05-21-1986 Minutes.. .
BOARD OF SUPERVISORS
MINUTES
May 21, 1986
Supervisors in Attendance:
Mr. R. Garland Dodd, Chairman
Mr. Harry G. Daniel, Vice Chairman
Mr. G. H. Applegate
Mrs. Joan Girone
Mr. Jesse J. Mayes
Mr. Richard L. Hedrick
County Administrator
Staff in Attendance:
Mrs. Doris DeHart,
Legislative Coord.
Chief Robert Eanes, Fire
Department
Mr. Bradford S. Hammer,
Asst. Co. Admin.
Mr. Steve Micas, Co.
Attorney
Mrs. Pauline Mitchell,
Dir. of News/Info.
Services
Col. Joseph Pittman,
Chief of Police
Mr. Lane Ramsey, Dir.
of Budget & Acctg.
Mr. M. D. Stith, Jr.,
Exec. Asst., Co. Adm.
Mr. Frederick W. Willis,
Dir. of Human
Resource Management
Mr. Dodd called the meeting to order in the Conference Room at
the Crosswind Restaurant at 4:00 p.m. rather than 5:00 p.m.
(EDST) .
1. EXECUTIVE SESSION
On motion of Mr. Daniel, seconded by Mr. Applegate, the Board
went into Executive Session to consult with legal counsel
regarding legal matters relative to the contract with the
Virginia Department of Highways and Transportation and
Chesterfield County for Powhite Parkway.
Vote: Unanimous
Reconvening:
2. DINNER MEETING WITH VOLUNTEER DISTRICT FIRE CHIEFS
The Board met for dinner in the Conference Room at 5:00 p.m. at
the Crosswind Restaurant with the Volunteer District Fire Chiefs.
The Chiefs presented a budget request to the Board for 1986-87
and discussed other matters of mutual concern. (A copy of the
budget request is filed with the papers of this Board.)
The Board recessed to travel to the Courthouse.
Reconvening at 7:30 p.m.:
3. APPROVAL OF SALE OF REFUNDING BONDS
On motion of the Board, the following resolution was adopted:
11 �
A RESOLUTION APPROVING THE SALE OF FOURTEEN MILLION
FOUR HUNDRED FORTY-FIVE THOUSAND DOLLARS
($14,445,000) PRINCIPAL AMOUNT OF PUBLIC IMPROVE-
MENT REFUNDING BONDS, SERIES OF 1986, DATED AS OF
JUNE 1, 1986, OF THE COUNTY OF CHESTERFIELD,
VIRGINIA, TO WHEAT, FIRST SECURITIES, INC. AND
CRAIGIE INCORPORATED, AS UNDERWRITERS; APPROVING
THE FORM AND THE TERMS, CONDITIONS AND PROVISIONS
OF A PURCHASE CONTRACT, DATED MAY 21, 1986, BY AND
BETWEEN SUCH COUNTY AND SUCH UNDERWRITERS,
PROVIDING FOR THE SALE OF SUCH BONDS TO SUCH
UNDERWRITERS, AND AUTHORIZING THE EXECUTION AND
DELIVERY OF SUCH PURCHASE CONTRACT TO SUCH
UNDERWRITERS; FIXING THE MATURITIES, INTEREST RATES
AND OTHER DETAILS OF SUCH BONDS; APPROVING THE FORM
OF SUCH BONDS; APPROVING THE FORM OF AN OFFICIAL
STATEMENT RELATING TO SUCH BONDS AND AUTHORIZING
THE DISTRIBUTION THEREOF; APPROVING THE FORM AND
THE TERMS, CONDITIONS AND PROVISIONS OF A REFUNDING
TRUST AGREEMENT, DATED AS OF JUNE 1, 1986, BY AND
BETWEEN SUCH COUNTY AND BANK OF VIRGINIA TRUST
COMPANY, AS ESCROW AGENT, AND AUTHORIZING THE
EXECUTION AND DELIVERY OF SUCH REFUNDING TRUST
AGREEMENT TO SUCH ESCROW AGENT; DESIGNATING AND
GIVING IRREVOCABLE INSTRUCTIONS FOR THE REDEMPTION
ON JUNE 15, 1992 OF SUCH COUNTY'S PUBLIC
IMPROVEMENT BONDS, SERIES OF 1982, DATED AS OF JUNE
15, 1982 AND MATURING ON JUNE 15 IN EACH OF THE
YEARS 1993 TO 2003, BOTH INCLUSIVE; RATIFYING
CERTAIN ACTS AND PROCEEDINGS; AND OTHERWISE
PROVIDING FOR THE ISSUANCE OF SUCH BONDS
BE IT RESOLVED BY THE BOARD OF SUPERVISORS OF THE COUNTY OF
CHESTERFIELD, VIRGINIA:
SECTION 1. Findings and Determinations. (a) Pursuant to
the resolution adopted by this Board of Supervisors of the County
of Chesterfield, Virginia (the "County"), on May 14, 1986,
