded computation, an amount ~qusl to the stu~ of the p~innipal amount of each Capital'Appreciation ~ond an~ the interest accrued Q~ ~u~h Capital Appreciation Bond f~Om its dated date to the May ~ or November 1 immediately preceding the date of computation or the date of computation if a May 1 or November 1. Such interest shall accrue a% the rate per annum based on the yield at which ~he Capital Appreciation Bond~ were initially offered to th~ public compounded on May l, 19~8 and semiannually thereafter on May I or November I of each year, plus, with respec~ to payment upon redemption of the Capital Appreciation Bonds, if s~ch date of computation shall not be a May 1 or November 1, a portion of the difference between the Accretsd the Accretsd Value a~ of the immedfately ~cceedinq May 1 or ~ovember 1 calculated based upon an assumption that Accrete~ Value accrues during any semiannual period in equal daily ~mounts on the basis of a $60-day year. on each May 1 and November 1 (calculated on the basi~ of an assumed delivery of the I988 Sen~s on April 19, 1988) is a~ set forth in Exhibit D to this Third Supplemental Bond ResOlutiOn. SECTION 2.3 Mandatory ~i~kinq Fund Redemption of Capital A~preciation ~onds. The Capital Appreciation Scuds maturing on November 1, 2010 (the "Capital Appreciation Term Bonds") shall be subject to mandatory redemption in part, by lot, from Sinking Fund Payment~ made in accordance with the Bond Resolution and to payment at maturity, on November 1 in each of th~ year~ set forth in the table below at a redemption price equal to tbs Aecreted Value as of the date of redemption. November 1 cf each year the principal amount of Capital Appreciation Term Den~s set forth' in the table below: ~-232 2010 Capital Appreciation Term Bonds Accreted Value at Time of Redemption Per $5~000 Maturity Year Principal Amount Value 2007 $1,301,968.75 $3,951.58 2008 1,205,495.00 4,274.03 2909 1,114,997.50 4,622.79 2010 (Final) 1,032,103,75 3,000.00 Maturity) An a~eunt equal to the principal amcant e£ the 1988 Bonds purchased or redeemed from moneys in the Debt Service Fund, ether than through operation of a sinking fund redemption, may be credited toward the principal amount of the next Sinking Fund Payment thereafter to beoome due in accordance with provisions of the Bond Resolution. SECTION 2.4. Optional R~d~mption of Current Coupon Bonds and Ca~ital A~xeciation ~oads. {a) ~he Current Coupen ~ond~ ma~uring on or aftmr Nov~mbe~ 1, ~999 ~hall be subjec~ redemption prior to their stated maturities, at the option of the County, from money~ On ~eposlt in the Redemption Fund created and e~tablished by the Bend Resolution or from other available moneys of the Coumty, on and after November 1, as a where at any time, or in .part from time tc ~ime on any interest payment dat~ in such Order ~S the County may determine, at the respective redemption prices {expressed as a percentag~ of th~ principal amount to be redeemed) se~ forth below if ~neh redemption i~ made from any moneys other than moneys requlre~ by Section 2.3 of this Third Supplemental Bond Re~olntien~ tegether with the interest accrued on principal amount to the dat~ fixed for redemption: Reriod During Which Redeemed (Both Dates Inolusive~ November 1~ 1990 through Ostober 31, 1999 NCv~nbmr 1, I999 through oet0her 31, ~000 Nevember 1, 2000 and thereafter Redemptiom Price 102% 101 100 (b) The Capital Appreciation Bonds maturing on or after ~ovember 1, 1999 shall be subject to redemption prior to their stated maturities, at the option of the County~ from moneys on deposit in t_he Redemption F~nd created and ~mtablimh~d by the Bond Re~oluticn or from ether available moneys of the Coun=y, on and a£ter ~ovembar 1, 199~, a~ a whole at any t~e, cr in part f~om time tu time om any interest paymen~ da~e in such order as the County may determine, at respective redemption pric~s (eXpressed as a percentage of the Acsreted value on the date of redemption thereof) set forth Redemption Period During Which Redeemed (Beth Dates Inclusive) 103% 102 t01 November 1~ 1998 through October 31~ 1999 November 1, 1999 ~hrough October 31, 2000 November 1, ~000 through October 31~ 2001 ~Ov~ber 1, 2001 and th~r~aft~ $~¢TI0~ ~.3. Selection of 19~8 Bonds for and Notice of Redemption. (a) Notice of'~ redemption of any 19BS ~hall be given by fir~ class mai!, postage prepaid, in accordance with the provisions of Section 6.5 of the Resolution. (b) If lsss tha~ all the 1988 Bondm of a maturity ar~ tC be redeemed, th~ Beads Of such maturity to bm redeemed 88-233 shall he selected as provided in Section 6.4 of the Resolution. (c) Any redemption of 1989 Bond~ ~hall have the sffeca as is provided in Sectlon 6.8 of the Bond Resolution. SECTION 2.6. Execution and Form of 1988 Bonds; Sook-~ntry-Only System. (a) The 1988 Bends shall be executed and authenticated in the manner sod with the effect set forth in Section 3.10 o£ the Pond Resolution. ~b) The 1988 Bonds shall be issuable in %he form, denominations and maturities specified in section 2.1 of this Third Zuppl~mental Bond Resolution. (=) CUSIP identification numbeas shall be p~inte4 on the 1988 Bonds; but such uu~ber$ shall not be deemed to be part of the I958 Bonds or a part of the contract evidenced thereby and no liability shall hereafter attach to the COunty or any of the officers or agents thereof because of or on account of much CUSIP identification numbers. (di The 1988 Bonds shall be issued, upon initial issuance, in fully registered form and registered in the name of Cede & Co., a nominee of The Depository Trust Company, New York, New York ("~TC"), as registered owner of the 1988 Bonds, and i~obiliz~d in the custody cf DTC. One fully ~gi~tered 1988 Bond for the principal amount of each maturity ~hall be not receive physical delivery of 1988 Bonds. Individual purchases Qf 1988 Bonds may be made in book-entry form only in principal amounts of $5~000 and integral multiples thereof. Principal, premium, if any, and interest payments on the Fonds shall be made to DTC or i~s nominee as registered owner of such t98~ Bonds on the applicable payment date. Transfer of principal, premium, i~ any, and payments to the particiDants of DTC, which include securitie~ brokers and dealers, ~anks, trust companies, clearing cor~or~tion~ and certain other organizations (the "Participants") shall be the responsibility of DTC. Transfer of principal~ premium~ if any, and inter~st payments to benefluial owners of the ~98~ Bonds by the Participants is =he responsibility of the Participants and other nominees of such beneficial m~nere. Th~ Trustee shall notify D~¢ of any notice required to be given pursuant to the Bond Resolution, supplemented by this Third supplemental Bond Resolution, not less than fifteen (15) calendar days prior to the date upon which such notice is rsqulrsd to be given; provided that the failure to provide such notice to DTC shall not invalidate any action taken or notice given by the Trustee hereunder. Transfer of ownership interests in the 1988 Bonds shall be made by DTC and its 2ar=ioipanns, ac:ing as nominees of th~ beneficial own~r~ of the 1988 Bond~, in accordance with rules specified by DTC and its Participants. The Trustee makes no assurances that DTC, its Participants or other nominees of the beneficial owners of tka 1988 Bonds shall act in accordance with such rules or on a timely basis. Bonds rather than to DTC, or its nominee, but only in the event that: (i) DTC determines not to continue to act as (ii) The True=es has advised DTC of its determination that DTC im incapable of dfscharqing its d~ties: or 88-284 (iii) The Trustee has de~ermined that it is in the best ~or~re~t of the beneficial owncr~ of the 1988 Bonds not to continue the hook-entry system of transfer. Upon occurrence of the events described in clause (i) or Iii) above the Trustee shall attempt to locate another qualified securities depositoxy. If the Trustee fails to locate another qualified securities depository to ~eplaee DTC, the Trustee shall execute and deliver Replacement 1988 Bends substantially in the form set forth in Exhibits A and B attached hereto to the Participants. In the event the Trustee makes the determination n0t~d in clause (ii) or (iii) above (the Trustee undertakes no obligation to ~ake any investigation to determine th~ o¢currenc~ of any e~ents that would permit the Trustee make any such determination) and has made provisions fo notify the beneficial owners of 1988 Bon~ by mailiag an appropriate notice ~e DTC, the Trustee shall execute and deliver Replacement ~9~8 Bonds sub~bantiallp in the form sa~ forth in Exhibits A end B sttached hereto to any Participants making a request for such Replacement 1988 Bends. The Trustee shall be entitls~ to rely on the records provided by DTC as to the Participants entitled to receive Replacement Certificates. Principal cf, premium, if any, and interest on the Replacement 1988 Bonds shall be payable as psovided in Section hereof, and such Replacement 1988 Bonds will be transferable and oxchang~able in accordance with get%ions 3.~ ~hrouTh 3.6, inclueive~ of the Bond Resolution. (f) The Curr~nt Coupon Bon~s ~hall be substantiallp the form set foxth in Exhibit A attached heret0~ The Capital Appreciation Bonds shall b~ in substantially the foxm sst forth in Exhibit B attached hereto. SECTION 2.?. ApproVe~__pf ~mrm of Bscrow Deposit Agreement and Terms, Cendition~ and Provisions Thereof; Execution and Delivery of Escrow Deposit A~reement; Designation of Re£~nded Bonds for Redemption. (a) The form of the Deposit Agreement p~esen~ed to and filed with the minutes of the meeting of the Board at which this Third Supplemental Bond Resolution is being adopted, copies of which ar~ attached to this Third Supplemental Bond Re~ol~tiOn as Exhibit C, an~ the terms, conditions and provisions ther~of~ are hereby approved, ratified and conflrme~ by th~ ~csrd, and the County A~ministrator is hereby authorized and directed to execut~ and such form, together with such changus as shall b~ approved by the County Administrator is upon the advice .of counsel (including Bond couneel}~ such approval to be conclusively evidenced by their execution thereof. Th= Trustee is hereby authorized and directed tc withdraw from ~he Debt ServLce Fund and th~ Debt Service Reserve Fund and deposit into the. Escrow Deposit Fund the amounts.required to be deposited therein from sources o=her than proceeds of the 19S~ Rends. ~, (b) The Board hereby designates the ~efundsd ~onde f6r redemption on November l, 1995 in accox~anee with the provisions of Section 8(b} of the Escrow Deposit Agreement. S~CTION 2.8. ~preval of Pneli~.%nary Official Statement and Official Stute~ent; ~×ecution and Deliver~ of official St&tem~nt. The Preliminary Offlbfat Statement and the Official Statement presented to the m~tlng of the Board at which %his Thir~ Supplemental Bond Resolution is bain9 adopted and filed with the minutes of such meeting ar~ hereby approved, an~ the Chairman o~ the Board and the County Administrator are hereby authorized to execut~ and deliver the Official Statemen= to the Undarwrlters in such form. SECTION 2.9. A~lieation of Proceeds of 1988 Bonds. The proceeds of sale o~ the 1988 ~onds received by the County pursuant to the Purchase Contract shall be applied as foI1ows~ 88-215 {a} the amount of $106,254.