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HomeMy WebLinkAbout2/29/1988 - RegularITEM NUMBER _- OF SUPERVISORS OF ROANOKE THE BOARD ADMINISTRATION CENTER AT A REGULAR MEETING OF 19t38 VIRGINIA HELD P'T TON MONDAYS FEBRUARY 29 ~ COUNTY - IN ROAL`lOKE, VA. , 1988 MEETING DATE: February 29- the Issuance of rdinance Authorizing onds, Series Adoption of an 0 ation School B to be sold to SUB~JE_CT: $3~g85,000 General Oblig it inia forth ounty of Roanoke V Band setting 1y88P, of the C the Virginia Publii theoeofAuthority the form and Beta ATOR'S COMMENTS: ~ ,~ COUNTY p,DMINISTR .~~~~~2""" ,,~.,~'"' iy~'` ~~~~ ~"~ INFORMATION: a public hearing was SUMMARY OF 23- 1988, issuance of on February the proposed it inia p,t the meeting input concerning through the V g obligation bonds to the Bent held to receive cit1Zeneral improvements that $3,985-Op0 school g to finance Schools. During chool Authority lementarY alternatives to the public S and Back Creek E seek sale, such as the Board asked staff to 1988 VPSA literary Mou n t a i n the spring of the discussion, bonds during or the use of the the fall VPSA issue issuance consideration of each of these fund loan concePt• a brief synopsis discussing putlined below is issuance of alternatives. with the s rin of roceedin throu h the bonds 1. Consideration school bonated that these eneral obli at1lt is anticip repaid over a $3,985 ODU b the VPSA. 7~ and be requesting issue 1988 rate of approximately ordinance office for a The formal the VPSA and wi 11 sell e a r p e r i od . must be received at 1988 ) twenty Y, this issue was March 3- action participation in the deadline in the 1988 (previously by March 7 - resolution con the lagtual closing of must adopt a the March 10, the School Boar oard of Super°lsors beber taken at would be in taken by the B This action could roposal on chool Board. This p resented the bonds itsel o f the S staf f 1988 meeting final recommendation as p accordance with the orlg school eneral February 23. $3 ~g85,000 Under of sellin 1988 b the VPSA. 2 • Consideratio the fall issue, to decrease in interest rates tend be reasonably obli ation bonds du conditions, so it could normal historical election, the year of a presidential loser to the c those issued in the ' ated that the interest rates on b ~a s issue 1980, this anticlp would be l°wer during as demonstr~~ue and there are no November election dagowever, rove immediate future. If the Board does not always would be lower. rojects historical trend rates that the interest these two construction P chool guarantees to have ent Mountaithen the of Supervisors wishes renovations and a possible, flow Back Creec School eXpeditiously the cash roceed as financing July through renovations) , peed to find a means of to be would er iod of approximately this need County the p fees requirements during School °cover lsuclhVe estima e T 1988 . items as a overtthis 'casual To c Novembe 500,000 to at an approximately $ the County which and the early months of const eedl~o authors iof tax revenues the Board would atio cash deficit, to borrow in anticiP ecember 5 tax collection appropriate time the D t to divert other be received during the attemp validation would normally not recommend ose, since a season. Staff does flow purp this condition couladvancee oavcash bond monies for this cash loan or eneral hearing would be requlteasafelt that a of the G political overtones. 'es for these projects is a responsibility flow mO the County . f fiscal Fund of during the upcoming of s to the County rincipal payment The only saving be the lack of P would likely 19 8 8 - 8 9 ) would reduced interest rate f or interim year ~ Any savings from a interest expense $110 , U00 • If a fall 1988 issue be offset by the issuance COSSUednd he bonds. the result could financing until the VPSA not decline, is not held or if the intereSOUntY• increased cost to the C fund loans to be an of literar fund loan of the use The literay 3• Consideration since the interest two school im rovements. is a finance the seems quite attractivnoted that this t °Tiginally it should be monies concep 4~. $Owever, to receive anonly It rate is at t and the present delay Tactical roach seems P eriod, so that reimbursemenmonths P This aPP 18 to 24 