06-01-1978 MinutesBOARD OF SUPERVISORS
MINUTES
JUNE 1, 1978
.Supervisors in Attendance:
Mr. E. Merlin O'Neill, Sr., Chairman
Mrs. Joan Girone, Vice-Chairman
Mr. J. Ruffin Apper$on
Mr. C. L.~ Bookman
Mr. R. Garland Dodd
Mr. Nicholas M. Meiszer
County Administrator
Staff in Attendance:
Mr. Steve Micas, County Attorney
Mr. Robert Painter, Dir. of Utilities
Mr. O'Neill called the meeting to order at the Courthouse at
10:00 a.m. (EDST)
On motion of the Board, Mr. George S. Woodall was hired as
the Director of Economic Development at Grade 36, Step 6,
effective July 1, 1978.
Vote: Unanimous
Mr. O'Neill stated that the Board had been discussing this
new office for the past year with the hopes that the person
hired would coordinate new and old businesses in the County.
He gave a brief outline of Mr. Woodall's experience and
background.
On motion of Mr. Bookman, seconded by Mr. Dodd, the Board
recessed at 10:25 a.m. until 6:30 p.m.
Reconvening:
Mr. Meiszer distributed copies of the Composite Sewer Agreement
between the County and Brandermill, the Second Amendment to
the Conditional Assignment and two copies of resolutions which
needed to be considered by the Board authorizing the execution
of the agreement and amendment. Mr. Micas explained that if
the Board approved the resolutions, the Brandermill sewer
system would become part of the County system; there would
no longer be a requirement for separate accounting; the County
over a period of years would save approximately $1,500,000 in
interest costs; the County would be obligated to make
improvements to the Brandermill system only when reasonably
necessary and that this should provide a benefit to the County's
general credit rating. After consideration of the matter and
several further questions by the Board, it was on motion of
Mr. Bookman, seconded by Mr. Dodd, resolved that the following
resolution be adopted:
"Resolution Authorizing the Execution of a Composite
Sewer System Agreement Providing for the Restructuring
of the Arrangements between the County and Brandermill
for the Construction of the Brandermill Sewer Project
and the Payment of the Revenue Bond Anticipation Note
Related Thereto."
Whereas, in connection with the construction and financing
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of certain sewer facilities in the Swift Creek drainage basin in
the Clover Hill and Midlothian Districts of Chesterfield County
in the vicinity of the Swift Creek Reservoir, the County
entered into a Sewer Agreement with Brandermill and issued its
Sewer Revenue Bond Anticipation Note, dated as of February 1, 197
to finance construction of the Project, as defined in the Bond
Resolution, which has a present outstanding principal balance of
$1,874,294; and
Whereas, the County and Brandermill, by a Composite Sewer
System Agreement, desire to restructure the arrangements for
construction of the Project and other sewer facilities subject
to the Sewer Agreement in a manner which, while maintaining
certain of the County's obligatiOns'to Brandermill and certain
of Brandermill's obligations to the County, under the Sewer Agree
ment, will (A) enable the County to take advantage of lower
interest rates in financing the cost of the Project with a
substantial savings of debt service costs, (B) relieve the County
of the obligation to maintain separate billing procedures,
accounts and records for the Project and to make separate reports
on the maintenance and operation of the Project, (C) enable the
County to simplify its annual financial statements and to enhance
the overall credit rating of the County, (D) enable the County
to have greater flexibility in other terms in connection with
the financing of the Project,' including the ability to reduce
the period of time that bonds financing the Project will be
outstanding, and (E) save underwriting, legal and other
expenses of issuance by combining'financing of the~/Project
with other financial undertakings of the County;
Now, Therefore, Be It Resolved that the Board of Supervisors
of Chesterfield County approves the "Composite Sewer System
Agreement" (the Composite Agreement) in a form substantially
equivalent te the attached agreement, and authorizes the
Chairman and the County Administrator to execute the composite
agreement on behalf of the County; and
Be It Further Resolved that.the Board of Supervisors repeals
the resolution adopted by the Board of Supervisors of the
County on March 10, 1976, dated as of February 1, 1976,
entitled "Resolution Authorizing the Issuance and Sale of
$2~400,000 County of Chesterfield, Virginia, Sewer Revenue
Bonds (Brandermill Project), Series of 1976, and Notes in
Anticipation of the Sale Thereof and Providing for the Form,
Details and Payment Thereof."
Vote: Unanimous
On motion of Mr. Bookman, seconded by Mr. Dodd, the following
resolution was adopted:
"Resolution Authorizing the Execution of a Sec'ond
Amendment to Conditional Assignment Consenting to
Substitution of Rights Under a Composite Sewer System
Agreement as Rights Assigned Pursuant to Conditional
Assignment"
Whereas, the County has previously authorized the execution
and delivery of a Composite Sewer System Agreement providing
for the restructuring of arrangements for the construction for
sewer facilities in the Swift Creek drainage basin (the Composite
Agreement); and
Whereas, in connection therewith it is necessary to amend
the Conditional Assignment, as defined in the Composite Agreement
to provide that the rights assigned pursuant to the Conditional
Assignment shall be the rights of Brandermill, a Virginia
general partnership, under the Composite Agreement;
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Now, Therefore, Be It Resolved that the Board of Supervisors
of Chesterfield County approve~ the "Second Amendment to
Conditional Assignment" in a form ~ubstantially equivalent
to the attached agreement, and authorizes the Chairman and the
County Administrator to execute and deliver on behalf of the
County such Second Amendment to Conditional Assignment.
Vote: Unanimous
Mr. Meiszer presented the Board with an offer from Central
National Bank to issue a $1,800,000 sewer revenue bond to
provide permanent financing for the refunding of the Brandermill
issue. The Board received the offer and noted general agreement
with the option of a seven year pay back at 6 3/8% interest
rate. Mr. Mtca~ noted that the Board will be asked to consider
a resolution at · lmto~', date to formally accept
the offer of Central National Bank and authorize the i~$uance
of the indenture.
On motion of Mr. Dodd, seconded by Mr. Bookman, the Board
adjourned at 7:25 p.m. until 9:00 a.m. on June 14, 1978.
Vote: Unanimous
Nicholas M. Meis:~
Admini s trat or
E. Merlin O'NeilI,x Sr'7 ' ~
Chairman
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