%$, beinq an amount equal to ~he accrued interest oh thc Current Coupon Bonds from April 1, %988 to the date of the d~Iivery thereof and payment therefor shall be deposited with the Trustee in the nebt Service Fund in aucordancc with the provisions cf the Bond Resolution and applied on Nove~ef 1, 1928 to %he payment of the interest payable on the 1988 Sonde on such (b) %he amount of $4~389,295.77 shall be deposited with the Trustee in the Debt Service Reserve Fund in Section 2.15 of this Third Supplemental send Resolution; (c) the amonn% cf $38,582,575.90 shall be deposited with the ~ruetee as ~crow Aqent under the Escrow De~osit ~greement and applied, to, ether with ether available money~ of the County so deposited thereunder, as provided therein; and Id) the balance of the proceeds of the 1988 Bonds ($4~0,757,7~) shall be deposited with the ~reasurer of ~he County and applied to the payment of the premium on the Pond Insurance Poli0y and the eo~ts of i~suanca of the 1988 SECTION 2.10. Investment Of Funds and Accounts Unde~ Bond RusoIu~ion. %n accordance with Section s.ll(e)(i] of the Bond Resotu~n,' it is hereby provided that all income or interest earned and ~ain~ reatlzed in excess o~ losses by a Fund or Account held by ~he Trustee or the Treasurer nnder the ~ond Resolution and allocable to the 1988 B~ds due to the investment thereof ~halI ~ deposite~ into the Construction Fund fo~ credit to the Construction Account therein up to the date the Certificat~ referred %0 in Section 4.3(b) cf the Bond Resolution shall be delivered with rs~ard to the 1985 ~xpansion, and (ii} thereafter shall be deposited into the Rebate Fun~ to th~ extent required to enable the County to comply with the arbitrage rehat~ requirements of th~ ~6 and, after any ~uch deposit into the Rebate Fund, into the ~ECTiON 2.11. Rebate Fund. There is hereby created and established under the ~ond Resolution the '~Ceunty of Chesterfield, Virginia, Wa~er and 8ewer' ~onds, aeba~a Fund" (the "Reb~e Fend"). Within fifteen (I5) days after ~he end of each send Year wi~h respect to the 198~ Bonds or any subsequent Series cf Bonds and within f~f%e~n (15) da~s after the in full of all Outstandin~ t988 Bonds or all Outstanding Bonds of any subsequent Seri~s of Bonds, th~ County shall calculate the a~eunt of ~xcess ~arnin~ a~ of ~he end of that Bond rear or kh~ date of such ~in~ p~ymen~. If the amount then the Treasurer ~hall forthwith tranEf~r that ~xee~s amount the Revenue Fund or to such other Fund or Account into which shall withdraw from the ~evenue F~nd or such other Fund {c~r:esponding ~o amounts thera%ofore deposited into the investment income on %he Funds and Accounts established under ~ount (if any} then held in th~ ~gba~e Fund. Wi~in thirty [30) day~ after th~ ~nd of thc'fifth Bond. Y~ar and every fifth from the moneys then on dsposlt in the Rebate Fund an ~ount 88-236 Excess ~arnings, if any, previously paid to the United States Treasury pursuant to this Section}. Within thirty (30) days after the ~aymen~ in'full of all Outstanding 1988 Bond~ or all Outstanding BOnds of any subsequent Series of Bonds, the with SectLen 148(f) of the Code from the moneys then on deposit in the Rebate Fund an amount (computEd by the Treasurer) equal to 100% of the Excess Earnings earned from the Da=e of Issuance Earnings, if any, previously paid to the United States Treasury) and any moneys remaining in the Rebate Fund following nueh paymen~ shall be deposited iDto the Revenue Fund. The ReSolution, Tho provisions of this Section 2.11 may be amended by the County without the consent cf the Holders cf the 1988 Send Pesolution upon delivery to the Trustee of a Bond necessary or appropriate to enable the County to comply wi£h, or is permitted by, Section I48{f) of the I986 Code. SECTION 2.12. Conditions Precedent to D~i~vez¥ of 1988 Bonds. In compliance with the~nditions precedent to the d~liv~ry of $~eh Bonds prescribed in Sections 2.4 end 2.5 of the Bond Resolution, the 19~8 ~onds shall be delivered only upou receipt ~y the Trustee of: (1) a copy of this Third Supplemental Bond whioh the terms of th% 1988 Bond~ of such series are specified, which Thirt SuDplementaI Bond Resolution contein~ findings and or any Supplemental Resolution shall have been made; (2) a Bead Counsel's Opinion to the effacP that (i} thi~ Third Supplemental Bond Re~oluticn has been duly an~ lawfully adcp=e~ and is in full force and effect~ (ii) th~ Bond Resolution has been duly and lawfully adopted by the County and is valid and binding upun, and enforceable against, the County Iexc~pt to the ext~t tha~ the enforeeabitlty uhersof may be subject tn judicial discretion, %o the exercise of th~ ~ov~reign police power~ of the Commonwealth of Virginia and the other laws affecting the relief of debtors); (iii) the Bond ~esol~tion creates the valid pledg~ which it purports ~o create of the Funds established hereunder subject to the application thereof to the purposes mad on the conditions permitted by the Pond Resolution; and (iv) upon the execution and delivery thereof, th~ 1988 Bonds will have been ~uly and validly au=horized an~ issued in accordance with the Bond Resolution7 I3} a written order as to the delivery of the 1988 Ponds and the application oi Bond proceeds, signed by an Authorized Officer of the county; [4) e Certificate of the Director of Budget that the 1988 Bonds are issued in compliance with the previsions of Section 7.11(c) Of the Bond Resolueion, which C~rtiflsate shall be accompanied by a~ Accountant's Certi~icate confi~ning'the 88-237 calculations set forth in ~uch Certifisate of the Director of Expenses, Debt Service and Debt Service/Additional Bonds; end (5) in satisfaction of the requirements of Section 2.S of the Bond Resolution, aB exeeuee~ original of the ~scfow Deposit Agreement, which c0n%ains instructions as to the payment of redemption of the 1985 son4s, together with instructions as to th~ giving of notice of redemption, if any, of the 1988 sends. SECTION 2.13~ Covenant as to compliance with I986 Code~ Authorization of Execution and Delivery of Arbitra~. Agreement. The County hereby covenants and agrees to comply with ~ provisionm of Sections 103 and 141-I5~ of the 1986 Cod~ applicable to the 19S8 Bon~s throughout the term of the 198~ Bonds. In order to ensur~ compliance witch thm foregoinq covenant, ~he County Administrator is authorized to execute and deliver on behalf of the County an Arbltrag~ Agreement by and between th~ County and the Trustee in ~nch form as shall ~e approved by counsel to the County (including Bond Counsel). SECTION 2.14. A~roval of ~aoutio~ and Delivery oi Municipal Bond Insurance Commitment wi~ Financial ~uarant¥ ~ranee Company; A~proval qf Rxtension of Term of ~eDtember 1, 1985 Agreement. The form o~ the commitment' letter ~or ~e~d Insurance Bolicy from tbs BOnd In~urer presented to and filed with the minute~ Of %he meetinq of the Board at which thi~ Third Supplemental Bond aesolutiqp le boing adopted and filed with the minutes of such meeting is hereby approved~ and the County Administrator is hereby authorized ~nd directed to ex,cute and deliver such commitment letter on behalf of County. In accordance with the provisions of such commitment l~tter, the County Administrator is hereby a~thorized to execute and del~ver an sgreement ex%ending the ~erm of the Agre~msnt~ dated a~ of September 1, 1988, by and a~ong the C~unty, the Trustee and thm Bon~ Insur=r, tu date on which 195~ BQD~ ~hall bm Out~tandlng under th~ Bond Resolution. S~CTIO~ 2.15. Creatio~ of i985B D~bt Service Account and 1988 Debt Service Reserve Account i~ Debt Service Reserve ~und; Ameu4~nt of Definition of "Debt Service Reserve Requirement'~ Effective When 1985B Bonds Are NO Lon~er Outstanding. (a) There are hereby sr~ted and established in the Debt Service Reserve Fund held by tho Trustee two ao~ounts designated as thm "lg~E Debt Service Reserve Account" ~nd the "1988 D~B Service Reserve Account", respectively. From proneed~ cf the 1988 Bonds required tQ bs d~po~ited into Debt Service Reserv~ Fund pursuant to Section 2.9(b~ hereof, there ~hall be credited (1) to the 19~S Debt ~ervi~e Reserve Account the amount of ~,665,841, be~n~ an amount equal to the Deb% Service Reserve acquirement for the 1989S Bond~, an~ (ii) to thc 198g Debt Service Reserve Account the amount of $1,721,454.77, being th~ balance of the proceeds of the ~onds depOSited into the Debt ~ervlce Re,eryc Fund. To the extent the 1985B Bonds Outstanding afterthe issuance of the 1988 ~onds shall be retired and the amount of the Debt Service Reserve Requirement in respect of t~e 198~B ~unds shall be reduced, any excess a/nounts in the 198SE Debt Sefvie~ Re,eryc ACCOUnt ~haI1 be ~ransferred to the 1988 Debt service Account un=il the amount credited thereto shall be equal to the lesser of (i) ten peFcent of the proceeds of the 19SS Bonds and (ii) the maxLmu/~ amount payable in any current or future Tear for the payment of Debt Service on the 1988 Bonds. The 1985B Debt Service Reserve Account in the Debt Service Reserve Fund shall be available only to pay Debt Service on the 1985B Bonds, and ~he 1958 Dsbt Service ~eserve Account shall be available only %© pay D~bt Service on the 1988 Bonds. (b) Effective at such time Do 1985B Bonds are Out~tanding under th~ Bond Resolution, clause {i) of the first sentence of the ~finition of the termS'Debt Service Requirement~' in the Bond Resolution is hereby amendo~ ~ueE that, w~t~h respect to any Series of Bonds which bear interest at a fixed rate, the Debt Service Res~r~e Requirement shall mean an am<un< equal to the lesser of (1) ten percent of the pr<ceeds of such Series of Bonds and {ii) the maximum amount payable in any current or future Fiscal Year for the pa.~ment cf Debt S~r¥ice on such Series of Bonds. ARTICiuE III SECTION 3.t. Third Supplemental Bond Resolution is a "Supplemental Resolution" Under the Bond Rssolutlon; 1~88 ~ond~ Ar~ "Bond~" Under the ACed Resolution. (a} This Third Third Supplemental Bond Resolution [1) supplements the Bond Resolution; (2) i~ hereby found, determined and declared to Resole=ion; and [3) is issued pursuant to and under the {b) The 19SS Bonds are hereby found, dete~Kined and declared to constitute and to be "Bonds" within the meaning of the quoted words as defined and u~d iD the Bond Resolution. The 1988 Bonds shall bs entitled to the benefit~t ~eeurity and protecaion of the Bond Resolution, equally and proportionately heretoZore er hereafter issued under the Bond Resolution; ~hall rank peri passe with all Bonds heretofore or berea£ter issued secured with all Bond~ heretofore or ~erea~ter issued under the Rev~nue~, without prioriey Or dis~inetion by reason of series, determined and declared that no default exists in the payment ~ond ~ssued under the Bo~d Resolution and that a!l man~atory the terms of the Bend Resolution or any Supplemental Resolution have been made. SECTION 3.2. Filing of this Third Supplemental Bond Resole=ion with Circuit Court. The Connty Attorney be and hereby i~ authorized and directed to file a copy of this Third Board to be a true a~ coffee= copy thereof, with =he Ciruui~ SECTION 3.4. ~ffsstiveness of Thim Third Supplemental Bond Resolution. This Third ~upplem~ntal Bond Resolution shall be effective from end after the adoption 88-239 No. B- $ INTEB~$? P~%T~: MA'rUKiTY DATE: C~SIP % The County of Chesterfield (hereinafter referred to az the "Coee~y"), a political subdivision of tko Ce~m~enwealth of Virginia~ for value received, hereby acknowledges itself indebted and h~r~by promises to pay to the Regis~ere~ (named above}, or registered assigns, but eolely from the Revenues and moneys ptsdged' to %he payment hereof hereinafter specified and not otherwise, on the M~turity D~t~ above} unless ~his Ron4 shall have been 'called for previous redemption and payment of the redemption price shall have been duly ma~e er provided for, the Principal Sum (specified above), and to pa~ int~r~t on such Principal Sum~ but sclmly from such Revenues and moneys pledged to =he payment hereof hereinafter ~peoifi~d amd not otherwise, on the first day of November, 1988 and semiannually on the first day cf May and the f~rst day of November of oath year thereafter (each such dat~ is hereinafter referred to as an "interest payment date"}; from the date her- eof Or fze~ the interest payment date n~xt preceding the date cf authentication hereof to which interest shall have been paid, unless such date of authentication iS an interest payment da~e, in which case from such interest payment date, or such date of authentication is within the period from the sixteenth (16th) day to the last day of the calendar month preceding the folkowing interact payment date, in which case from such following interest payment date, ouch interest to be paid until the maturity or redemption hereof a= =he Bate (specified above} per annum~ by cheek or draft mailed by th~ R~gistrar hereinafter mentioned to ~he Eegistered ~older in whose name this Bond is ~egistered upon thc books of registry of the County kept by the ~egistrar as of t/%e Qlose e~ on tb~ fifteenth (15th} day {whether or not a business day) of the calendar month next preceding each in=crest paymsnt dats at the address of the Registexed ~oldsr hereof as it appears on such books of registry. · he principaI of an~ premium, ff any, on thim Bond are payable On presentation and nurrend~r h~r~of at th~ principal off,cs of signet Trust C~mpany, as Registrar, in the City of Richmond, Virginia. BOth prinuipal o~ an4 premium, any, and interest on this Bond are payable in ~nch coin or currency of the United States of America as at the respective dates of pa~ent thereof is legal tender for public and private This Pond is one of a duly authorized