month P timed is l8 to 24 ed for an fund loan will be construction can uestdfrom the literary Another concern the draw down req with its cash availabitheYneed to eliminate TO Tiately fund loans would be scope more aPP P literary library facilities from the fund with utilizing to the community ecause they cannot be financed with literar improvements of the project b loans. the County tion 2 tion 3- or °P f orm of a either op borrowing in the from When considering monies to be receivedeS of will need to consider at°on ofrthe these two tYP bridge loan in anticiP fund. Either of ation debt of the or the literary to be general °bheg a either VPSA roved by voters during s are conside be n app the debt financinWhich has not County, ess. Since no referendum has been hel , referendum proc ne of the State autho h aethroughe other issued through o be accomplis that they would rnust be financing cannot ruled for the interim Bond Counsel has financing letter on interim loan unless financial institutions- inion fund to issue an from VPSA or the liters by the voters of not be aboebe received been approved monies reviously a referenodn~yhad P Roanoke C FISCAL IMPACT: bond principal and to cover debt service budget, based upon the The monies in the upcoming the Board of Supervisors- interest) must be included debt issuance date authorized by considered by the RECOMMENDATION: o tion 1 be ted and that P adop ordinance e TYie staf f recommends ervisors, that the attached so that the d of SuP • on 18,04 of the Charte~aoVea°anoke Coun Ya Boar to Sectl to Bon of said ordinance e that pursuant a ers forwarded school that the second readingoday and said P P issue for tion may occur the VPSA spring adop to proceed with Counsel financing. AppROVED: SUBMITTED By: Cham iss, Jr. John M• unty Administrator Elmer C. od Asst. Co ----------------- -------------------- VOTE ____----- - No yes Abs ------------------ ACTION Approved ( ) Motion bY~ Denied ( ) Received ( ) Referred T o _---- JMC/c`^~ Hardy cc: Jerry paul Mahoney Attachment Garrett ___- - Johnson - McGraw ____- Nickens -.-- Robers --- OF SUPERVISORS OF ROANOKE HELD AT THE ROANOKE COUNTY ADMINISTRATION AT A REGULAR MEETING OF THE BOARD VIRGINIA, FEBRUARY 29, 1988 COUNTY, CENTER ON MONDAY, OF AUTHORIZING THE ISSUANCE OBLIGATION SCHOOL BONDS, ORDINANCE S3~g85,000 GENERAOF THE COUNTY OF ROANOKE, SOLD TO THE VIRGINIA PUBLIC SERIES OF T098BE VIRGINIA, AND SETTING FORTH THE FORM SCHOOL AUTHTHEREOF. AND DETAIL County of Roanoke, the of necessary and The Board of Supervisors that it is determined its general and to inia ("County") has 000 issue and Virg finance renovations expedient to borrow $3'g85,Bonds ) tO and Bent Mountain ation bonds therefore ( School oblig to Back Creek Elementary improvements School. issuance of Elementary on the has held a public hearing with the The County 1888, in accordanceVirginia of February 23+ °f the Code of the Bonds on 15.1-171.1 requirements of Section as amended. BY THE BOARD OF 1950, ORDAINED NOW, THEREFORE, BE IT PERVISORS OF THE COUNTY OF ROANOKE, VIRGINIA: SU was held on this ordinance with reading was dispensed °f 1. That the first the second reading of Section 18.04 23, 1988; rovision on February ency measure p pursuant to the emec~arter. the Roanoke County that it ervisors hereby determine the Bonds The Board of Sup and sell 2 , tO issue f inane ing to contract a debt and the purpose of and is advisable 000 for School amount of $3,985, to Back Creek Elementarysale of the in the rovements and of and imP School. The issuance of the Board renovations Elementary Bent Mountain established in this resolution Bonds upon terms Supervisors is hereby authorized. interest to be in the best t the determined of Virginia to accep 3. It is hereby (,VPSA") to and the Commonwealth Authority this of the County Virginia arbluPon cthe lterms se cOm°roriwealth of the o f offer at p °f the the Bonds agency b of the purchase The VPSA is an 10( ) VII, Section Assembly Resolution. to Article by the General as Virginia pursuant rescribed inia of 1950, of Virginia P the Code of Virg Constitution Section 22.1-166 of pursuant to amended. of the County are hereby officers sale agreement with 4, The appropriate a bond enter into to the VPSA. authorizedrovadangefordthe