09-19-1955 MinutesVIRGINIA:
At an adjourned meeting of the
Board of Superfisors of Gh®ster-
field County, held at the Court-
h~use on September 19, 1955, at
?:30 p.mo
Mr. Irvin O..Horner, Ghairman
Mr, H. T, ~oyn®
Dr, Robt. O,
Mr, J. P, G~nter
Mr, Re J, Brit~on
Mr~ S~anl®¥ Re Hague, Jr~
This day Mr. Mark Smith, from the F. W, C~aigie Company, came b~fore the
Board to discuss the financial situation pertaining to the proposed water bond
issue, Mr. Smith stated that the outstanding bonds could not be called before
1958, that the 0ounty could sell bonds which would actually be a third lien but
would be bid as a first lien, if an amount were borrowed to set up an escrow
fund ~o pay off the.present indeb~edness when said bonds could be called,
Mr. Smith stated further that in his opinion th~ interest rate of a bond issue
by an Authority wo~ld not be higher than a bond issue of a third lien nature
so14 by the Board of Supervisors.
After much consideration, Mr. Gunter stated that if a~'Authori~y were formed
the Board of Supervisors would have more time to spend on other important
matters, that there is n0w' a grave doubt as ~o the passage of a Revenue Bond
Issue~ and with these statements as a preface, moves to instrudt the Commonw-
wealth*s Attorney to draw up the necessary resolution to proceed in the oreatiom
of the Chesterfield Sanitary Authority. which Autho~ity would exclude the
Ettriok Sanitary District.
Mr. Bri~ton stated that in h~s opinion the Authority was the best method of
proceeding at this time, and seconds the motion.
A vote being taken the motion passed unanimously.
On motion of Mr. Hague, seconded by Mr, Gunter, it is resolved that the
Commonwealth's Attorney, the County Engineer, and the Executive Secretary be
authorized to go to New York City to consult with the Bonding Attorneys, Reid,
Hoyt and Washburn, to obtain all infromation possible on the legal aspects of
financing a sanitary facility.
On motion, the meeting is adjourned until September 27, 1955, at 8:00 p.m.
Executive Secretary
Chairman