Series of Bonds (herein referred to as the ~'Bonds'~) of %he agg~egatu principal amount of Forty-Three Million ~ight aundred Seventy-Two Thousand Nine H~ndred Fifty-seven Dollars and Sixty-Five Cents ($43,~72,9~7,65) of like date, denomination and tenor herewith complianae with the Constitution and statutes of the COmmonwealth of Virginia, including Chapter 5 of Titl~ 15.1 of the Code of Virginia 1950, as a/~ended (the same being the Public Finance ACt), a resolution duly adopted on 3sly 24, 1983 By the Board of Eupervisors of the County, entitled T'RESOLUTION OF THE BOARD OF SUPERVISORS OF TEE COUNTY OF CHESTERFIELD, VIRGINIA, AUTHORIZING THE ISSUANCE OF NATER AND SEWER REVENUE BO~DS OF THE COUNTY O~ CBHSTHRFIE~D, ViRGInIA, AND ~ROVIDI~Q FOR THE SECURITY OF THE HOLDERS THEREOF" and a resolution dul~ adopted by such Board On April 13, 1988, ~ntitled SUPPLEMENTAL BOND RESOLUTION AUTHORIZING AND PROVIDING FOR ISSUANCE, SALE AND D~LIVERY 0F $43,$72,~57.65 AGGREGATE PRINCIPAL AMOUNT OF WATER AND SEWER REVENUE REFUNDING BONDS~ resolutions being herein referred tc collectively as the "Bond Aesolution"). ~efnnding a portio~ of the Water and Sewer Revenue Bond~, Series 1985B, of the County (=he "1985E Bonds"). Of the Bonds of the Series of which this Bond is one, $31,4~0,000 principal amount maturin~ on November 1. I9~ through 1997, both inclusive, and November I, 2084 through 2~06, both in~lu~ive, a~e current uoupon bond~ (fha ~Current Coupon Bonds") bearinq interest payable on November 1, 19~8 and ~miannua~y thereafter at the rate of interest per annum stated therein, and $I2,472,957.65 principal amount maturing On ~ovember 19~8 ~hrough 2003, both inclusive, and Ncven~ber l, 2010 are capital appreciation bonds {the "Capitpl Appreciation Bonds") ~earing interest compounded on May 1, 19~8 and semiannually thereafter and payable at maturity. ThE Bonds and the interest thereon are payable solely from, and secured equally and ratably with other bonds which may have herebefore been issued or may he~eafter be issne~ on a parity therewith under the Bond Re~olution outstanding from time to ti~ ~ol~ly by a llen and charge on, the Revenues (as defined in the Bond Resolution) derived from the operation of the Couuty'$ water and sewer system (the "System"), s~bject to the prior payment from Revenues o~ the Operating ~xpen~es of the System, and from moneys held in the fumdg and accounes created and established under %he Bond R~solu~ion pledged to the payment thereof. The Bond Resolution pnovlde~ that the bonds issued thereunder sha~l not h~ deemed tO constitute full faith and crudlt general cbligation~ of the County for which there is a right to c~mpel the exercise of the sd valorem ~axinq power of the County. Reference is hereby made tu the Bond Resolution, to all of the provisions of which any Rsglstered Holder of this Bond by his acceptance hereo~ hereby assents, for definitien~ of terms~ the de~cnipt~on of and the nature and exteDt Q~ the security fur the bunds i~sued under the Bend Resclutien~ including this Bond; the d~scription of the System; the description of the Revenues and the mo~eys held in the funds pledged to the payment of tka in~areet on and principal of the bonds isoued under the Bond Resolution, includinq thi~ Bond~ the nature .and extent and manner o~ enforcement of the pledge; the covenants of ~he County as to the f~x~g, establishing, maintaining and revisinq of rates sad charges for the D~ovisio~ and sale of water an~ sewer ~ervi0es of ~he System; the covenants o~ the County as to the collection, deposit and application of the R~ven~en of th~ System; the conditions upon which other bonds, may hereafter be issued under the Bond Resolution payable-on a parity with this Bond from =he Bevenue~ of the System and equally end ratably s~cured herewith; the rights, duties and obligations of the County; the provisions discharging the Bond Resolution as to this Bond end the lien end pledge o£ thisBond on the Revenues of'the System if there she{1 have been deposited in accordance with the provisions of the Bond Resolution on or before the maturity or redemption 88-241 hereof moneys suffiaient to pay tho principal hereof and the interest hereon tc the maturity or redemption date hereof, or certain specified securities maturing at such times and in such amounts which, together ~ith the earnings thereon, would be sufficient for such payment, or a cox~bisation of both such moneys and securities; and f0~ the other terms and provisions of the Bond Resolution. The Bonds of the Series of which this Bond is one maturinq on or prior te November 1, 1998 are not subject redemption prior to their stated ma%urltles. The Current Coupon Bonds (or portions thereof in installmenhs of $5,000) maturinq on or afhe~ Nov~er 1, 1999 are subject to redemption prior to their ststed maturities, at the option of the County, from moneys on deposit in tko Redemption ~und crested and established by the Bond Resolution or from other available moneys of the County, on and after ~oveambor 1, 1998, as a whole at any time, or in part from time to tim~ on any interest payment dat~ in such order a~ the County may determine, at the respective redemption price~ (expressed as a p~roentage of the principal amount to bo redeemed) set forth below~ together with the intsres~ accrued On such principal amount tQ the date fixed for redemption: Period During Whick Redeemed (Both Dates Inclusive} November 1~ 1998 thrcuqh october 31, Nove~ber 1, I999 through October 31, Nove~foer 1, 2000 and thereafte~ Redemption Price 1999 102% 2000 The Capital Appreciation Bonds maturing on or after ~Ov~d~er t, ~999 are subject to optional redemption as provided therein~ ~he Capital Appreciation Bonds maturing on November 1, 2010 are ~ubject to mandatory sinking fun~ re~smption as provided therein. If this Bond is redeemable and shall be called for redemption, notice of the redemption hereof shall he mailed not le~s then thirty (30) nor more than mixty (60} days prior to the date fixed for redemption by first class mail, postage prepaid, to the Registered Holder of ~hi~ Bond at ~uch Registered Holder's address as shown on the books of registry of the County k~pt by the Registraz. Wh~ n0%ice of red~pti0n of this Bond (er of the portionm hereof in installments of $5,006 to b~ redeemed) ~hell have been given as hereinabove set forth, this Bond {ur the portions hereof ~O b~ r~deemed) shall becom~ due and payable on the date =o specified for ~uch redemption a~ a price equal to the principal amoun~ hereof and the redemption premium, if any, hereon, togs%her ~ith the interest accrued hereon to such date, and whenever palrment of such redemption p~i0e shall have be~n ~uly made or for, interest on this Bond (or on the portions hereof so redeemed) shall cease to accrue from an~ after ~he date so specified for its redemption. Subject to the limitations and upon payment cf the charges, if any, provided in th~ pro0eedings authorizing the Bonds of the Series of which this Bond is one, ~his Bond may be exchanged at the principal office of the Registrar for e like aggr~gat~ principal amount of Bon~s o~ other authorized principal amounts and of the Series of which this Bond is cna. This Bond i~ transferable by ~h~ ~egiztered ~older hereof, iD person or by his attorney duly authorized in writing, at the principal office of the RegiStrar but only in the manner, subject to the limitations and upon payment of the charges~ if any, provided in the proceeding~ authorizing the ~onds of sexism of which thim Bond im ene~ and upon %he surrender hereof for cancellation. UpOn such transfer a new Bond or Bonds of authorized denominations and of the s am~ aggr~qate principal amount of the Series of which :his Bond i~ One w~ll be issued ~o the transferee in ezohan~e herefor. TkiS Bond shall not be valid or obligatory unless the certificate of authentication hereon shall have been man~slly signed by an authorized signator of the Regimtrar. It i~ hereby certified} recited and declared that all acts, cQnditions and things required to have happened, to exist and to have h~¢n performed precedent te and in th~ issuance of this Son~ and the Series of which it im one do exist, hav~ happened and have been performed in re§~lar and due time, for~ and manner as required by law, and that the Bonds of ihs Series of which this Bond is one do nok exceed any ~onstitutienal or statutory limitation of indebtedness. IN WITNESS W~EREOF, ihs County, by its Beard of Supervi~or~, ha~ caused this Bend to ba .si~ned ~y the Chairman and the Clerk of s~ch Board~ b~ their manual or facsimile signatures, and the corporate seal of the Co~ty to ~e imprsssed or imprinted hereon, and this Bond to bs dated as of the first day of April, 1988. (Seal) Clerk of th~ Board of Supervisors Ckairman of the Board of Supervisors This BOnd is one of 5he BonOs delivered pursuant to the within-mentioned proceedings. Signet Trust Company, Registrar BM: Signature Dated: , 1988 [FO~{H OF ASSIGN~A%~T) For v~lue received hereby ~ell~, assigns and transfers unto Please insert Social Security or o~her Tax Identifying ~umber t~e within-mentionmd Send and hereby irrevocably constitutes and appoints , agent, ~o tran$Isr the same un the books of registry in the principal office of the Registrar with full power of substitution in the premises. Dated: Registered Holder Signature Guaranteed~ 88-2~3 correspond with the nam~ a~ written e~ the fsce of the within Bohr in evsry particular, without alteration~ enlargement or any change whatsoever. Financial Guaranty Insurance Company ("Financial ~uaranty") has issued a policy con%ainlng the following provisions with respect to the Chesterfield County, virginia, Water and Sewer Revenue Refunding Bond~, Series 1988 (the "~on4s")j such policy being on file at the principal office the Trustee, as paying agent (the '~Paylng Agent"l: Financial Guaranty hereby unconditionally and irrevocably agrees to pay for disbursement to the Bondholders that portion of th~ principal (Or in th~ cage of Capital Appreciation Bonds, tbs Accrsted Value) of and' in%crest on the Bonds which is then due for payment ~n~ which t~h~ issuer of the Bend~ (the '~I~er") ~hall have failed to provide. Due for p~ymeat means, wi~h respect tc the principal (or in the case of Capital Appreciation Bonds~ the Accreted Value}~ the ~tated maturity date thereof, or the dat~ on which the s~m~ shall have been duly oalIed for mandatory sinking fund redemption, bu~ not any earlier ~a~e en which the payment cf principal cage of Capital Appreciation Bonds, the Acereted Value} cf the Bonds is due by reason of acceleration, and with respect to interest, the stated dat~' for pay~nt3of such interest. Upon ~eceipt of %elephone o~ telegraphic notice~ subsequently confirmed in writing, or wrlt~n notice by registered or certified mail, from a Bondholder or the Paying Agent to Financial Guaranty that the ~eguired 9ayment of principal (or in the case of Capital Appreciation Bonds, the Accreted Value} or ~nterest has not been made by the Issuer to th~ Paying Agent, Financial Guaranty on the du~ d~te of such payment or within one business day after receipt o~ notice cf such nonpayment, whichever is later, will make a deposit of fund9 in an aeconnt with Citibank~ N.A.