entitled "A RESOLUTION AUTHORIZING AND PROVIDING FOR THE ISSU-
ANCE, SALE AND DELIVERY OF PUBLIC IMPROVEMENT REFUNDING BONDS,
SERIES OF 1986, OF THE COUNTY OF CHESTERFIELD, VIRGINIA, FOR THE
PURPOSE OF REFUNDING IN ADVANCE OF MATURITY A PORTION OF THE
COUNTY'S PUBLIC IMPROVEMENT BONDS, SERIES OF 1982 (the "Authoriz-
ing Resolution"), this Board, subject to the approval of the
State Council on Local Debt, authorized the issuance, sale and
delivery of an issue of general obligation Public Improvement
Refunding Bonds, Series of 1986 (the "1986 Bonds"), for the
purpose of refunding in advance of their stated maturities a
portion of the County's Public Improvement Bonds, Series of 1982,
dated as of June 15, 1982 (the "1982 Bonds"), the 1982 Bonds to
be refunded being the 1982 Bonds maturing in the principal amount
of $1,125,000 on June 15 in each of the years 1986 and 1993 to
2003 both inclusive, which 1982 Bonds are outstanding on the date
of adoption of this resolution in the principal amount of
$13,500,000
(b) On May 15, 1986, the State Council on Local, in accor-
dance with the provisions of Section 15.1-193 of the Code of
Virginia, 1950, as amended, adopted a resolution approving the
issuance of the 1986 Bonds.
(c) Pursuant to the Authorizing Resolution, this Board
authorized the County Administrator and other appropriate offi-
cials of the County to negotiate the sale of the 1986 Bonds to
the underwriters for which Wheat, First Securities, Inc. and
Craigie Incorporated have been designated to act as co -managers
(the "Underwriters").
(d) Pursuant to the Authorizing Resolution, the County
Administrator and other appropriate officials of the County have
negotiated to sell the 1986 Bonds to the Underwriters upon the
terms and conditions set forth in the form of Purchase Contract,
dated May 21, 1986, by and between the County and the
Underwriters (the "Purchase Contract") presented to the meetin
g
86-359
t"*.,
of this Board at which this resolution is being adopted.
(e) This Board deems it advisable and in the best interest
of the County to approve the sale of the 1986 Bonds to the
Underwriters pursuant to and in accordance with the terms and
conditions of the Purchase Contract and to take other appropriate
action in connection with the issuance, sale and delivery of the
1986 Bonds and the refunding in advance of their stated matu-
rities of the 1982 Bonds maturing on June 15 in each of the years
1986 and 1993 to 2003, both inclusive.
SECTION 2. Approval of Sale of 1986 Bonds; Approval of
Purchase Contract and Terms, Provisions and Conditions Thereof;
Execution and Delivery of Purchase Contract. (a) Pursuant to
the authority of and for the purposed specified in the Authoriz-
ing Resolution, this Board hereby authorizes the sale of the 1986
Bonds to the Underwriters at the price of Fourteen Million Two
Hundred Eighty -Six Thousand Eight Hundred Twenty -Seven and 25/100
Dollars ($14,286,827.25), plus accrued interest from the date of
the 1986 Bonds to the date of delivery thereof to, and payment
therefore by, the Underwriters. The 1986 Bonds shall be issued
in the principal amount of Fourteen Million Four Hundred Forty -
Five Thousand Dollars ($14,445,000) and shall mature in each of
the years and in the principal amounts, and shall bear interest
at the rates per annum, and shall have such other details, as
shall be specified in Section 4 hereof.