sale of the Bonds the VPSA p is hereby authorized and Administrator rates on the Bonds 5, The County rate °r or rates t the interest such interest rate directed to accep that the corresponding VPSA provided on or rates the true interest established by event shall be equal to the int ioe~staria tin any of the VPSA plus er annum- bonds shall not exceed 9~ P cost to the County istered form fully reg issued in shall be 6, The Bonds shall be les thereof; shall be 000 and whole multiP the Bonds; and delivery of BONDS, in denominations of 5, issuance GENERAL OBLIGATION SCHOOL dated the date of annually on "COUNTY OF ROANOKE a able semi- designated interest p y 15~ 1988, at the SERIES 1988 A", and shall bbeginning December 4 of this 15, with paragraph June 15 and December set forth below on rates established in accordance and shall mature in the amounts in each of the years 1988 to 2007 inclusive: Resolution, December 15 Amy t y e=r year Amy - $230,000 $110,000 1998 1899 230,000 000 1988 180,000 2000 230, 000 1989 185,000 2001 285, 000 1990 225,000 2002 210, 000 1991 225,000 2003 160, 000 1982 225,000 2004 220, 000 1993 240,000 2005 175, 000 1994 240,000 2006 100, 000 1995 240,000 2007 85, 1996 240,000 1997 attached hereto bstantially the form all be The Bonds sh in su as Exhibit A. 15~ 1888 are on or before December maturing Bonds 7, Bonds mationn prior to maturity• o tion ect to redemp redemption at the on any not subj 1998 are subject to but not in part, after December 15, in whole, from any moneys that of the County prior to maturity 1888, tion price on or after D su hepu pose, at the redemp rincipal business day the P may be made available for a percentage of with accrued below, expressed as together indicated Bond to be redeemed, amount of each tion date: interest thereon to the redemp Redem tion Price Dates (InclusiveL 1998 to December 15+ 103 1999 December 14' 1999 to December 15' 102 2000 December 14' 2000 to December 15' 101 2001 December 14'2001 and 100 December 15, thereafter as the so long to the foregoing provisions'not be subject Notwithstanding the Bonds shall consent of the VPSA, rior written Bonds are h riorbto maturity without the p redemption p the VPSA. 2 of any such shall mail notice at the County registered or certified mailthe The Treasurer of for redemption to redemption prior to maturity Gate fixed such owner's rior to the at least 30 days p Bond to be redeemed kept by the the registration books registered owner of any the 45th day preceding address as it appears on the tion. Such notice shall specify Treasurer as of the close of business o are to be the date fixed for redemp the place where such Bt ion date the rice, on the redemp redemption date ana went and that a able on the Bonds and surrendered for P Y become from and after the rice will due and p Y redemption p cease to accrue interest thereon shall redemption date. the Board are and the Clerk of Bonds g, The Chairman riate negotiable the authorized and directed to execute appro and al amount of $3,985,000 and to affix in the aggregate princip The manner of execution thereto. rovided, however, seal of the County be by facsimile, P affixation of the seal maY and the Clerk are both by valid until signed at the foot that if the signatures of the Chairman the Bonds shalna~uTebof the Bond Registrar. facsimile, thereof by the manual sig is hereby Richmond, Virginia, and q, Crestar Bank+ the Bonds and is authorizedsuch istrar for to fulfill appointed $O°ndt ke all action necessary directed appointment. are hereby The full faith and credit of the Cooftypremium, if 10. a ment of principal levied and led ed fortheeBonds. There shall be irrevocably p g rO erty in the County any, and interest on taxable p p authorized or on all locally all other taxes collected annually remium, if any, an ad valorem tax over and above rincipal+ p a able law sufficient tO Pa ectivelpy become due and P Y for limited by the same resp and appropriated and interest as available unless elheray~endsthereofWfully the tim y P ervisors is hereby of SuP of this 11. The Clerk °f tcauBeara certified coPY of directed tO the School Board of the County authorized and resented to hereby authorized ordinance to be p Clerk. The Bonds the County the