HomeMy WebLinkAbout4/3/2012 - Adopted Board RecordsAT A REGULAR MEETING OF THE BOARD OF SUPERVISORS OF ROANOKE
COUNTY, VIRGINIA, HELD AT THE ROANOKE COUNTY ADMINISTRATION
CENTER ON TUESDAY, APRIL 3, 2012
RESOLUTION 040312 -1 AUTHORIZING THE BORROWING OF
$1,587,023 FROM THE MINOR CAPITAL FUND BY THE BOARD OF
SUPERVISORS OF ROANOKE COUNTY, VIRGINIA TO FINANCE THE
ACQUISITION OF CERTAIN FIRE VEHICLES
WHEREAS, the Board of Supervisors (the "Board ") of the County of Roanoke,
Virginia (the "County ") has determined that it is necessary and desirable to acquire
certain equipment for the County, including without limitation certain fire rescue vehicles
(the "Equipment "), and to provide for an internal financing for the Equipment through a
loan from the Minor County Capital Fund in an amount not to exceed $1,587,023, and
WHEREAS, the Board of Supervisors (the "Board ") of Roanoke County, Virginia,
(the "County ") has determined that it is necessary and expedient to borrow an amount
not to exceed $1,587,023 from the Minor Capital Fund to finance the acquisition of
certain fire vehicles, and
WHEREAS, On July 26, 2011, the Board of Supervisors adopted a
reimbursement resolution that declared its intention under Treasury Regulations Section
1.150 -2 to reimburse itself from the proceeds of a finance for certain costs of the
purchase of three fire vehicles.
NOW THEREFORE, BE IT RESOLVED, BY THE BOARD OF SUPERVISORS
OF ROANOKE COUNTY, VIRGINIA, as follows:
1. The Board hereby determines that it is advisable to loan monies available in
the County Minor Capital Fund to County Fire and Rescue Department to
purchase fire vehicles (the "Loan "). The Loan shall be made on the terms set
forth in this resolution. The County Minor Capital shall lend an aggregate
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principal amount not to exceed $1,587,023. There will be a net interest
charge of one point seven nine percent (1.79 %) annually for this loan.
2. The Fire and Rescue Department will repay the Minor Capital Fund with six
(6) annual payments. The Fire and Rescue Department will repay the Minor
Capital Fund $300,000 in beginning in July 2012 and continuing with an
installment of $300,000 through July 2018 and a final payment in July 2017.
The loan from the County Minor Capital Fund will be fully paid and satisfied in
July 2017.
3. The Fire and Rescue Department may prepay the Loan at any time without
penalty.
4. This resolution shall take effect immediately upon its adoption.
On motion of Supervisor Moore to adopt the resolution, and carried by the
following recorded vote:
AYES: Supervisors Moore, Altizer, Flora
NAYS: Supervisors Church, Elswick
A COPY TESTS:
7
Deborah C. Jacks
Clerk to the Board of Supervisors
cc: Rebecca Owens, Director of Finance
Richard E. Burch, Jr., Chief of Fire and Rescue
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