~ or it~ successor as its agent |the "Fiscal Agent"}, s~flelent to make tbs portion of s~ch payment net paid by the I~suer. Upon presentation tn the Fiscal Agent of evidence satisfactory to it of the Bondholder's righ~ to receive such paymen~ and any appropriate instruments of assigranen= required to vea~ all of such Bondholder's right to ~uch payment in Financial Guaranty, =he Fiscal Agent will ~isburss such amount =~ uhe ~endhold~r. is entltle~ under the terms o% suet ~ond to payment thereof. EXHIBIT B OF CAPITAL ~2FP~ECIATION BOND ONLY AT MA'ru~.ITY. MINIM~q DENOMINATION: The County of chesterfield {hereinafter referred to as the "CeuD~y"), a political $~bdivision nf the Commonwealth of Virginia~ for value received, hereby acknowledges itS~l~ indebted and hereby promi~e$ to pay to the Registered Holder (named above), or registered assigns, but solely from the R~venue~ and moneys pledged to %he payment hereof hereinaft6r specified and not otherwise, on the Maturity Date (specified above) unless this Bund shall have been called for previous redemption and payment of the ~ed~mption price shall have been duly made or provided for, =he Principal Sum (specified above] and the in%crest payable thereon, computed ae provided in the Bond Resolutio~ hereinafter referred to. if this Bend is issued in a Principal Sum equal %o the minimum denomination permitted by the Bend Resolution (~s ~sfinsd hereinafter}, the interest payable at maturity is the difference between Five Thousand Dollars {$5,000) a~d such Principal Sum. If this Bond is issued in a Principal Amount that is an integral multiple of the minimum denomination permitted by the Bond Remolution, the interest ~hall be %he same integral multiple o~ the amount of interest =aluulated pursuant to the preceding sentence. Ail interest on thle ~ond is payable only maturity. The p~ineipal of and premium, if any, and interest on thle Bend are payable on presentation and surrender hereof at the principal office uf Sign~% Trust Company, aw Regi~trar~ in the city of Richmond, Virginia. Both principal of and premium, if any, and interest on thi~ Bond ~r~ payable in such coin er currency of =he United States of America as at the r~pective dates of payment thereof i~ legal tender for public and private debts. This Bond is one of a duly authorized Striae of Bonds amoant of For~y Three- ~illion Eigh~ ~undted SevenEy-Two Thousand ~ine Hundred Fifty-Seven Dollars an~ sixty~Pive Cents ($43,872,957.65) of like date, denomination and tenor except for number, interest rat~ maturity and redemption provisions, end is issued under and p%rsuant to and in full compliance wi~h tat Constitution and statutes of the Commonwealth of Virginia, inclndin~ Chapter 5 of Title 19.1 of the Code of Virginia 1950, as amended (the same being .the Public Finance Act), a ~esolution duly adopted on July 24, 1995 by tho ~oa~d cf supervisors of =he County~ entitled "EESOLUTION OF TeD BOARD OF SUPERVISORS OF T~ COUNTY OF adopted by such Board on April 13, 19~, entitled resolutions being herein referred to collectively as the "Bond Seri~s 1985B, of the County (the "1985B Bonds"}. of the Bonds of the Series of which this Bend is one, $31,400,000 p~incipal amount m~turing oR November 1, 1~88 through I997, beth 88-245 inclusive, and November 1, 2004 through 2006, ~oth inQIu~ive, are current coupon bonds (the ~Current Coupon Bonds'r) bearing interest payable on November 1, 1988 and semiannually thereafter at the rates of interest per annum stated thereinr and $12,472,957.65 principal amount maturing on November 1998 through 3003 and November l, 2010 are capital appreciation bonds (the "Capital Appreciation Bonds") bearing interest compounded en May 1~ I988 and semiannually thereafter and payable at maturity. The Bends and ~he interest ~hereon are payable solely from, and secured sql/ally and ratably with ether bends which may have herehefor~ been issued or may hereafter be issued on a parity =herewith under the Bend Resolutien outstanding from t~e =O tim~ solely by a lien and charge on, the Revenues (as defined in the Bond Rseolutien) derived f~om the operation Of th~ County's water and sewer system (the "System"), ~ubjeet tO the prior payment from such Revenues of the Operating Expense~ ef the System, and f:om moneys held in the funds and accounts created and e~teblished und~ the Bond Resolution pledged to the payment =hereof. The send Resolution provides that the bend~ i~sned thereunder shall not be deemed to eonsti=u=e full faith and credit general obligations of the County ~or which there i~ a right to compel the exercise of the ad Yalor~m taxing power of the County. Reference is hereby made to the Bond Resolutien, to all of the provisions of which any RegiEt~red Holder of thi~ Fond by his acceptance hereof h~reby a~sen=s, for deflections of terms; the description of and the nature and extent of the ~ecurity far the bends issued under the Bond Resolution, including this Bond~ the description of tke~ System; the description of the Revenues and the money~ held in the fund~ pledged =e the payment of the interest on and principal of bonds i~Su~ nn~r Dhe Bond ~eso!ution, including this Fend~ the nature and extent and maneer of ~nforc~ment of the pledge; the covenants of the County as ~e the fixing, establishing, maintainin9 and r~visin~ of rates and charges for the provision and sale cf water and sewer services of the System; the covenants of the County e~ co the collection, deposit and application of the Revenues of the System; the conditions upon which other bonds may h~reafter be issued unde~ the Bond Resolution payable on a parity with th~s Bond fro~ the Revenues of th~ System and equally and ratably secured herewith; the rights, duties and obligations of the County; the provisions discharging the Bond Resolution a~ to thi~ Bond and the lien and pledge o~ this Bond on =he Revenues of the S~tem if there shall hav~ Be~n dsposited in accordance with the provisions of the ~ond Reselution on or before the maturity or redemption hereof moneys sufficient to pay the principal hereof and the interest hereon to the maturity or redemption date hereef~ er certain specified ~ecuri=ies maturing at ~uch time~ and in ~uch ~ennts which, te~e=h~r with the earnings thereon, would be sufficient fo~ such payment, or a combinatieu of both such moneys and ~ecu~itie~; and for the ethe~ te~m~ and p~evi~iene of the Bond Resolution. The Bends of ~he Serle~ of which this Bond is one maturing on or prior to November i, 1998 are not subject to redemp=ien prior to their ~tated The capital Appreciation Bonds maturing on November 1, 2010 ar~ subject to mandatory sinking fnnd r~d~mption in part, by Dot, irom ~inking Fund Payments made in accordance with th~ provision~ Of th~ Bon~ Re~elutlon add to p~yment maturity, on November ] in each of the year~ and in the priscipal amounts set forth in ~he table below, at a redemption price equal to the Accreted Value {as defined in the Bond Resolution) am of ~he date of redemption. Such Sinking Fund Pa~rmen~$ shall be sufficient to retire by November 1 of each y~ar the principal a~0unt of Capital Appreciation Bonds maturing on November 1~ 2010 set forth in the table belOW: Tim~ of Y~ ~i~l ~t V~ 2007 $1~301~968~75 $3,951.S8 2008 1,20~,495.00 4,274.03 2009 1,114,997.50 4,622.79. 2010 ~,032,183.7~ 5,000.00 The Capital Appreciation BOnds maturing on or after November I, 1999 are subject to redemption pri~r to their stated maturities, ae the option of the County, from moneys on deposit in =he Redemption F~nd created and established by the Bond Resolution or from o~3~r available moneys of the Countyz redeemed) on the date fi~ed for ~edemption set forth below: Perio~ During Which Redeemed (Both Dates Inclusive) November 1, 1990 through October 31, 1999 November 1, 1999 through October 31, 2000 November 1, 2000 through O~tober 31~ 200I November ~, 2001 a~d"%herea~ter The current coupon bonds maturing Redemption Price 103% 102 101 100 on or after November 1, 1999 are subject to optional r~demD~ion as provided therein. If this Bon~ i$ redeemable and shall be called for redemption, notice of the ~edsmption hereof shall be maile~ net less than thirty {30] nor more than sixty (60) day~ prior to the date fixed for redemption by first mail, postage, prepaid, to the Aegistared Holder o£ t-his Bond at ~ueh Registered Holder's address as shown on the books of registry of th~ County kept by the Registrar. When notice of redemption of this Bond (or of the portions hereof in installments of $5,000 to be r~eemed} shall have been given a~ hereinabove set forth, this Bond (or the portions hereof to be redeemed) shall become due and payable on the date so epeeiCied for such redemption st a price equal to the principal amount hereof ~n~ ~he redemption premium, if any, hereon, t~gether with the i~terest accrued her~on to such date~ and whenever payment of such redemption price shall have been duly made ar provided for, interest on to accru~ from and after the dat~ ~o ~p~¢ified for it~ redemption. Subject to the limitauions and upon payment of the charges, if any, provided in the proceedings authorizin9 ~h~ Bondm of thm Smrim~ of which this Bond is one, this Bond may be exchanged at the principal office of the Regishrar for a principal amaunt~ and of the series of which .this Bond is one. This Bon~ is traR~ferable by the ~gistered Holder hsreef, in per~en or by his attoruey duly authorized in.writing, at the principal office Of ~he Registrar but only in the manner, subject to the limitations and upon payment of the charges~ if any, provide~ in the proceedings authorizing the Bonds of the Seri~s of which this Bond is one, and upon the ~urrender hereof for cancellation. Upon s~ch transfer a new Bond or Bonds of authorized denominations and of th~ S~me aggregate pzinuipsI amount of the series of which this Bond is one will be to the transferee in exchange her~for. 88-247 This Bond shall not be valid or obligatory unless the certificate of a~the~tic&tio~ her=On ~hull have been manually signed by an authorized signaCor of the Registrar. It is hereby certified, r=citcd and declared that all acts, conditions and things requ±rsd to have happened, to e~i~t a~d to have been performed precedent to and in the issuance of this Bond and the series of ~hich it is on= do exist, have happened and have ~een performed in regular and due time, form and manner as required by law, and that the Bonds of the Series of which this Bond is one do not exoeed any oonsti~utional or statutory limitation uf indebtedness. IN WIT~ESS WHEREOF, the County, by its Board of Supervisors, has caused this Bond to be signed by the Chairman and the Cl~rk of such Board~ by their manual or facsimile signatures, a~d the corporate ~eal of the County to be impressed or impriuted hereon~ and this Bond to be dated as of the ~irst ~ay o~ April, 1988. {Seal) clerk of the Board Of Supervi~Qrs Chairman ~ th= Board Of Supervisors Certificate of Auth~m~iea~om This Bend ie one of the Bc~s delivered ~ursuaet to ~ithin-m~ntioned proceedings. Signet Trust Company, Registrar Authorized Signature , 1988 as~ign~ and transfer~ unto ~lease insert Social Security or other Tax Identifying Number hereby ~ells, the within-mentioned Bond and 'hereby irrevocably constitutes and appoint~ , a~n~, to transfer the sa~s on the books of registry in the principal office of the Regf~t~ar ~ith full power of sub$~itutlon in th~ premises. Dated: Regiate~ed Holder Signature Guaranteed: NOTE: The signature to this assignment must correspond w~th the name as written on th~ face of the 88~248 within BOnd in every particular, without alteration, ~nlargement or any change whatsoever. ~T&T~M~NT OF Financial G~aranty I~s~rance Company ("Financial Guaranty"} has issued a policy containing the following provisions with respect to th% Chesterfield County, Virginia, Water and Sewer Revenue Refunding sends, Series 1988 (the "Bends"J, such policy being on file at the principal office of the Trustee, as paying agent (the "Paying Agent")= Pinnacle! Guaranty kere~y unconditionally and irrevocably agrees to pay for disbursement to the Bondholders that portion of the principal {ur in the case of Capital Appreciation Bonds, the Accreted Value] of and interest on ~ha Bonds which is then due for payment and which the issuer of the Bonds (the "Issuer") shall have faiI~d to provide. D~e for payment means, with raspeo~ to the p~incipal (er in the case of Capital Appreciation Bonds, the Ascret~d Value}, ~he stated maturity date thereof, or the date on which ~he ~ame shall have been duly called for mandatory sinking fund redemption, but act any earlier date on which the payment of principal (or in th. case ef Capital Appreciation Bond~, the Accreted Value) uf Bonds is dun by reason of aoueleration, and with re~pect to interest, the stated dat~ for pay~leat of such Upon receipt of telephone or telegraphic notice, subsequently confirmed in ~riting, er w~itten notice by reglster~d ur certified mail~ from a ~ondholder or the Paying Agent to Financial Guaranty that the required payment cf principal (or in the case o£ Capital Appreciation Bonds, the Acereted Value] or interest has not been mad~ by the Issuer to the Baying Agent~ Pin~ncial Guaranty On the due date of payment er within one business day ~fter receipt of notice of much nonpayment, whichever is later, will make a deposit of funds in an ae~ennt with Citibank~ N.A.