(b) The form of the Purchase Contract presented to the
meeting of this Board at which this resolution is being adopted,
and the terms, conditions and provisions thereof, are hereby
approved, ratified and confirmed, and the Clerk of this Board is
hereby authorized and directed to execute and deliver to the
Underwriters the Purchase Contract in such form.
SECTION 3. Good Faith Check. In accordance with Paragraph
5 of the Purchase Contract, the Underwriters shall deliver to the
County a certified or bank cashier's check payable to the order
of the "County of Chesterfield, Virginia" in Richmond Clearing
House Funds for $144,450 (being an amount equal to one percent
(1%) of the principal amount of the 1986 Bonds). The County
agrees to hold such check uncashed until the Closing (as defined
in the Purchase Contract) as security for the performance by the
Underwriters of their obligation to accept delivery of and pay
for the 1986 Bonds at the Closing, and, in the event of the
Underwriters' compliance with such obligation, such check shall
be returned to the Underwriters at the Closing as provided in
Paragraph 8 of the Purchase Contract. In the event of the
County's failure to deliver the 1986 Bonds at the Closing, or if
the County shall be unable to satisfy the conditions of the
obligations of the Underwriters contained in the Purchase Con-
tract, or if the obligations of the Underwriters shall be ter-
minated for any reason permitted by the Purchase contract, the
Purchase Contract shall terminate and neither the County nor the
Underwriters shall have any further obligation thereunder, except
that the check referred to in Paragraph 5 of the Purchase Con-
tract shall be immediately returned to the Underwriters by the
County and the respective obligations of the County and the
Underwriters for the payment of expenses, as provided in Para-
graph 11 of the Purchase Contract, shall continue in full force
and effect. In the event the Underwriters fail (other than for
reason permitted under the Purchase contract) to accept delivery
of and pay for the 1986 Bonds at the Closing as provided in the
Purchase Contract, such check shall be retained by the County as
and for liquidated damages for such failure and for any defaults
thereunder on the part of the Underwriters, and the cashing of
such check shall constitute a full release and discharge of all
claims by the County against the Underwriters arising out of the
transactions contemplated by the Purchase Contract.
SECTION 4. Details of the 1986 Bonds. (a) The 1986 Bonds
shall mature on June 15 in each of the years and in the principa
amounts specified below and shall bear interest payable on
December
15, 1986 and
semiannually
on each June 15 and
December
15 thereafter at the
rates per annum set
forth opposite
each suc
year, to
wit:
Principal
Interest
Principal
Interest
Year
Amount
Rate
Year
Amount
Rate
1987
130,000
4.50%
1996
1,275,000
7.05%
1988
175,000
5.10
1997
1,245,000
7.20
1989
185,000
5.40
1998
1,215,000
7.30
1990
195,000
5.70
1999
1,180,000
7.40
1991
205,000
6.00
2000
1,140,000
7.45
1992
220,000
6.25
2001
1,120,000
7.50
1993
1,360,000
6.45
2002
1,095,000
7.55
1994
1,330,000
6.65
2003
1,075,000
7.60
1995
1,300,000
6.85
(b) The 1986 Bonds maturing on or before June 15, 1996
shall not be subject to redemption prior to their stated matu-
rities. The 1986 Bonds maturing on and after June 15, 1997 shal
be subject to redemption at the option of the County prior to
their stated maturities, in whole at any time, or in part from
time to time on any interest payment date, at the redemption
prices with respect to each such 1986 Bond expressed as a per-
centage of the principal amount of each such 1986 Bond to be
redeemed set forth below, together with interest accrued thereon
to the date fixed for redemption:
Period During Which Redeemed Redemption
(Both Dates Inclusive) Prices
June 15, 1996 to June 14, 1997 102%
June 15, 1997 to June 14, 1998 101
June 15, 1998 and thereafter 100
SECTION 5. Form of 1986 Bonds. The 1986 Bonds shall be in
substantially the form set forth below with such necessary or
appropriate variations, omissions and insertions as are inci-
dental to their numbers, interest rates and maturities or as are
otherwise permitted or required by law or this resolution:
REGISTERED
No. R -
INTEREST RATE
UNITED STATES OF AMERICA
COMMONWEALTH OF VIRGINIA
COUNTY OF CHESTERFIELD
PUBLIC IMPROVEMENT REFUNDING BOND
SERIES OF 1986
REGISTERED
MATURITY DATE ORIGINAL ISSUE DATE
June 1, 1986
REGISTERED HOLDER:
PRINCIPAL SUM:
CUSIP
The County of Chesterfield (hereinafter referred to as the
"County"), a political subdivision of the Commonwealth of
Virginia, for value received, hereby promises to pay to the
Registered Holder (named above), or registered assigns, on the
Maturity Date (specified above), unless this Bond shall have bee
duly called for previous redemption and payment of the redemptio
price shall have been duly made or provided for, the Principal
