HomeMy WebLinkAbout12/31/1992 - Adopted Board RecordsAT AN ADJOURNED MEETING OF THE BOARD OF SUPERVISORS OF ROANOKE
COUNTY, VIRGINIA, HELD AT THE SALEM CITY COUNCIL CHAMBERS ON
THURSDAY, DECEMBER 311 1992
RESOLUTION 123192-1 CONCURRING IN THE APPLICATION OF
RICHFIELD RETIREMENT COMMUNITY TO THE INDUSTRIAL
DEVELOPMENT AUTHORITY OF THE CITY OF SALEM, VIRGINIA,
FOR ISSUANCE OF REVENUE BONDS NOT TO EXCEED $3,800,000
WHEREAS, The Industrial Development Authority of the City of
Salem, Virginia, (the Authority) has considered the application of
Richfield Retirement Community (the Borrower) requesting the
issuance of the Authority's revenue bond in an amount not to exceed
$3,800,000 (the Bond) to assist in the financing- of the
construction and equipping of a 120 -bed home for the elderly (the
Project) on the Borrower's campus located at 3615 West Main Street
in Roanoke County, Virginia, which will be owned and operated by
the Borrower, and has held a public hearing thereon; and
WHEREAS, it has been requested that the Board of Supervisors
of Roanoke County, Virginia, (the Board) approve the financing of
the Project and the issuance of the Bond, and such approval is
required for compliance with Section 147(f) of the Internal Revenue
Code of 1986, as amended (the Code);
BE IT RESOLVED BY THE BOARD OF SUPERVISORS OF ROANOKE COUNTY,
VIRGINIA:
1. The Board approves the financing of the Project and the
issuance of the Bond by the Authority for the benefit of the
Borrower, as required by said Section 147(f), to permit the
Authority to assist in the financing of the Project.
2. The approval of the issuance of the Bond, as required by
said Section 147 (f) , does not constitute an endorsement of the Bond
or the creditworthiness of the Borrower or otherwise indicate that
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the Project possesses any economic viability. The Bond shall
provide that neither the Commonwealth of Virginia (the
Commonwealth) nor any political subdivision thereof, including
Roanoke County (the County) and the Authority, shall be obligated
to pay the principal of or interest on the Bond or other costs
incident thereto except from the revenues and receipts pledged
therefor and that neither the faith or credit nor the taxing power
of the Commonwealth or any political subdivision thereof, including
the County and the Authority, shall be pledged thereto.
3. The Board concurs with the resolution adopted by the
Authority with respect to the Bond on December 31, 1992, a copy of
which resolution has been provided to the Board.
4. The resolution relating to the Project which was adopted
by the Board on May 26, 1992 is hereby rescinded.
5. This Resolution shall take effect immediately upon its
adoption.
On motion of Supervisor Johnson to adopt the resolution, and
carried by the following recorded vote:
AYES: Supervisors Johnson, Nickens, Eddy
NAYS: None
ABSENT: Supervisors Kohinke, Minnix
A COPY TESTE:
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Mary H. Allen, CMC
Clerk to the Roanoke County Board of
Supervisors
cc: File
Timothy W. Gubala, Secretary, Industrial Development Authority
Randolph M. Smith, Salem City Manager