HomeMy WebLinkAbout12/31/1992 - Special
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December 31, 1992
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Roanoke County Board of Supervisors
Salem Municipal Building
114 North Broad Street
Salem, Virginia 24153
December 31, 1992
The Roanoke County Board of Supervisors of Roanoke
County, Virginia, met this day at the Salem Municipal Building,
Salem, Virginia, this being an adjourned meeting from December 15,
1992.
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IN RE:
CALL TO ORDER
Chairman Eddy called the meeting to order at 8:12 a.m. The
roll call was taken.
MEKBERS PRESENT:
Chairman Lee B. Eddy, Supervisors Bob L.
Johnson, Harry C. Nickens
MEMBERS ABSENT:
Supervisors Edward G. Kohinke, H. Odell
"Fuzzy" Minnix
STAFF PRESENT:
Elmer C. Hodge, County Administrator; Joseph
Obenshain, Senior Assistant County Attorney;
Mary H. Allen, Clerk to the Board; Anne Marie
Green, Information Officer, Timothy Gubala,
Economic Development Director
OTHERS PRESENT:
Salem City Council Members W. Mac Green, Howard
Packett, Alexander M. Brown; Members of the
Salem Industrial Development Authority
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IN RE:
HEW BUSINESS
L.. Resolution concurrinq in the ADDlication of
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December 31, 1992
Richfield Retirement Communi tv to the Industrial
DeveloDment Authoritv of the Citv of Salem.
Virainia for Issuance of Revenue Bonds Not to
Exceed $3.800.000
Mr. Al Knighton, bond counsel for Richfield Retirement
Community, explained that the Salem Industrial Development
Authority, the Salem City Council and the Roanoke County Board of
Superviscrs must all approve issuance pf these revenue bonds. The
funds will be used for a 120 bed home for the elderly, and the
lender is First Virginia Bank.
He advised there are no public
funds involved and the revenue bonds will be paid with revenues
generated from Richfield Retirement Community.
Members of the Salem Industrial Development Authority and
Salem City Council approved issuance of the Bonds.
Supervisor Johnson moved to adopt the resolution rescinding
Resolution 52692-5, dated May 26, 1992, which approved the request
of the Roanoke County Industrial Dev~lopment Authority for
industrial revenue bonds, and concurring in the issuance of the
bonds by the Industrial Development Authority of the City of Salem.
The motion carried by the following recorded vote:
AYES:
Supervisors Johnson, Nickens, Eddy
NAYS:
None
ABSENT:
Supervisors KOhinke, Minnix
RESOLUTION 123192-1 CONCURRING IN THE APPLICATION OF
RICHFIELD RETIREMENT COMMUNITY TO THE INDUSTRIAL
DEVELOPMENT AUTHORITY OF THE CITY OF SALEM, VIRGINIA,
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December 31, 1992
968
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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
the Project possesses any economic viability. The Bond shall
provide that 'neither the Commonwealth of Virginia _ (the
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December 31, 1992
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
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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
IN RE:
ADJOURNMENT
Supervisor Johnson moved to adjourn the meeting at 8:15
a.m. The motion carried by
unanimous voice vote with Supervisors
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Kohinke and Minnix absent.
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