Sum (specified above), and to pay interest on such Principal Sum
on December 15, 1986 and semiannually on each June 15 and Decem-
ber 15 thereafter (each such date is hereinafter referred to as
an "interest payment date"), from the date hereof or from the
interest payment date next preceding the date of authentication
86-361
rm�L
hereof to which interest shall have been paid, unless such date
of authentication is an interest payment date, in which case from
such interest payment date if interest has been paid to such
date, or unless such date of authentication is within the period
from the fourteenth (14th) day next preceding an interest payment
date to such interest payment date, in which case from such
interest payment date if interest has been paid to such date,
such interest to be paid to the maturity or redemption hereof at
the Interest Rate (specified above) per annum by check mailed by
the Registrar hereinafter mentioned to the Registered Holder in
whose name this Bond is registered on the books of registry kept
and maintained by the Registrar as of the close of business on
the first day (whether or not a business day) of each calendar
month in which interest is payable at his address as it appears
on such books of registry. The principal of and premium, if any,
on this bond are payable upon presentation and surrender hereof
at the principal corporate trust office of Bank of Virginia Trust
Company in the City of Richmond, Virginia (the "Registrar"). The
principal of an premium, if any, and interest on this Bond are
payable in such coin or currency of the United States of America
as at the respective dates of payment is legal tender for public
and private debts.
REFERENCE IS MADE TO THE FURTHER PROVISIONS OF THIS BOND S
FORTH ON THE REVERSE HEREOF, WHICH FURTHER PROVISIONS SHALL FOR
ALL PURPOSES HAVE THE EFFECT AS THOUGH FULLY SET FORTH HEREIN.
This Bond is one of a duly authorized issue of Bonds (herei
referred to as the "Bonds") of the aggregate principal amount of
Fourteen Million Four Hundred Forty -Five Thousand Dollars
($14,445,000), and is issued under and pursuant to an in full
compliance with the Constitution and statutes of the Commonwealt
of Virginia, including Chapter 5 of Title 15.1 of the Code of
Virginia, 1950, as amended (the same being the Public Finance
Act), and resolutions duly adopted by the Board of Supervisors o
the County under such Chapter 5, for the purpose of refunding in
advance of their state maturities bonds heretofore issued by the
County to finance the costs of various public improvement proj-
ects of and for the County.
The Bonds of the series of Bonds of which this Bond is one
(or portions thereof in installments of $5,000 or any integral
multiple thereof) maturing on and after June 15, 1997 are subject
to redemption at the option of the County prior to their stated
maturities, in whole at any time, or in part from time to time of
any interest payment date, at the redemption prices with respect
to each such Bond expressed as a percentage of the principal
amount of each such Bond to be redeemed set forth below, together
with interest accrued thereon to the date fixed for redemption:
Period During Which Redeemed
(Both Dates Inclusive)
Redemption
Prices
June 15, 1996 to June 14, 1997 102%
June 15, 1997 to June 14, 1998 101
June 15, 1998 and thereafter 100
In the event less than all of the Bonds of a particular maturity
are called for redemption, the particular bonds of such maturity
or portions thereof in installments of $5,000 to be redeemed
shall be selected by the Registrar by lot.
If this Bond is redeemable and this Bond (or any portion of
the principal amount hereof in installments of $5,000) shall be
called for redemption, notice of the redemption hereof, specify-
ing the date, number and maturity of this Bond, the date and
place fixed for its redemption and the premium, if any, payable
upon such redemption, and if less than the entire principal
amount of this Bond is to be redeemed, that this Bond must be
surrendered in exchange for the principal amount hereof to be
redeemed and the issuance of a new Bond equalling in principal
amount that portion of the principal amount hereof not to be
86-362
W
0"N
redeemed, shall be mailed not less than thirty (30) days prior to
the date fixed for redemption by first class mail, postage
prepaid, to the Registered Holder of this Bond at his address as
it appears o the books of registry maintained by the Registrar as
of the close of business on the forty-fifth (45th) day preceding
the date fixed for redemption. If notice of redemption of this
Bond shall have been given as aforesaid, and payment of the
principal amount of this Bond (or portion of the principal amount
hereof to be redeemed) and of the accrued interest and premium,
if any, payable upon such redemption shall have been duly made orl
provided for, interest hereon shall cease to accrue from and
after the date so specified for the redemption hereof.