~ or its successor as it~ agent (the "~iscal Agent"), su~£1clent to ~ake the portion of such payment eot paid by the Issuer. Upon presentation to the Fissal Agent of evidence satiefaotor~ to it of the Bondholder's right to receive such payment and any appropriate instruments Of assignment re~uired to vest alt of Such Bondhold~r's right to such payment in ~inaneial Guaranty, the Fiscal Agent will ~isburse such amount to the Bondholder. As used herein the term "Bondholder" means th~ o~h~r %hen the Issuer who a% %he time cf nonpayment of a is entitled under the terms cf much Bond to payment thereof. The policy is non-cancellable for any r~asOn. FINANCIAL GUARANTY INSURANCE COMPANY AGREEMENT This Escrow Deposit Agreement, dated as of April 1, 19~8 (the "Agreement"), by an~ between the County of chesterfield, Virginia (the "County"), and Signet Trust Company (formerly ~ank of Virginia Trust Company), as Escrow Agent {the "Escrow Agent"], 88-24~ WHiP. AS. the County has heretofore issued $61.260,000 aggregate principal amount of its CoUnty of Chesterfield, Uirginia, Water and Sewer Revenue Bends, dated ae of September 1~ 1985 (the "1985B BOndm"), maturin~ semiannually on November 1, 1985 and on each November 1 and May 1 thereaJter fo and including Nove_~ber 1, 2010, and bearing interest payable semiannually On November 1 and ~ay 1 e~ each year~ and WHEREAS, concurrently with the execution hereof, the County is issuiBg the $43,872,957.65 principal amount of its County cf Chesterfield, Virginia, Water and Sewer Revenue Refunding Bonds (the "1988 Bonds"), the proceeds of which, together with other available moneys, will he used, for the purpose of rmfunding in advan~m of their ~tat~d maturities the 1985E Bonds maturing on November i in each of the years 2001, 2005 and 2el0, as more fully d~sertb~d in ~xhibit hereto, which are currently outstandinq in the principal amount o~ $41,125,000 (the'"Re~unded Bonds"); NOW, THEREFOr, in consideration of the foregoing and of th~ mutual coveuaut~ herein sat forth, the County and the Esurew Agen~ agree as fellows: SECTION 1. Pledge of !9~8 Bon~ Proceeds and Other Available MOneysl To provide for the payment uf the principal and redemptio~ price, as~the case may be. of the aefunded Bunds, plus inter.st cn the Refunded Bonds to the redemption -date thereof, =he Couuty hereby irrevocably deposits with tho Escrow Agent, to be held by the ~scrow Agent on behalf of the Paying Agent ~or ~he Refunded ~on=s an~ in trust ~or the benefie of the owners of the Refunded Bonds, and irrevocably Reiunded Bonds, subject %o %he terms and conditions hereinafter set ~orth, the amount of $46,531,581.50; derived from th~ preclude of sale of th~ 19~8 Bond~ and other available being an amount which the county and the Escrow Agent agree hereinafter defined) and to refund and 'defease the Refunded Bonds. Such amount ~halt be depo~i{ed by the Escrow Agent in the 1988 Escrow Deposit Fund hereinafter re~erred to and invested and applied in the manner and for the purpose h~reinaft~r ~e The ESC~OW A~ent aeknowledge~ reoeipt of the foregoing amounts. SECTION 2. Establishment of Escrow Deposit Fund; established with the ~scrow Agent a special and irrevocable trust fund designated the "County of Chesterfield, Virginia, Water and S~wer Revenue Refunding Bonds, ~iee lgS~, E~crow Deposit Fund" '(the "t988 Escrow Deposit Fund") to be held in the custody of ~ke ~ssrow Agent as a ~rus~ fund separate and apart from all other funds of the County or of the Escrow Agent, for the benefit of =he owners of Ail moneys and Government Securities set aside and held in trust in the 1988 Escrow Deposit Pund shall be applied to and used solely for the payment of the Refunded Bonds (including interest and redemption premium akereon). SECTION 3. Purchas~ of Government Securities. (a) The County hereby directs the Escrow Agent to purchase on April 19, 1988, being the date of the delivery of and palrment ~or ?~he ~988 Bond~, with $46,259,907.6Q of th~ amount held in the 1988 ~scrow Deposit F~nd, certain direst non-callable obligations of the United States of America, am set forth in E~hibit II hereto. The securities described in Securities". The ~mount of $311,675.90 remaining on deposit in the 1988 ~screw Deposit Fund shall be held as cash and not invested. (b) The County and the Escrow Agent hereby acknowledge receipt from Perryt Hamilton & COmpany cf a certification that th~ Government Securities mature as to Drlncipal and interest (without regard to any rein~stment of investment ~arning~ eD such Governmon~ Securities) in s~uh amounts end at such times as will assure, together with any moneys held in the 19~8 Escrow Deposit Fund, the availability of sufficient moneys: Ii) to pay when due the interest on the Refunded (ii) to pay the rademptlen prices of the Refunded Bond~ maturing on November I in each of the y~ar$ through ~00l, 2005 and 2010, which are to be redeemed on November ]~ t995 ~t a redemption price equal to 10~% of ~he respective principal amounts of the Refunded (c~ The County and the Escrow Agent h~reby agTee that, in r=liance upon %h~ certification provided by ~erry, Hamilton & Company pursuant to Section 3(b) hereof, Government Securities mature a~ tO prlncipal and inter,st {wi~hou~ regard to any reinuestment of investment earnings on such Government Securiti~l in such amounts and at such times as will assure, together with any monpys h~ld in the Escrow D~posit Fund, the availability of sufficient moneys: (1) to pay when due the interest on the Refunded Bonds to November 1, 199S; (ii] te pay the redemption prices Of the Refunded Bonds maturing on November 1 in each cf the years 2001, 2005 and 2010, which are to be redeemed on November 1~95 at a redemption price equal to 102% ~£ the respeotiv~ principal amounts of the Refunded Bonds. SECTION 4. Substitution of Goverrunent Securities. (a) Moneys d~po$1ted with the Escrow Agent as described in Section 1 hereof, end used to purchase the Gove~nmen~ $~curlties, may, at %ha written direction of the County~ be reinvuuted in direct obligations of the Unlt~ $~ates of America (the "Substitute ~overnment Securities"), maturing as to principal and interest in such amount~ an~ at ~uch times will assur~ the availability of sufficient moneys to make payment of ~he principal and/or redemption prices, as the case may be, of the Refunded Bonds, plus interest on such Refunded Bonds to the respective maturify or redemption dates =hereof, al! as sue forth in Section 3 hereof; provided, hewer%r, that ~Oncurreutly with such written direction, the County shall provide the Escrow A~en~ with (i) a Certification of an independent certified public accountant that such reinves~ment complies with this Aqreement, setting forth in reasonable detail the calculation~ underlyi~g ~uoh calcification, and (ii) an unqualified opinion of nationally recognized bond counsel to the effect that ~uch relnvestalen~ (1) will not cao~u any IPS8 Bond to be subjected to trea~eut as an "arbitrage bond", defined in Section i~R of ~he %n~ernal Revenue Cods of 1986, as ~ended, and the regulations adopted under such Section 14~, ag each is then in effect, and (2) is otherwise in compliance with this Agreement. (h) Any rSinVeutment authorized by thi~ Section 4 shall be accomplished by sale, transfer, request ~or redemption or ether disposition of all or a portion of the Securities then held in the 19~g Bserow Deposit Fund with the proceeds thereof being applied simultaneously to ~he puruhase 88-251 of Substitute Government Securities, all as specified in the written direction of the County. SECTION 5. Evidence of Transactions; Angus! Re~ert. (a) The Escrow Agent shall deliver to the Treasurer of the County a transaction statement describing 'each transaction relating to the 1988 Escrow' Deposit Fund. SUch £ransantion state~ent shall be prepared and delivered to the Treasurer of the County on a monthly basis. (b) On or before August 1 of each year, the Escrow Agent shall deliver to such Treasurer a statement describing the Government ~ecurities held by it in the 1988 ~scrow Deposit Fund, including the inceme earned therefrom and the maturities thereof, and any withdrawal~ of ~on~y f~em the 19~8 Escrow Deposit Fund for the year ended June 30 of such year. SECTION 6. Payment of Principal and Redemption Prices of and Interest on Refunded Bonds. On the respective interest payment datee and en the redemption date for the Refunded Bonds, the Escrow Agent shall t~ansfer to the Paying Agent for the Refunded Bonds, sufficient moneys from the matured principal of and interest on the Government Securities held in the 1988 Escrow Deposit Fund, or other moneys er Substitute Goverrn~ent Securities held in such Fund, for the payment of the principal and/or redemption prices and the interest on the Refunded Bonds becoming d=e on such respective interest payment or redemption dates. The Paying Agent for the Refunded Bonds is Signet Trust Company. SECTION 7. Irrevecable ~pposit; Express Lien. Subject to th~ terms hereof and ~xcept as otherwise provided herein, the deposit o~ the moneys, Government Securities any Subetitute Government Securities in the I988 ~scrow Deposit ~und shall constitute an irrevocable deposit in trust solely for ~he payment of the Refunded Eond~ (including premium and interest thereon) pursuant to the te~ms of the Bond Resolution (as hereinafter defined} and this Agreement. The owners of the Refunded E~nds shall have an e~preSs lien on the ~rinulpal of an~ interest on ~he Government Securities, and on any moneys or Substitute Government Securities on deposit .in the I988 Escrow applied in accordance with this Agreenent. SECTION 8. ~otices. (aJ ' The [scr~w Agent, in it~ capacity as Trustee under the Bond Resolution, shall without further authorization or direction cause notice of the issuance of the R~funding ~onds in substantially the form attached hereto as Exhibit III, which ~orm has been prepared in 12.1(b) o~ the'~ond Resolution, to he published, at least twice as soon as practicable but in no case later than thirty (30) days after the delivery of the 1988 Bonds, et an interval of not less than seven (7) day~ between publication~ in each of the two newspapers or financial journals set forth below, both of which ar~ pr~nted in th~ English language and ~u~tomarily published (except in the case of legal holidays) at least once pnblicst~oa shall he ~a~e in The RichmOnd Time~ Di~pateh~ a newspaper or financial journal of general circulation in the County; and in The Bond Bu~=r, a nuwspaper or iinuncial journal of general circulation in the Berough of Manhattan, City and State of ~e~ York. '(b) The County hereby designates for redemption on November 1, 1995, the Refunded Bonds maturi~g an November i in each of the years 2001, 2005 and 2810. The Escrow Agent, in its capacity aB Trnetee ~nder the Bond Resolution~ ~hall cause 88-252 ~Ovember 1 i~ each of the years 20GI, 20~5 and 2010, to be given, in the n~ume and On behalf of the Trustee, such notice be iu substautially the form attached hereto as Exhibit IV, which form has been prepared in accordanc~ with Section 6.5 of the ~o~d ~esolntion, such nefice to be mailed by first class nail~ postage prepaid, by the Escrow Agent not le~ than thirty {30) nor more than sixty (60) days prior to November 1, 1995 to the owner of each Refunded Bend at such owner'~ address as it appears on T_he registration book9 kept by th8 Trustee. (~1 The instructions set ~orth in subsections and (b) ef ~his Section 8.1 shall b~ irrevocable. $~CTION 9. L~ability of Escrow Agent. (u) The liability of the R~crow Agent to make the payments required by this Agreement with respect to the Refunded Bonds ~hall be limited to the funds deposited with it hereunder and the Government securities and any Substitute Government Securities. Th~ Escrow Agent shall not be liabl~ far any loss resulting from any investment made pursuant to this Agreement in complianc~ with the prov~ion$ h~rocf. {b) In th~ event uf ~he =screw Agent's £ailure to account for any of the GOVernment S~curiti~s, substitute Government Securities er funds racei=~d by it, auch Gov~rrl~ent Securities, Substitute Government Securities or funds shall be and remain the preper~y of the County in trust for the owners of the aefund%d Bond~ as herein provided, and if for any reason such Governmen~ Securities, ~n~s~i~ut~ Government Securities and fund~ canner he identified, the a~suts of the ~¢rew Agent shall be impressed with a trust for the ameunt thereof and, to the fullest ~xt~nt permitted by law, eh~ County sh=ll he entitled to a preferred claim upen such assets until identification of such Government $~curitles, Substitute Government Securities and funds is made. SECTION 10+ Termination. {a) This Agreement shall terminate upon the payment by th~ Escrow Agent to the Paying Agent for the Refunded Bonds of all men,ye required by Section 6 hereef to he paid to such Paying Agent to provide for the payment of the