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HomeMy WebLinkAbout2/29/1988 - Adopted Board RecordsAT 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 February 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 All, 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 2 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 of this authorized and directed to cause a certified copy 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 Supervisorsappropriatel the County resolution School Board shall have adopted an app 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. O 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 5