Subject to the limitations and upon payment of the charges,
if any, provided in the proceedings authorizing the Bonds of the
series of which this Bond is one, this Bond may be exchanged at
the principal corporate trust office of the Registrar for a like
aggregate principal amount of Bonds of other authorized principal
amounts and of the series of which this Bond is one. This Bond
is transferable by the Registered Holder hereof, in person or by
his attorney duly authorized in writing, at the principal corpo-
rate trust office of the Registrar but only in the manner,
subject to the limitations and upon payment of the charges, if
any, provided in the proceedings authorizing the Bonds of the
series of which this Bond is one, and upon the surrender hereof
for cancellation. Upon such transfer a new Bond or Bonds of
authorized denominations and of the same aggregate principal
amount of the series of which this Bond is one will be issued to
the transferee in exchange herefor.
The full faith and credit of the County are hereby irrevo-
cably pledged to the payment of the principal of an interest on
this Bond as the same become due.
This Bond shall not be valid or obligatory unless the
certificate of authentication hereon shall have been manually
signed by an authorized signator of the Registrar.
It is hereby certified, recited and declared that all acts,
conditions and things required to have happened, to exist and to
have been performed precedent to and in the issuance of this Bon
and the series of which it is one, do exist, have happened and
have been performed in regular and due time, form and manner as
required by law, and that this Bond and the Bonds of the series
of which this Bond is one do not exceed any constitutional or
statutory limitation of indebtedness.
IN WITNESS WHEREOF, the County, by its Board of Supervisors,
has caused this Bond to be executed by the facsimile signature of
the Chairman of Such Board; a facsimile of the corporate seal of
such Board to be imprinted hereon, attested by the facsimile
signature of the Clerk of such Board; and this Bond to be dated
as of June 1, 1986.
[SEAL]
Attest:
Clerk of the Chairman of the
Board of Supervisors Board of Supervisors
CERTIFICATE OF AUTHENTICATION
This Bond is one of the Bonds delivered pursuant to the
within -mentioned proceedings.
86-363
le_ .
00..►.
Date of Authentication:
BANK OF VIRGINIA TRUST COMPANY,
Registrar
By:
Authorized Signator
FORM OF ASSIGNMENT
For value received,
and transfers unto
PLEASE INSERT SOCIAL SECURITY
OR OTHER TAX IDENTIFYING
NUMBER OF ASSIGNEE:
hereby sells, assi
the within -mentioned Bond and hereby irrevocably constitutes and
appoints , attorney, to transfer the same on th
books of registry of the County kept at the principal corporate
trust office of the Registrar with full power of substitution in
the premises.
Dated:
gistere
NOTE: The signature to this assignment must corre-
spond with the name as written on the face o
the within Bond in every particular, without
alteration, enlargement or any change what-
soever.
Signature Guaranteed:
NOTE: Signature(s) must be guaranteed by a member
firm of The New York Stock Exchange, Inc. or
a commercial bank or trust company.
SECTION 6. Official Statement; Certificate Concerning
Official Statement. The Chairman of this Board and the County
Administrator are hereby authorized and directed to execute and
deliver to the Underwriters an Official Statement of the County,
dated May 21, 1986, relating to the 1986 Bonds, in substantially
the form of the draft thereof presented to the meeting of this
Board at which this resolution is being adopted (the "Official
Statement"), after the same has been completed by the insertion
of the maturities, interest rates and other details of the 1986
Bonds and by making such other insertions, changes or correction
as the County Administrator, based on the advice of the County's
financial advisors and legal counsel (including Bond Counsel),
deems necessary or appropriate; and this Board hereby authorizes
the Official Statement and the information contained therein to
be used by the Underwriters in connection with the sale of the
1986 Bonds. The County Administrator and the Director of Budget
and Accounting are hereby authorized and directed to execute on
behalf of the County and deliver to the Underwriters a
certificate in substantially the form referred to in the
86-364
W
Official Statement under the caption "Certificate Concerning
Official Statement".