redemption prices of and interest on the Refunded Bends. (b} Any moneys remaining in the 198~ Escrow Deposit Pund after all paymeRt~ required by See~on 6 hereof to he paid by the Escrow Agent te the Paying Agent for the Refunded Bonds shall hav~ been made shall be paid to the County by the Escrow Agent~ without further authorigation and direction. S~CTION 11. Fees of ~scrow A~en~. (a) The Ceunty shall pay all necessary and proper fees, Gomp~nsation and ~xpenses ef ~]e =scrow Aqen~ and any Paying Agent pertaining to th~ Refunded Bonds, including, without limitation, reasonabl~ compensation for ail services rendered fn ~he ezecution~ saercise and performance of any of th~ duties tc be exercised or pemfermed pursuant to the ~rovi~inn5 of this Agreement~ and all expenses, disbursements and advance~ incurred in accordance with any provisions e~ tkis Agreement (including the reasenable compensation and expenses and disbursements of it~ counsel]. (b) To the extent not paid out of the proceeds ef the sale of the ~efunding sends or other available moneys on the date of delivery of the Refunding Bonds, the County will pay the amounts described in Section ll{a) when billed. (c) The Esurow Agent acknowledges that the above-specified provi~ion~ for p~yment are satisfactory te it. 88-253 (d) ~n no event shall the amounts described in S~etion ll(a} be payable from the moneys or Government Securities or Substi'=ute ~overnmen= Securities on deposit ,in the 1988 Escrow Deposit Fund. SECTION 12. Duties of Escrow AqenL; Evidence U~un Which Escrow Agent Ma~ Act; Replacement of Escrow A~ent. The E~crow Agent agrees to perform all the duties and obligatlon~ imposed upon it by thle Agreement ae well as those provisions of she Bond Resolution and the Third Supplemental Bond Resolution applicable to the performance of this Agreement. The Escrow Agent acknowledge~ receipt of certified eopi~s of the Bond Re~olution and the Third Supplemental Bond Resolution. (b) Subject to the provisions of Section 12(a), the Escrow Agent may conclusively rely, as to the correctness of statemen~s~ c0nclu~ions and opinions therein, upon any certificate, report, conseDt, notice, appoint~uent or otter direction made or given by the County tO ~he E~orow Agent which shall be deemed to have been sufficiently made or given by the proper party or parties if executed on behalf of the County by the County Administrator of the County. (c) tf the Escrow ~gent uhall cease to be eligible to act as Escrow Agent hereunder o~ shall resign as Escrow Agent heIeunder, the ~scrow Agent, if requested by the C0~n%y, ~hall ~x~cuts such agreements, asslgnmunts and ethe~ as shall be necessary to vest in a suucessur escrow agent th~ title, rights, duties and O~ligation~ of the Escrow Agent under this Agreement and' in the Government Securities, Substitute Government Securities and other funds deposited or to be deposited or received by the ESCROW Agent under this and obligations of the E~r~w Agent under thiD Agreement shall liabilities theretofero accrued ~o or by ~hs County or the SECTION 13. Inoorporation by Reference. The appllcable and necessary provisions of the Bond Resolution adopted by the Board of Supervisors of the County on july 1985 (the "Bond Ro~olution") an~ the Third Supplemental Bond Resolution adopted by the Boa~d of Superuisors of the County un April 13, 195~ are incorporated herein by reference. SECTION 1~. Arbitrage Covenant. Any other provision of this Agreement to the contrary notwithstanding, the County hereby covenants that it will not uss~ or permi~ ~he use any proceeds of the Refunded Bonds or the 1~88 DoDd~, or of m~neys or fund~ held by ~he'Escrew agent under this Agreement tha~ may be deemed to be ~he pr0¢eeds of %h~ R~funded Bonds or the 1988 Bonds pursuant to Section 148 cf the Internal Revenue Code o~ 1986, as amended, and r~gula~ions adopted Under such Section 148, as each is then in ~ffect, in a manner that would cause any of the Refunded Bonds ur the 198~ Bonds to be subjected to treatment under such Section 148 as an "arbitrage bend", and to that end the County ~hall comply wi~-h applicable r~gulation~ adopted under such Section t48. SECTION 15. Benefit of Agreement; Amendments. This A~reement is made for the benefit of the County and the owners from time to time cf t~e Refunded Bonds except as otherwise expressly pro~ided herein. This Agreement shall not he repealed~ revoked, altered or amended without the consent of all such owners and th~ ~£tten consent of th~ ESCrow Agent; provided, however, that the County and the Escrow 8~-254 m ~nter into such agreementn supplemental to this Agreement as shall not adversely affect the rights of such OWners and as shall not he in~onsi~ten~ with the terms an~ provisions of this Ii) to cure any aI~biquity er formal defect or omission in this Agreement~ Iii) to grant to, or confer UpOn, the Escrow Agent for the benefit of Such owners any additional rights, remedies, powers or authority that may lawfully be and (iii) to subject to this Agreement additional funds, securitiem or properties. In the event this Agreement shall be supplemented by an of the immediately preceding sentence, %he County shall notify, in writing, each rating agency which shall have been theretofcre requested to rate the ~efunded Ben~s of the supplemental agreement p~ior to the e~£ectlve date of such of su~ agreement supplemental hereto within thirty {30) days after the execntien and d~liv%ry thereof. In tho event that ~eo~y's Investors Service, 9~h Floor, ~uni¢ipal Rating De~k~ 99 Church Street, Ne~ York, N~W York 10007. In the event Standard & Poor's Corporation is to be notified p~rsuant to this Section er Section 16~ such notice shoul~ be addressed to: Standard & Poor's Corp0ra%ion, 25 Broadway, New Yerk, New York (b) ~he Escro~ A~ent shall be entitled to rely ~xelu~ively upon an unqualified opinion of counsel Of ~eoogni~ed standing in the field ef law relating to municipal ~onds with respect to comDliance with this Suction 15, including (i) the extent, if an~, to which any change, modification er addi=ion affects the rights of the owners of the Refunded Bonds and the 198~ Bonds, a~d (ii) the ex~ent, if any, ~o which any instTu~ent executed hereunder complies with th~ conditions and provisions of thi~ Sectien 15. SECTION 16. Severability. {al If any one Or more of the covenants or agreements provided in this Agreement on the Dart of the County or the Escro~ Agent to be performed should be determtDe4 by a court of uompetent jurisdiction to be contrary to law~ s~ch COVenant or covenants, or such agroe~t or agreements, er such portions thereof, shall be de~med portions thereof pxo¥ided in ~his Agreement and the invalidity of this Agreement or of the ~efunded ~ond~ or Of the 198~ Bond~ shall retain all the rights and ~enefits accorded them (b) If any provision of this Agreement shall b~ held any jurisdiction or j~riedioti0ns or in all jurisdictions, or in all cases b~cause it conflicts with any eens:itutlon or circumstances shall not have th~ effect cf rsnderinq the provision Or provisions herein contained inoperative or unanforcoable or invalid to any extent whatsoever. S~CTION 17. Law and PiaNo of EnfoEeement of this Aqreement. Tbi~ Agreement has been made in the Commonwealth of Virqinia and shall he construed and interpreted in accordance with the laws of the Commonwealtk of virginia anR any suits sad actions arising out o~ this Agreement shall be instituted in a federal ~eurt in the Eastern District of Virginia er in a Circuit Court in Chesterfield County, Virginia. SECTION 18. CoQnterp&rts. This Agreement may be executed in several counterparts, all or any of which shall be ~eqarded f0~ all pu~D0oe~ as one original and shall cOnSti~te and be but one and the same instrument. SECTION 19. Section Headings.' The hea~ing~ of the several ~ections hereof shall be ~olely for conv~nienc~ of referenc~ an~ shall not affect the meaning, construction, interpretation or effect of this Agreement. IN WITNESS WHEREOF, the parties have each ca~sed this AgrEEment to be executed by their duly authorized officers and their corporat~ gealn'to b~ hereunto affixed and attested as of the ~ate first above written. COUNTY OF CHESTERFIELD, VIRGINIA Titla: County Administrator SIGNET TRUST COMPANY, as E~crow Agent Dy: Title: DESCtLI~ION OF P~_..F~__.~.HOI~Ds Date of Maturity Principal Interest INovember 1} Amount Rate CUSIP Number 20~1 2,705,000 9.O0 % 16649g AQ5 2005 13,470,000 9.00 166409 AN2 2010 2~;950~000 9.125 166~09 AP7 Maturity Date 11/1/88 EXHIBIT II United Sta~es Tr~asuryC~rti~cnte o~ ~ver~nt Ser~es; pr~nc~paI 0.00% 100% $46~000 -0- $464,000 Unite~ States Treasu~fNotes - State and Local Goverr~ment Series; principal amount~ $37806,900; purcha~ ~atu: April 19, 198~ 88-256 ~a~urity Par Accrued Tc~al Date Coupon A~0unt Price Cost Interest Cost 5/1/89 0.00% $ 550,B00 1001 $ 550,800 -0- $ 550,800 11/1/90 0.00 550,800 i00 550,800 -0- 550,800 5/1/90 0.00 550,800 t00 550,800 -0- 550,S00 11/1/90 0.00 550,800 I00 5~0,800 -0- 550,800 5/1/91 0.00 550,800 t0O 550,800 -0- 550,R00 ~1/1/91 0.00 550~800 100 550,800 -0- 550,80~ 5/1/92 O.O0 550,700 100 550,700 -0- 550,?00 11/I/92 0.00 550,g00 10O 550~800 -0- 550,800 5/1/93 O,OO 550,800 lO0 550,800 -O- 550,800 11/1/93 0.0g 550,800 lOO 550,800 -0- 550~800 11/1/94 8.03 566r800 lO0 566,800 -0- 568~800 5/1/95 8.t3 589,500 1~0 5g9,500 -0- 589,500 tl/1/95 8.19 ~0,~91,~00 100 30,591~900 -0- 30,591,900 Total $37,806,900 $37,806,900 $37,805,900 $1,505,000; pmrcha~ da~e: ~pril 19, 19~ Par Accrued Total Amount Price Cost In~.r~s~ Cost $1,50~,00 1001 $1,505,000 $46,~40.02 United S~ates Trea~ul~y S~ipped Coupon Bonds ~aturity Par Accumd Total Date Co~0on ~t ~i~e Co~t interest Cost ~INIT III NOTIC~OF ISSUANCE OF I~FUNDINGBONDS C~unty of ~es~rf~.ld, Virginia Water and S~er~venue ~ond~, ~r~ 19858, Da~ NOTICE IS HEPd~BY GIVEN that ther~ w~re i~ed On April I, 19~8, $43,07~,957.65 aggregate principal amount of Water and $~wer R~ve~Re Aefundi~g BOndu, Series 1988, (the "1988 Bonds"), for =he purpose, among o~her things, of refunding in advance of their stated maturities the above-referenced (th~ "Refunded Bonds"), which are outstanding as of the dat~ hereof in the amount of $41,1~5,000. The proceeds of the 1988 Bonds, together with other available mea~y~ have been d~positcd .with Signet Trust Company, Richmond, Virginia, as Escrow Agent (the "Escrow Agent"), to he held in trust and have been invested in certain non-catlabl~ direct obligations of the Uni=e~ State~ of America, all as set forth in an Zscrow Deposit Agreem~nt~ dated as Of April 1, 1988, by and between the Gounty of chesterfield, Virqinia and the ~scrow Agent. The proceed~ of tho 19~8 Bonds and other available moeey~ so deDo~ited with the Escrow Agent under such EsCro~ Deposit Agreement are in ~¢h principal amount and invested in such obligations .as will a~sure sufficient ~oney~ (i) to pay when du~ the interest on the Refunded Bon4s to November 1, 19~5; and (ii) to pay the redemption prices of the 88-257 200t, 2005 and 2010, which are to be redeemed on November 1, 1995 ~t a redemption price equal to 102% of the rasDeetive principal mounts of the Refunded Bonds. The Maturity dates, principal amounts~ interest rates and CUSIP Numberg for th~RefU~e4 ~onds are as follow~: Date of Maturity ?rincipal Interest ~ovember 1 A~ount Rate CUSIP 2001 $ 2,705,00~ 9.00 % 166409 AQ5 200~ 13,470,00~ 9.00 166409 AN2 2010 2~,950,000 9.1~5 166409 AP7 This notice and the information contained herein are provided ~olely for the information of the Own~r~ Of the Refunded Bonds. There is nc need for fha owners of the Refunded Bondm to take any motion with respect to their Bonds at the present time. Bated: April 19~ ~9~ SIGNET TRUST COMPA57Y, AS TRUSTEE AND ESCROW NOTIC~ OF ~TION Couut~ of Che~terf~mld, ?