Board of Supervisors until resolution Roanoke and filed with its rOpriate shall no$OaTdlsshadllb have adopted an aPP School to the issuance of the Bon s• consenting °f the County The appropriate officers and agents 12. to execute a Non-Arbitrage directed eXpected use and are hereby authorized and forth the such the Bonds and containing with Certificate f dthexproceedstsofetting show compliance investmen in order to Code of be necessary of the Internal Revenue to covenants as may Section 148 regulations relating the provisions °f and applicable of the County 1986, as amended, of Supervisors from the The Board that roceeds "arbitrage bonds." of the County the p covenants on behalf 3 issuance and sale of the Bonds will be invested and expended as set forth in such Non-Arbitrage Certificate and Tax Covenants and that the County shall comply with the other covenants and representations contained therein. The appropriate officers of the County are hereby authorized and directed to execute and deliver the Proceeds Agreement with respect to the deposit and investment of proceeds of the Bonds in the form approved by the County Attorney, among the County, the other participants in the VPSA bond sale, the VPSA and the financial institution designated therein as depository. 13. Crestar Bank, Richmond, Virginia is hereby designated Paying Agent for the Bonds. 14. Appropriate officers or agents of the County are hereby authorized and directed to cause a certified copy of this ordinance to be filed with the Circuit Court of the County of Roanoke and within ten days thereafter to cause to be published once in a newspaper having general circulation in the County a notice setting forth (1) in brief and general terms the purposes for which the Bonds are to be issued and (2) the amount of such Bonds. 15. Each member of the Board of Supervisors and all other officers and employees of the County are hereby authorized to take such action as they or any one of them may consider necessary or desirable in connection with the issuance and sale of the Bonds and any such action previously taken is hereby ratified and confirmed. 16. This ordinance shall take effect immediately. The undersigned Clerk of the Board of Supervisors of the County of Roanoke, Virginia, hereby certifies that the foregoing constitutes a true and correct extract from the minutes of a meetings of the Board of Supervisors held on February 23, 1988, and February 29, 1988, and of the whole thereof so far as applicable to the matters referred to in such extract. WITNESS MY HAND and the seal of the Board of Supervisors of the County of Roanoke, this 29th day of February, 1988. Clerk, Board of Supervisors of the County of Roanoke Copies to: Bond Counsel Circuit Court Judge School Board Clerk County Treasurer 4 AT A REGULAR MEETING OF THE BOARD OF SUPERVISORS OF ROANOKE COUNTY, VIRGINIA, HELD AT THE ROANOKE COUNTY ADMINISTRATION CENTER ON MONDAY, FEBRUARY 29, 1988 ORDINANCE 22988-1 AUTHORIZING THE ISSUANCE OF $3,985,000 GENERAL OBLIGATION SCHOOL BONDS, SERIES OF 1988A OF THE COUNTY OF ROANOKE, VIRGINIA, TO BE SOLD TO THE VIRGINIA PUBLIC SCHOOL AUTHORITY, AND SETTING FORTH THE FORM AND DETAIL THEREOF. The Board of Supervisors of the County of Roanoke, Virginia ("County") has determined that it is necessary and expedient to borrow $3,985,000 and to issue its general obligation bonds therefore ("Bonds") to finance renovations and improvements to Back Creek Elementary School and Bent Mountain Elementary School. The County has held a public hearing on the issuance of the Bonds on rFebruary 23, 1988, in accordance with the requirements of Section 15.1-171.1 of the Code of Virginia of 1950, as amended. NOW, THEREFORE, BE IT ORDAINED BY THE BOARD OF SUPERVISORS OF THE COUNTY OF ROANOKE, VIRGINIA: 1. That the first reading on this ordinance was held on February 23, 1988; the second reading was dispensed with pursuant to the emergency measure provision of Section 18.04 of the Roanoke County Charter. 2. The Board of Supervisors hereby determines that it is advisable to contract a debt and to issue and sell the Bonds in the amount of $3,985,000 for the purpose of financing renovations and improvements to Back Creek Elementary School and Bent Mountain Elementary School. The issuance and sale of the Bonds upon terms established in this resolution of the Board of Supervisors is hereby authorized. 