SECTION 7. Approval of Form of Refunding Trust Agreement
and Terms, Conditions and Provisions Thereof; Execution and
Delivery of Refunding Trust Agreement; Appointment of Escrow
Agent; Authorization of Subscriptions for SLGS. (a) The form of
the Refunding Trust Agreements, dated as of June 1, 1986 (the
"Refunding Trust Agreement"), by and between the County and Bank
of Virginia Trust Company, as Escrow Agent (the "Escrow Agent"),
presented to and filed with the minutes of the meeting of this
Board at which this resolution is being adopted, and the terms,
conditions and provisions thereof, are hereby approved, ratified
and confirmed by this Board, and the Chairman and the Clerk of
this Board are hereby authorized and directed to execute and
deliver to the Escrow Agent the Refunding Trust Agreement in
substantially such form, together with such changes as shall be
approved by the Chairman and the Clerk of this Board upon the
advice of counsel (including Bond Counsel), such approval to be
conclusively evidenced by their execution thereof.
(b) The appointment of Bank of Virginia Trust Company as
Escrow Agent under the Refunding Trust Agreement is hereby
approved, ratified and confirmed by this Board.
(c) The County Administrator and the Director of Budget a
Accounting of the County, or either of them, are hereby au-
thorized to execute, on behalf of the County, subscriptions for
United States Treasury Obligations - State and Local Government
Series, to be purchased by the Escrow Agent from moneys deposit
in the 1986 Refunding Trust Fund created and established under
the Refunding Trust Agreement. Such United States Treasury
Obligations - State and Local Government Series so purchased
shall be held by the Escrow Agent under and in accordance with
the provisions of the Refunding Trust Agreement.
SECTION 8. Application of Proceeds of 1986 Bonds. The
proceeds of sale of the 1986 Bonds shall be applied as follows:
(a) An amount equal to the interest accrued on the 1986
Bonds from their date to the date of the delivery thereof and
payment therefor shall be deposited in the County's General Fund
and applied on December 15, 1986 to the payment of a portion of
the interest payable on the 1986 Bonds on such date.
(b) The balance of the proceeds of the 1986 Bonds, togethe
with moneys appropriated in the County's General Fund to pay on
June 15, 1986 (i) the principal of the 1982 Bonds maturing on
June 15, 1986, and (ii) the interest on the 1982 bonds maturing
on June 15 in each of the years 1986 and 1993 to 2003, both
inclusive, shall be deposited with the Escrow Agent under the
Refunding Trust Agreement and applied as provided therein.
SECTION 9. Designation of the 1982 Bonds Maturing On and
After June 15, 1993 for Redemption on June 15, 1992. This Board
hereby designates the 1982 bonds maturing in the principal amoun
of $1,125,000 on June 15 in each of the years 1993 to 2003, both
inclusive, for redemption on June 15, 1992, such 1982 Bonds so t
be redeemed upon payment of the principal amount of the 1982
Bonds to be redeemed, together with the interest accrued thereon
to the date fixed for redemption, plus a premium of one-quarter
of one percent (1/4 of 1%) of the principal amount of each 1982
Bond to be redeemed for each twelve (12) month period or part
thereof between the date fixed for redemption and the stated
maturity date of such 1982 Bond. The County Administrator is
hereby authorized and directed to deliver to Bank of Virginia
Trust Company, as Escrow Agent under the Refunding Trust Agree-
ment, irrevocable written instructions to give notice, in the
name and on behalf of the County, to the holders of the 1982
bonds maturing on and after June 15, 1993 of the redemption of
such 1982 bonds on June 15, 1992, such notice to be given in the
86-365
manner and at the time or times provided in Section 4 of the
resolution adopted by this Board on April 14, 1982 authorizing
the issuance of the 1982 Bonds and to be in substantially the
form set forth as Exhibit III to the Refunding Trust Agreement.
SECTION 10. Covenant As to Compliance with H.R. 3838. The
County hereby covenants and agrees to comply with the provisions
of H.R. 3838, as passed by the U.S. House of Representatives on
December 17, 1985, as modified by the Joint Statement issued on
March 14, 1986 by the Chairmen and Ranking Members of the U.S.