~rg~nia Dat~] as Of Se~t~r Ir 19S5 and Maturing On Novemb~r I in each mi the Fears [199~] ~Jlrough [2001], b~h inclusive, [2005] u~ [20~0] NOTICE IS HEREBY GIVEN that Signet Trust Company, as Trustee {the "Trustee"} under a sand Resolution, adopted on July 24, 1985, as ~upDlef~ented by a Second Supplemental Bond Recolution, adopted on AUgust 2~, 1985 by the Heard of Supervisors of the 'C~unty of Chesterfield, Virginia, has doslgna%ed for redemption and will redeem and pay on Rcvembar it 1995~ the above-referenced Bonds, da~ed ~epiember 1, 1985 and ma~urinq On NOvember 1 in each of the years 2001, 2005 and 2010. . The maturity dates, principal amounts, inter.sS rat~$ and CUSIP Num~ars for ~uch BOndS to be redeemed are as fellows: Bate of ~aturity Principal In~erest {November 1). Amount Rate CU$I~ Numbar 2001 ' 21705;Q00 9.00 % 166409 AQ5 2305 13,470,000 9.00 166409 AN2 2010 24,950,Q00 9.125 166409 AP7 The Bends speci£1sd above will be r~de~med on Nova~ber 1, 1995 at a ~edemption price equal to 102~ of the principal a~ount thereef, ~oqethe~ with ~h8 interest accrued thereon to November 1, 1995, upon presentation and e~rrender of such Bonds at the principal corperata trust office of Signet Trust Company, in the City of Richmond, Virginia, ~aying Agent i i [Under federal law, the paying agent for the Bonds ~peei£i~d above for redemption may be zequiIed to withheld 20% of payments to cwner~ presenting s~ch Bond~ for r%d%/hption if such owners have ~ailed to furnish a taxpayer identification number to such paying agent certified to be correct under penalties of perjury (or F-hat such holder is awaiting a taxpayer identification number). Certification ma~ be made on Internal Revenue service Form W-9, which may be obtained from the Internal Revenue Service or mo~t local b~nks and brokers. Failure of an owner to complete and r~turn ~nch certification pr~sentatlon and surrender of ~uoh Bonds, ~ay result in backup withholding of 20% of any payment cf redemption prie~ to be Dated: ~Not less than 30 days nor mors than 60 days prior to November 1, 1995] SIGNET TRUST COMPANY, AS TRUSTEE '~to be ~evi~e~ as appropriate at the time of mailing. ACCR.~T.~DVALUZ kcreted ~alue of Capital Appr~ctatlom ($ pe~ $5,000 Set,a! Capltal Appreciation Bonds Date 1998 1999 ~990 2001 2002 2003 Ol-~y-88 2,452.62 2,228.99 2,052.85 1~874,76 lt719.16 1,573.45 01-Nov-8~ 2,537,2~ 2,308.67 2,127.~7 1,944.12 1,783.63 1,633.24 01-May-89 2~62~.77 2~391.21 2~204.38 2,016.05 1,850.51 1,695.31 01-Nov-89 2,71~.33 2,476.69 2,284.29 2,090.65 1,919.91 1,759.73 01~May-9o 2~809.00 2,565.~3 2,367.09 2;168,00 1~991.90 1,826.60 01-~ov-90 2,]05.91 2,656.94 2,452.90 2,248.22 2,066.60 1,896.01 01-May-91 3,006.17 2,751.93 2~541.82 2,331.40 2,144.10 01-Nov-91 3,109.s$ 2,S~0.3t ~,6~3.96 2,417.66 2,224.50 2,042.S4 01-May-92 3,217.17 2,952.21 2,729.44 2,507.12 2,307.92 2,120.47 0~-~v-92 ~,328.~6 3,057.75 2,828.38 2,599.88 2,394.47 2,201.05 01-May-93 3~442.99 3~167.06 ~,930.91 2,696.07 2,484.26 2,284.69 01-~Qv-93 3,561.77 3,280.28 '. 3,037.16 2,7~5.$3 2,577.42 2,371.50 Ol-May-94 3,68~.65 3,397.55 3,147.25 2,899.2? 2,674.07 2,461.62 01-~ov~94 ~,611.77 3,519.02 3,261.34 3,006.55 2,774.35 2,555.16 01-May-95 3,943.2~ 3,644.82 3,379.56 3,117.79 2,878.39 2,652.26 01-NOV-95 4,079.32 3,775.12 3,502.07 3,233.15 2,986.33 2,753.04 01-~y-96 4,220.05 3,9t0.08 3,629.0~ 3,352.77 3,09~.31 2e~7.66 01-NOV-96 4,36~.6~ 4,049.87 3,760.$7 3,476.83 3,214.50 2,966.25 Ol-~ay~97 4,516.26 4,194.65 3,896.90 3~605.47 3,335.04 3,078.97 01-~OV-97 4,672.07 4,344.~1 4,038.16 3,738.87 3,460.11 3,I95.97 01-~ay-98 4,833.26 4,499.~3 4,184.5~ 3~77.21 3,~9.86 3,~17.41 ~l-Nov-98 5,000.00 4,660.80 4,336.23 4~020.67 3,724.48 3,443.4~ 88-259 01 -~ay-99 0! Nov- 89 01-F~y-2000 Ol-~cv-2000 01-May-2001 01-Nov-2001 01-~ay-2002 01-~ov-Z002 01-M~y-~003 01-Nov~2003 4,627.42 4,493.42 4,169.43 5,000.00 4,656.88 4,323.70 4,823.10 4,483.68 5;000,00 4~649.57 4,811'.61 5,000.00 4z009.05 4,!59.39 4,315.37 4,477.20 4,645.09 4,819.28 5~000.00 $,574.88 3~710.15 3,551.14 3,997.48 4,149.39 4,307.06 4,47O.73 4,640.62 4,816.96 5~000.00 Date 2010 01-May-~8 856.00 01-Nov-88 890.24 01-May-89 925.85 01-Nov-~9 962.88 0~-Ma~-90 1,001.39 01-~ov-90 1,O41.45 01-May-91 1,083.11 01-Nov-9t t,126.43 Ol-May-92 1~171.49 01-May-93 1,267.08 Ol-Nov-93 1,317.77 01-May~94 1,370.48 01-Nov-94 1,425.29 01-May-95 1~402.31 0~-Nov-95 1,541;60 0I-May~9S 1,603.26 0~-NOV-96 1,867.39 01-May-97 1,734.09 01-Nov-97 1,803.45 01-Ney-98 1,875.59 01-Nov-Ps 1,930.61 01-May-99 2,028.64 01-NO~-99 01-May-2000 ' 2,194.17 01-NOV-2000 ~,~1.94 01-May-2001 2,373.22 81-NOV-2001 2,468.15 81-May-20O~' 01-NOV-2002 2~689.55 01-May-2003 2,776.33 01-Nov-2003 2,887.38 01-~ay-2004 01-Nov-2O04 3,122.99 01-May-2005 3,847.91 01-Nov-20O5 ~377.~3 0~-~ay-2006 8,512.94 ' 01-Nov-2006 3,653.46 0t-Kay-20O7 3,799.~9 01-Nov-2007 3,951.58 81-~ay-Z008 4,I09.6~ 01-Eov-2~08 4,274.03 Ol-~ay-20O9 4,444.99 01-Nov-2009 4,62~.79 01-May-2010 4,607.70 01-~ov-2010 5,000,00 Unanimou~ 14.I. AUTHORIZATION FOR T~E COUNTY ADMINISTRATOR TO EXECUTE A "SALE AND PURCHASE AGREeMeNT" TO ACQUIR~ AN INTEPJ]ST IN THE G~EATER RICHMOND TRANSIT COMPANY Mr, Micas briefly ~xplained the pr0p0~al for the C0uuty to enter into a sale and 'purchase agreement with Henries. County 88-260 and the City of Richmond to acquire an interest in the Greater Richmond Transit Company. Mr. Applegate, Mr. Daniel, Mr. Maye~ and Mr. Sullivan indicated they fell this action to be a good investment into the future of regional tranmDortation; supported the concept as being beneficial to the public gaf~ty aspect of transportation from the City to the Route 60 aras; and felt this wag a ~ood was not opposed to reglonal participation~ however, he felt After a brief discussion~ it was on motion of Mr. Daniel, authorize the Counhy Administrator to ~ntpr into a sale and purchase agrsemmnb with Benrico County an~ ~he city of Richmond to purchage equal gharms of Greaker Richmond Transit Compan~ Stock, a% a cost of approximately $50,000; end appropriated ~50,OO0 from funds available in the ourren~ b~dqet ($48,500 budg~t~ and further, that prior CO %he slgninq of final agreements, plans to chanqe or identify the name of the public ~ervic~ corporation as ~ Metropolitan transportation Nays: Mr. Currin, as he felt this concept would benefit own transportation services. 14.C. APPOINTMENTS On motion of Mr. Applegate, seconded by Mr. Sullivan, the Board nominated ~r. William D. Curry, Jr. to serve on the John Tyler Community Collmge Board, whose formal appointmen~ wil~ ~e made on A~ri% 27, I988. ~.C.2. C~R NAKEN F~%~AGE~ENT BOARD On motion of Mr. Currin, seconded by Mr. Daniel, the Board nominated Mr. Nill±~ Haskins, Sr., representing th~ Bermuda District, Mr. Joseph J. ~olioy, repzesenting the Clover ~ilI District, and Mr. ElwooR Elliott, representing th~ Chester Civi~ans, ~o serve on %he Camp Baker Management Board~ who~e formal appointments will be made on April 27, 19g~. Vote: Unanimous 14.C.3. CHESTERFIELD COUNTY MUSEUM CO~ITTEE On motion o~ Mr. Mayer, s~conded by ~r. Sullivan~ thc Beard nominated Dr. Doris A. Blanton to serve on the Museum Committee, reDresentinq C~esterfield County at-large, whoge formal appointmen% will 5~ mad~ .on April 27, 198~. Vote: ~nanlmous 88-261 14.D. CONSENT ITEMS 14.D.1. REQUESTS PeR BIMGO/RAF~L~ P~IT$ Mr. Micas disclosed to the Board that his children attend st. Michael's sohool~ declared a conflict of interest pursuant to the Virginia Comprehensive Conflict of Interest Act and ex=used him=elf f~e~ the meetinq. On motion o~ Mr. Sullivan, seconded by Mr. Currin~ the Board organizations for calendar ~ear 198S: Orqani~a~ion Type Salem ChUrch El~]e~tary P.T.A. Raffle Ben Air Rotary Club Raffle St. ~ichael's Parents Association Raffle 14.D.2. APPROPRIATION OF SCHOOL BOARD GRANTS On motion of ~r. ~ullivan~ ~econded by Mr. currin~ the Beard inGrease~ the Special Projects ~und budgst hy $51,907.00 for receipts sad expenditures which will cover an Energy Conservation ~rogrmm grant frO~ the virginia Department of Minec~ Minerals and Energy, which funds will be used au part of an energy conservation program for Crestwo0d Elementary School, Curtis El~sntar~ School, Chester Middle School, Davis Elementary School~ and Falling Creek Elementary School (It ~s noted the~e funds are to be matched with $34,573 in local funds, for a total ~I $~6,480); and further, the Board increased tbs Special Projects Fund budget by $~9,099.00 for re~slpts and expendit~re~ which will cover a Substance Intervention Program grant from the Virginia Drug Pre~ Schools and Communities Act, which will be in effect from July 1~ 1987 through June 30, 1988 and which funds wall provide a ~ubs=anGe intervention program for students~ inservice training for support personnel and parsnt information/education sessions. 14.D.3. ALLOCATION OF FUNDS FOR PURCHASE OF PLAYGROUND EQUIPMENT AT GORDON EL~TARX SCMOOL On. motion of ~r. ~aliivan, seconded by Mr. Currin, the Board transferred $1~500 from the Midlothia~ District 3 Cent Road purchase of playground equipment. Vote: Unanimous The Board commended she Gordon Elementary School PTA for their efforts and fend raising, in the amount of $5,600, which have made t-his project possible. 14,D.4, STATE ROAD ACCEPTANCE This day the County Environmental Engineer, in accordance with directions from this Board, made report in writing upon examinatio~ of Elossomwood Roadt AndradeI1 Lens, BloSsomWOOd Court, August Road and August Court in Sunnyhrook, Section and a portion of Section 5~ Matoaca District. Upon consideratio~ Whereof, and on m~tion of Mr, Sullivan, A~dradell Lane, Elo~somwood Court, August Road and August Court i i i in Sunnybreuk, section 6 and a portion of seotion 5, Mutoeca Dietriet~ be and they hereby are established ss public roaOs. And be it further r~solved, that the Virginia ~epartment of Transportation, be and it hereby is requested ko take into the E~condary System, Elos~omwood Road, beginning at the intersection with Oak' Forest Drive~ State Route 3092, and ru~ning w~sterly 0.19 mile to the intersection with Andradsll Lane, then continuing westerly 0.07 mile to the intersection with Blossomwood Court, then Continuing westerly 0.05 mile to %he intersection with August Road, then continuing westerly 0.0I mils to tie into ~lossomwood Road, sunnybrook~ Section ~; Andradell Lane, beginning at the intersection with Blossom~oed Court and running southerly O.10 mile to the intersection ~ith Oak Forest Drive, State Rout~ 309~; BlessomweQd Court, beginning at the intersection with Bloseomwood Road and running southerly 0.07 mile tu end in a cul-de-sac; August Read, beginning at the int~r~ection with Elossomwood Road, and running northerly 0.07 mile te the intersection with August Court, them continuing n~rtherly 0.05 mile to end in a t~mp©rary turnaround; and August Court, beginning at the intersection with August Road and running easterly 0.87 mile to mud in a cul-de-sac. ~his request is inclusive c~ the adjacent slope, si~h~ distance end designated Virginia D~par~ment cf TranspCr~atlon drainage easements. These roads serve 68 lots. And be it further resolved, that the Board of Supervi~org guarantees to the Virginia Depar~ent of Transpertation, s 50' righ~-cf-way ~or ell of these roads. These sections of Sunnybrook are recorded as follows: Section 6. Plat Book 45, Page 37, Ap~ii 2~ 19S4. Section 5. Plat Book 3~, Pag~ 26, Pebruary 19~ 1981. Vote: Unanimou~ Thi~ day the County Environmental Bnginser~ in accordance with ~ir~tions from this Board made report in writing upon his examination of Evergreen East Parkway, Clover Rill Distrlc~. Upon consideration whereof, and on motion of ~r. Sullivan, seconded by Mr. Currin, it is resolved that Evergreen East Parkway, Ctov~r Hill District, be and it hereby is ~stablished as a public road. And be it further resolved, that the Virginia Department of T~anspo~tation, b~ and it hereby is rsquested tc tak~ into the Secondar~ System, Evergreen ~aet Parkway, beginning at existing Evergreen Bast Parkway, Stats Route number =o he assigned, and qoing westerly 0.07 mile to end in a temporary This request is inclusive of th~ adjacent slope, Sight distance an~ designated Virginia Department cf Transportation drainage easement. This road ~erve~ adjacent parcel~. And be it further resolved, that ~he Board o~. Supervisors guarantees to the Virginia Department of Transportation a 60' right-of-way ~or this road. This section of ~vergresn East ~arkway is recorded as follower 88-263 $~oticn Two. ~lat ~co~ 60~ ~age 73, ~arch ~, 1988. ~ote: Oeanimols I4.D.5. APPROVAL OF "~YEAIRE" CELEERATION AT COLrNTy COURTEOUSE COMPLEX On motion of Mr. Sullivan,' seconded by Mr. Cnrrin, the Board approved an ent~rtaiD_~ent permit for th~ Chestsrfield County Museum, Inc. and the Chesterfield Eietorical Society to conduct the Mayfaire Celebration at the Courthouse Complex on May 21, 1955 from 10:00 a.m. to 4:00 p,m. Vote: Unanimous 14.H.6. ~ET DATE EOR PUBLIC BEARING TO CO~SIDER ORDINANCE TO AMEND THE CODE OF THE COUNTY DF CHESTERFIELD, t97E, AS A~ENDED, BY ADDING SHCTION $-I2.6 R~LA~ING TO COLLECTION OF DELINQUENT TAXES On motion of Mr. Sultivan~ seeonde~ by ~r. Ceftin, the Boa~d set ~he date of May ll, 19~, at 7:00 p.m., fo~ a public hearing to consider an amendment to the County Cod~ relatinq to imposin~ a fe~ to cover ~he administrative costs associated with ~h~ collection of delinquent taxes. vete~ Unanimous 14,D.7, AUTEORIZATIGN TO ACCEPT A SETTLEMENT 0~EER IN COUNT~ OF C~ESTEP~IELD V. THORNTON On motion of Mr. Sullivan, seconded by Mr. Ceftin, the Hoard accepted a settlement offer in the amount of $252.00 from State Farm Tnsurance Company, in~ur~r for Mrs. ~rl~ne Thorton who was involved in a minor automobit~ accident in the City of Richmond involv±ng a Ch~te~flel~ County ~olice v~hlcle and authorized the County Administrate~ to execute any agreements n~cessary to effectuate the settlement. Vote; Unanimous 14.E. COb~4LrNITY DEVELOP~IENT ITEMS 14.Ell. STREET LIGHT INSTALLATION COBT APPROVAL On motion of Mr. Daniel, seconded by Mr. Currin, the Board deferred consideration of a street light installation cost approval, in the amount of $1,370.00, for the intersmction of ~onsa Drive and $outh~oer ROad in th~ Dal~ Magisterial District until July 1, 1988. Vote: Unanimous 14.E.2. STREET LIGHT REQUESTS deformed consideration of a straet light request for 5613 Upp Street in the Dale Magisterial District until May 25, t988 so that staff could provide the Dis:riot Supervisor with a history of the request; and approved street light requests for the following locations in the Matoaca Magisterial District= 88-~64 1. Intersection of Overlea Drive and ~unfield Drive; 2. Intersection of Moravia Road and Overlea Drives 3. Intersection of Moravia Road and Stigall Drive; 4. Inturucction of Stigall Drive and Sunfield Drlve~ 5. Intersection of Sunfield Drive and Sunfield Court; 6. Intersection of Sunfield Court and Sunfield Place; and 7. Intersection of $tigall Court and Stigall Drive. And further, the Eoard denied the requests for a ~treet light at th~ in{affection of AlantSus Road and Overlea Drive as neighborhood did not want a street light in, tailed at this location and the cul-de-sac on Overlea Drive which does not meet the ozitsria. 14.E.3. SET DATES FOR PUBLIC M~ARIN¢ 14.E.3.a. TO CONEID~R T93LNSFER OF CO~;EYAWC~ OF PARCEL IN AIRPORT INDUSTRIAL PARK FROM PAUL PEDERSRN TO TKANS EASTEF~N CORPORATION On motion of Mr. Daniel, sscende~ by ~r. Mayas, the Board set the date of May. ll, 1988, at 7~00 p.m.~ for a public hearing to con~ider th~ transfer of a eouveya~ce of a 7.2 acre tract in the Airport Industrial Park from Mr. Pa~l Pedsr~en ho Trane ~astern Corporation and authorized the County Administrator to execute a new real estate sale~ contract at $45,800 p~r acr~ fo~ said parcel. Vo~e: Unanimous 14.E.3,b. TO CONSIDER CONVEYANCE OF DIF~EP~NT PARCEL IN AIRPORT INDUSTRIAL PARK TO WILLIA~ G. A~D HELEN JO-ANN LINDSEY On motion of Mr. Sullivan, seconded by ~r. Currln~ the Board set the date of May 11, 1988, at 7:00 p.m., for a public hearing to consider the conveyance of a different p~r=el in the Airport Industrial ParP, which ~.1 acre parcel is located on Reycan Road, at $3~,006 per acre, =o Mr. William G. and Helen Jo-Ann Lindeey, which oonveyance supercedes previously authorized ~alo of ~ 2.1 aero parcel located a~ the end of Whitebark Terrace, 14.E.4. ROUTE 25~ PUBLIC ~EARI~ STATEMEN~ There was discussion relative to modification of the proposed statement regarding Alternativ~$ 13 and 14. Mr. ~cCraeken stated that Alteruatlves I~ and 14 were more consistent with sta~ed these a~ternatives would impact the Brandermill Subdivision~ therefore, the recorm~ndntlon to require sight and sound barriers on these alternatives should be included in the statement. Re stated a general statement, nupporting western corridors weul~ ind~ete suDport for corridor~ which are inconsistent with the County's plan, which wOnl~ impact the Que~nsmill sad Centre Points areas. After ~urther discussion, ~t was on motion of Mr~ Sullivan, SecOnded by Mr. Coffin, resolved to accept the proposed ROute 2S8 PuBlic Hearing State, cut, ~s submitted. The Board being polled, the'vote was ss follows: 88-265 Mr. Daniel~ Nay, because he felt the document was poorly constructed and needed to be rewritten. Mr. Mayes~ Aye. Mr. Ceftin: Aye. Mr. Sullivan: Aye. Ms. Applegate: Nay, because it could not be deter~ined what impact Alternatives 13 and 14 would have on the Brandermill community. 14.F, UTILITIES DEPARTMENT 14.~.1. PUSLIC HEARINGS 14.F.l.a. TO CONSIDER SALE OF SURPLUS COUNTY NAS~ ROAD Mr. ~al~ stated this date and tim~ had been advertised for a public hearing to consider the sale of surplu~ County property, containing 2.522 acre~ more or le~s, located along the southeast line of Nash Road. ~o one came forward to speak in favor of ur against the proposed sale. ~r. ~aye~ expressed concern relative to the sale of the property without bids. On motion of Mr. Mayes, seconded by Mr. Sullivan, the Board rejected the offer of $24,08~ fur the purchase of a parcel containing 2,522 acres, more o~ le~, located on the ~outheast line of Nash Rea4 to an ~djecent property owner and directed staff to proceed with the necessary step~ to advertise the s~l~ of the property through the County bidding proeee~. l~.~.l.b. TO CONSIDER AN OR~IN~/~CE VACATING A 16 ~OOT EASEMENT IN NEWBERRY TOWNE SUBDIVISION, SECTION C Mr. Sale stated this date and time had been advertised for public hearln~ to consider an urdinan¢~ to vacate a 16' ea~%ment ~cro~ Lot 8, Block ~, within Newberry Townc ~ubdivieion, ~eotien C. No one cams forward tn speak in favor of or against the proposed ordinance. On motion of Mr. Applegate, seconded by Mr. Sullivan, the Board adopted the felIowlng Ordinance: of Chesten£iel~ County i~ ~la~ Book ~0, at 92-94. Supervisors cf Chesterfield Ceunty~ Virginia to vacate ~ 16 foot easement within Lot 8, Block HH, Section C, Newberry Towns Subdivision, Clever Hill Magisterial District, Chesterfield the Clerk's Office of ~he Circuit Coat= of sai~ County in Plat ~arch 19, 1973. The easement Detitioned to be vacated is more fully described a~ follows: A 15 £cot easement within Let 8, Block NM, S~ction C, N~wberry Towns Snbdivi~ioo~ the location of which ~s more fully shown, cross ~a~ched on a plat made by Carrou~h and A~sociates, Tnt., Surveyor~ dated J~nuary 4, 1988, and revised February 19, 1988, a copy of which is attached hereto and m~d~ a part of this Qrdinance. WHEREAS, notice has been given pursuant to Section 15.1-431 of the Code of Virginia, 1920, as amended, by advarbisinq; and WHEREAS, no public necessity erists for the continuanc~ of the easement ~Qught to be vacated. NOW T~ERDFORE, DE IT ORDAINED ~¥ I~ ~OAED OF SUPERVISORS OF CHESTERFIELD COUNTY, VIRGINIA: That pursuant %o Section 15.1-4S2(b} of th~ Code of Virginia, 1950, as amended~ th~ ~feresaid easement be and is hereby vacated. Tko ~rantees hereby convey onto th~ County and tko County hereby reserves a 16 foot easement as shown on t~e attaohed plat. This Ordinance shall be in full force and effect in accordance with Section I~.1~482(h) of the Cn~e of Virginia, 1950, as amended, and a certified copy of thi~ Ordinan~e, toga%her with the pla~ at~achsd hereto shall be recorded no sooner ~han thirty days hereafter in ~h~ Clerk's Office of tko Circuit Court of chesterfield, Virginia pursuant to section 15.1-485 of the Code of Virginia, 19~0, as amended. The ~ffeet of this ©rdiDanc~ pursuant to Section 15.1-483 is to destroy ~hs ~orce and effect o~ the recording of the portion of the plat vacated. This Ordinance shall vest fee simple ~itle of the easement hereby vacated in the property owner of the adjacent lots within Newberry ~owne subdivision free and clear of any rights o~ public use. Accordingly, this Ordinanc~ ~hall be indexed in hha names cf the County of Chesterfield, as qra~tor, and Herrin, or her succe~or~ in title, as ~rantee. 14.E.~. CONSENT ITEMS 14,F,3.a. CONTRACT FOR WATER LINE EXTEN~iON ALONG GENITO ROAD AT HU~TERS LANDING On motion of Mr. Daniel, seconded by Mr. Sullivan, approved and authorized the County Administrator to execute any necessary dOCuments awarding Contract Number ~87-179~ for the construction of a wa:er line extension along Senile Head at Hunters Landing to the lowest bi,der, Quail Oaks, in the amuunt of $54,0~0, and transferred $16,000 from Fatlinq Creek Dam Repairs (5~-5835-6A4R) to this project (SN-SS3~-609~}. noted the amount previonsly appropriated for ~his pro~ect was $50,000.) Vot~: ~nanimous 14.P.3.b. CONTRACT FOR WATER LINE EXTENSION ALONG GENITO ROAD~ 0TTERDALE ROAD~ OTTERBURN ROAD A~D ~UNTERS RIDGE SUBDIVISION On me,ion of Mr. Dsniel~ seconded by ~r. Sullivan, the Board approve~ an~ authorized the County Administrator to execute any necessary documents awarding Contract Number W87-98C for tko construction of a wa~r line extenslon along Genito Road~ 88-267 Ottordale Road, 0tterburn Road and Bunters Ridge subdivision to the lowest bidder T & E Construction Companyr Inc. in the amount of $1,183,901.75; and further, the Board appropriated $410,000.~8 from Net Revenu~ to this project+ 14.F.3.c. CONTRACT FOR WATER LINE EXTENSION PeR WBITEKOUSE ROAD On notion of Mr. Daniel~ seconded by Mr. Sullivan, the Board approve4 and authorized the County Administrator to execute any necessary documents awarding Contract Number W~7-36C for the construction of a water line ~xt~n$1on along Wbltehouse Road t~ the lowest bidder, O. D. Duncanson, Jr. and Sons Contraetor~ In¢. in ~he amount of $~9,$44.00~ and further, the Board transferred $~0t000 f~om Falling Crook Dam Repairs to this project (from 5H-$$35-6A4R to 5E-5835-600R). (It is noted the ~ohn~ previously appropriated for this project was $S5,000.) Vote: Unanimous 14.F.3.d. CONTI~ACT FOR S~W~R LINZ ~XT~ESION TO ANTLER RIDGe SUBDIVISION AT DEER RUN On motion of Mr. Daniel, seconded by Mr. Sullivan, the Board approved and authorized the County Adminstrator to execute any necessary documents for th~ following ~wer lin~ contract: U88-64CD Antler Ridge Subdivision at Deer Run: 5eveloper: William B. and Gene H. DuVal contractor: Coastline Contractors, Inc. Total Contract Total Estimated County Cost= (R~fund through connection Estimated Developer Cost~ Number of Conneetion~: Code: vote: Unanimous $361~399.60 $ 12,714.94 $348,677.66 100 5N-2511-997 APPROVAL OF REIMBURSEMENT TO VIRGINIA DEPARTMENT OF TRANSPORTATION FOR ADDITIONAL WORE IN CO~JUNCTION WITH ROUTE 288 On motion of Mr. Daniel, ~eeonded by Mr. Sullivan~ the Board approved r~imbulsem~nt tQ the Virginia D~partme~t of Transportation for the installation of three (3) additional encampment pipes in conjunction with Route 288 construction projects for t~e Bailey Bridge and Falling Creek Foro~ with the location for the thr~a {~) crossings as follows: 1. Rou~e 145 (chester Head) and Route 2. Five (5) Forks and Route Route 2~8 - ~tween Reycan Road and Route IQ And ~urther, the ~oard tran~£arrad fund~ in the amount of $266,000 in the existing Capital Improvement Budget from 5~-$~35-901R (contingency) to 5P-5835-858R (Bailey Bridge Force Main). (It i~ noted the total cogt for the~ three cros~ing~ $376,000.09 with t/~e Chester Road cro~sinq ($110,00S.00) being funded in %~ne t987-~8 C~pltal Improvement ~udget.[ 8~-268 D~ED OF D~DICATION ALONG BRANDERS BRIDGE ROAD FROM AND MRE. JOH~ A. KINe On motion of Mr. Daniel, seconded by Mr. Sullivan~ th~ ~oard ag~roved and nuthoIized the County Administrator to execute the necessary deed of dedication accepting, on bekalf of the County, the conveyance of a variable width strip of land alonq Brander~ Bridg~ Road from Mr. John A. King and ~s. Carolyn $. King~ (A copy of the plat is filed with. the pap~s o£ this ~oard.) 14.F.3.q. ACCEPTANCE OF DEED OF GIFT FOR THE DALE FIRE STATION SITE ~ROM ~R. AND MRS. W. S. CARNFS On motion of Mr. Daniel, seconded by ~r. Sullivan, the Board approved and authorized the County Administrator to e~ecute the necessary deed of gift accepting, on behalf of the County, a per,et containin9 0.4396 dotes alon~ Ironbridge Road~ from Mr. and ~rs. W. S. Carnee, which 9arcel would be used for the new Dale Fire Station. {A cop~ of th~ plat is filed with the 14.F.~. P~PORTS ~r. Sale presented the Board with a report on th~ ~velop~r wa~r and ~wcr contracts ~xecuted by =he County Administrator. 14.G. R~PORTS Mr. Ramsay presented the Board with a mtatum r~port on the General Fund Contingency Account, General Fund Balance, Road Re~rv~ Fund, District Road and ~tr~e% Light Fund, Lea~e Purchases, School Literary Loan~ School Board Agenda, the Board Meeting ~¢hedul~ for ~priI, 1988, and Revisions %o Board Voting Procedures. 15. ADJOVR~E~T On mo~ion of ~r. Daniel, seconded by Mr. Mayer, the Board ad~ourned at 10:0~ p.~. un~il 3:45 p.m. on April 18, 1988, at ~idlo~hian ~igh School. Vote: Unanimous 88-269