3. It is hereby determined to be in the best interest of the County and the Commonwealth of Virginia to accept the offer of the Virginia Public School Authority ("VPSA") to purchase the Bonds at par, upon the terms set forth in this Resolution. The VPSA is an agency of the Commonwealth of Virginia pursuant to .Article VII, Section 10(b) of the Constitution of Virginia prescribed by the General Assembly pursuant to Section 22.1-166 of the Code of Virginia of 1950, as amended. 4. The appropriate officers of the County are hereby authorized and directed to enter into a bond sale agreement with the VPSA providing for the sale of the Bonds to the VPSA. 5. The County Administrator is hereby authorized and directed to accept the interest rate or rates on the Bonds established by VPSA, provided that such interest rate or rates shall be equal to the interest rate or rates on the corresponding bonds of the VPSA plus .10~ and in any event the true interest cost to the County shall not exceed 9~ per annum. 6. The Bonds shall be issued in fully registered form in denominations of $5,000 and whole multiples thereof; shall be dated the date of issuance and delivery of the Bonds; shall be designated "COUNTY OF ROANOKE GENERAL OBLIGATION SCHOOL BONDS, SERIES 1988 A", and shall bear interest payable semi-annually on June 15 and December 15, beginning December 15, 1988, at the rates established in accordance with paragraph 4 of this Resolution, and shall mature in the amounts set forth below on December 15 in each of the years 1988 to 2007 inclusive: Year Amount Year Amount 1988 $110,000 1998 $230,000 1989 180,000 1999 230,000 1990 185,000 2000 230,000 1991 225,000 2001 235,000 1992 225,000 2002 210,000 1993 225,000 2003 160,000 1994 240,000 2004 220,000 1995 240,000 2005 175,000 1996 240,000 2006 100,000 1997 240,000 2007 85,000 The Bonds shall be in substantially the form attached hereto as Exhibit A. 7. Bonds maturing on or before December 15, 1998 are not subject to redemption prior to maturity. Bonds maturing after December 15, 1998 are subject to redemption at the option of the County prior to maturity in whole, but not in part, on any business day on or after December 15, 1998, from any moneys that may be made available for such purpose, at the redemption price indicated below, expressed as a percentage of the principal amount of each Bond to be redeemed, together with accrued interest thereon to the redemption date: Dates (Inclusive) Redemption Price December 15, 1998 to December 14, 1999 103$ December 15, 1999 to December 14, 2000 102 December 15, 2000 to December 14, 2001 101 December 15, 2001 and thereafter 100 Notwithstanding the foregoing provisions, so long as the Bonds are held by the VPSA, the Bonds shall not be subject to redemption prior to maturity without the prior written consent of the VPSA. The Treasurer of the County shall mail notice of any such redemption prior to maturity by registered or certified mail at least 30 days prior to the date fixed for redemption to the registered owner of any Bond to be redeemed at such owner's address as it appears on the registration books kept by the Treasurer as of the close of business on the 45th day preceding the date fixed for redemption. Such notice shall specify the redemption date and price, the place where such Bonds are to be surrendered for payment and that on the redemption date the redemption price will become due and payable on the Bonds and interest thereon shall cease to accrue from and after the redemption date. 8. The Chairman and the Clerk of the Board are authorized and directed to execute appropriate negotiable Bonds in the aggregate principal amount of $3,985,000 and to affix the seal of the County thereto. The manner of execution and affixation of the seal may be by facsimile, provided, however, that if the signatures of the Chairman and the Clerk are both by facsimile, the Bonds shall not be valid until signed at the foot thereof by the manual signature of the Bond Registrar. 9. Crestar Bank, Richmond, Virginia, is hereby appointed Bond Registrar for the Bonds and is authorized and directed to take all action necessary to fulfill such appointment. 