House of Representatives Committee on Ways and Means and the U.S.
Senate Committee on Finance, and the Secretary of the Treasury
(the "Joint Statement"), that relate to the 1986 Bonds if and to
the extent required to maintain the exemption of interest on the
1986 Bonds from federal income taxation. It is to be understood,
however, that the county shall not be required to comply with the
provisions of H.R. 3838, as modified by the Joint Statement, to
the extent that the County receives an opinion from any nation-
ally recognized bond counsel that noncompliance will not cause
the interest on the 1986 Bonds to be subject to federal income
taxation.
SECTION 11. Ratification. The action of the County Admin-
istrator and other appropriate officers of the County in negoti-
ating the sale of the 1986 Bonds, and all actions and proceeding
heretofore taken by this Board, the County Administrator and the
other officers, employees, agents and attorneys of the County in
connection with the authorization, issuance and sale of the 1986
Bonds, are hereby ratified, confirmed and approved.
SECTION 12. Filing of This Resolution. The County Attorney
is hereby authorized and directed to file a copy of this resolu-
tion, certified by the Clerk of this Board to be a true and
correct copy hereof, with the Circuit Court of the County of
Chesterfield.
SECTION 13. Invalidity of Sections, Paragraphs, Clauses or
Provisions. If any section, paragraph, clause or provision of
this resolution shall be held invalid or unenforceable for any
reason, the invalidity or unenforceability of such section,
paragraph, clause or provision shall not affect any of the
remaining portions of this resolution.
SECTION 14. Headings of Sections. The headings of the
sections of this resolution shall be solely for convenience of
reference and shall not affect the meaning, construction, inter-
pretation or effect of such sections or of this resolution.
SECTION 15. Effective Date. This resolution shall take
effect upon its adoption.
The Board being polled, the vote was as follows:
Mr.
Dodd -
Aye.
Mr.
Daniel -
Aye.
Mr.
Applegate -
Aye.
Mrs.
Girone -
Aye.
Mr.
Mayes -
Aye.
4. PRESENTATION BY THE CITIZENS COMMITTEE FOR CONSIDERATION
OF A CHARTER
Mr. Dodd turned the meeting over to Mr. J. Royall Robertson,
Chairman of the Citizens Committee for Consideration of a
Charter.
Mr. Robertson expressed special appreciation to Mr. Steve Micas
who had worked diligently and unbiased with the group on the
charter issue. He also expressed appreciation to the members of
the committee who had also worked on this issue. Mr. Robertson
outlined the report and several members of the Committee
1%
explained in detail the 10 major issues they had concern about
which were:
1. Responsibilities and Powers of the Board of Supervisors;
2. Role of the Chairman;
3. Role of the County Administrator;
4. Financial Affairs;
5. Borrowing;
6. Police Department;
7. Departments of Health, Social Services, Mental Health and
Mental Retardation;
8. Planning;
9. Education; and
10. Transportation.
There was some discussion regarding when a charter should become
effective if adopted by the voters, and it was determined that
January 1, 1988 would be appropriate.
There was further discussion regarding two consecutive terms of
School Board members, the accountability of elected officials,
powers being shifted to the County Administrator, the budget if
not adopted as outlined, compensation for Board members, who is
responsible for finances of County affairs which Mr. Micas
indicated he would adjust, size of the Board, etc. When asked by
Mr. Daniel, the Committee unanimously indicated the draft Charter
does not transfer any powers to the County Administrator which do
not currently exist. It was indicated the Committee was unanimous
in their recommendation but, of course, some of these
recommendations could be amended.
A copy of the proposed charter as drafted as well as the full
report of the Committee is filed with the papers of this Board.
Mr. Hank Richardson, President of the Chesterfield Business
Council, was present. He stated the Council had read the
proposal but did not send comments, he felt the Committee did an
excellent job and they do see positive aspects and they would
like to review it more thoroughly.
The Board expressed their appreciation to the Committee members
for their outstanding work.
5. ADJOURNMENT
On motion of Mrs. Girone, seconded by Mr. Daniel, the Board
adjourned at 9:30 p.m. until 9:00 a.m. on May 28, 1986.
Vote: Unanimous
Richard L. Hedrick
County Administrator
1`r `
R. Garland D
Chairman
86-367