10. The full faith and credit of the County are hereby irrevocably pledged for the payment of principal of, premium, if any, and interest on the Bonds. There shall be levied and collected annually on all locally taxable property in the County an ad valorem tax over and above all other taxes authorized or limited by law sufficient to pay such principal, premium, if any, and interest as the same respectively become due and payable unless other funds are lawfully available and appropriated for the timely payment thereof. 11. The Clerk of the Board of Supervisors is hereby authorized and directed to cause a certified copy of this ordinance to be presented to the School Board of the County of Roanoke and filed with its Clerk. The Bonds hereby authorized shall not be issued by the Board of Supervisors until the County School Board shall have adopted an appropriate resolution consenting to the issuance of the Bonds. 3 12. The appropriate officers and agents of the County are hereby authorized and directed to execute a Non-Arbitrage Certificate and Tax Covenants setting forth the expected use and investment of the proceeds of the Bonds and containing such covenants as may be necessary in order to show compliance with the provisions of Section 148 of the Internal Revenue Code of 1986, as amended, and applicable regulations relating to "arbitrage bonds." The Board of Supervisors of the County covenants on behalf of the County that the proceeds from the issuance and sale of the Bonds will be invested and expended as set forth in such Non-Arbitrage Certificate and Tax Covenants and that the County shall comply with the other covenants and representations contained therein. The appropriate officers of the County are hereby authorized and directed to execute and deliver the Proceeds Agreement with respect to the deposit and investment of proceeds of the Bonds in the form approved by the County Attorney, among the County, the other participants in the VPSA bond sale, the VPSA and the financial institution designated therein as depository. 13. Crestar Bank, Richmond, Virginia is hereby designated Paying Agent for the Bonds. 14. Appropriate officers or agents of the County are hereby authorized and directed to cause a certified copy of this ordinance to be filed with the Circuit Court of the County of Roanoke and within ten days thereafter to cause to be published once in a newspaper having general circulation in the County a notice setting forth (1) in brief and general terms the purposes for which the Bonds are to be issued and (2) the amount of such Bonds. 15. Each member of the Board of Supervisors and all other officers and employees of the County are hereby authorized to take such action as they or any one of them may consider necessary or desirable in connection with the issuance and sale of the Bonds and any such action previously taken is hereby ratified and confirmed. 16. This ordinance shall take effect immediately. The undersigned Clerk of the Board of Supervisors of the County of Roanoke, Virginia, hereby certifies that the foregoing constitutes a true and correct extract from the minutes of a meetings of the Board of Supervisors held on February 23, 1988, and February 29, 1988, and of the whole thereof so far as applicable to the matters referred to in such extract. On motion of Supervisor Garrett, seconded by Supervisor Nickens, and Second Reading of the Ordinance waived on motion of Supervisor Johnson, seconded by Supervisor Nickens and upon the following recorded vote: .AYES: Supervisors Johnson, Robers, McGraw, Nickens, Garrett NAYS: None 4 WITNESS MY HAND and the seal of the Board of Supervisors of the County of Roanoke, this 29th day of February, 1988. Yrc ~Y-~~~ ..V Mary H. Allen, Deputy Clerk Roanoke County Board of Supervisors CC: Bond Counsel Circuit Court Judge School Board Clerk County Treasurer John Chambliss, Assistant County Administrator Diane Hyatt, Director of Finance ~ ~ ~ ~ l°G~!c~~ c~ ~ v ~z ~ ~-~ -- ~ ~, ~- L ~' ~--e~~ , ~ /: _ ~~ ~~ x \ s~~ ~~~ ~-- ~~ C~ .~---~ Q - ., ~ ~' ~ ~ ~~ ~~~ ~ /~-- ~ ~ ~ ~ ~~ ~ ~ ~ ~~ ~~ 1;~2-v ~-- "-- ~72i1/ ~- / ~ ,~ ~~ ~~ -~ ~- ~ ~ ~.~, a~ L~ Y.~~ ,g ~~v - / ~ ~° a~ / ~ ~i % ~ ~ a ~, ~ ~ _~