HomeMy WebLinkAbout2/29/1988 - Special
February 29, 1988
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Roanoke County Board of Supervisors
Roanoke County Administration Center
3738 Brambleton Avenue, SW
Roanoke, Virginia 24018
February 29, 1988
The Roanoke County Board of Supervisors of Roanoke
County, Virginia, met this day at the Roanoke County
Administration Center, this being a special adjourned meeting
from February 23, 1988.
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IN RE:
CALL TO ORDER
Chairman Garrett called the meeting to order at 8:03
a.m. The roll call was taken.
MEMBERS PRESENT:
Chairman Lee Garrett, Vice Chairman Richard
Robers, Supervisors Bob L. Johnson, Harry
C. Nickens
MEMBERS ABSENT:
Supervisor Steven A. McGraw <arrived at
8:10 a.m.)
STAFF PRESENT:
Elmer C. Hodge, County Administrator; John
M. Chambliss, Assistant County
Administrator for Management Services; Paul
M. Mahoney, County Attorney, Mary H.
Allen, Deputy Clerk
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February 29, 1988
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Chairman Garrett announced this meeting was called t
discuss an item that was continued from the February
Chairman Garrett also advised those present that the regularl
scheduled meeting for March 8, 1988 will be convened briefly an
then adjourned until March 9, 1988. The reason for
is because the presidential primary will be held on March 8th,
and the Community Room will be used as a voting precinct.
IN RE:
NEW BUSINESS
of $3
ation School Bonds to finance
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1. Ado tion of an Ordinance authorizin the Issuance
im rovements to the Bent Mountain and Back Creek Elementar
Schools:
Chairman Garrett announced that a public hearing 0
this issue had been held on February 23rd, but approval of th
ordinance was continued to allow staff time to study other
possible alternatives for financing of this bond.
Assistant County Administrator John Chambliss advise
they had studied three alternatives: (1) proceeding
issuance of the bond through the spring issue by the Virgini
Public School Authority; (2) selling the bonds during the fall
issue by the Virginia Public School Authority; and (3) the use of
literary fund loans.
Staff still recommends going forward with
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the spring issue of Virginia Public School Authority.
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579
February 29, 1988
Supervisor Robers stated his calculations show tha
over a 20 year period the County could save $1.5 million by usin
literary loans, and inquired if it was possible to apply for
these loans to pay back the VPSA loan. Mr. Chambliss advise
that the County cannot use literary fund loans to pay back VPS
loans.
County Attorney Paul Mahoney reported he had met with
bond counsel prior to the meeting and they recommended that the
Board adopt an Ordinance authorizing the issuance of the bonds
instead of a resolution. This action is more appropriate because
Roanoke County operates under a charter, similar to cities. To
pass the ordinance on this date, it will be necessary to waive
the second reading.
Supervisor Garrett moved to adopt the prepared
ordinance to proceed with funding by the Virginia Public School
Authority in the spring issue. The motion was seconded by
Supervisor Nickens.
Supervisor Johnson moved to waive second reading of the
ordinance. The motion was seconded by Supervisor Nickens.
Supervisor Robers directed the staff to continue to
pursue ways in which the County may save the $1.5 million dollars
in interest on this loan.
Both motions carried by the following recorded vote:
Supervisors Johnson, Robers, McGraw, Nickens, Garrett
AYES:
58'0
February 29, 1988
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NAYS:
None
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 l5.1-171.1 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-l66 of the Code of Virginia of 1950, as
amended.
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February 29, 1988
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 .lO% 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:
I 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 2l0,000
1993 225,000 2003 160,000
1994 240,000 2004 220,000
1995 240,000 2005 175,000
1996 240,000 2006 lOO,OOO
1997 240,000 2007 85,000
The Bonds shall be in substantially the form attached hereto
as Exhibit A.
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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:
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February 29, 1988
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Dates (Inclusive)
Redemption Price
December 15, 1998 to
December l4, 1999
December 15, 1999 to
December l4, 2000
December l5, 2000 to
December 14, 2001
December 15, 2001 and
thereafter
103%
102
101
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.
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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.
II 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
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February 29, 1988
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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.
ll. 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.
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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 l48 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.
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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 (l) in brief and general terms the purposes
for which the Bonds are to be issued and (2) the amount of such
Bonds.
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February 29, 1988
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other officers and employees of the County are hereby authorized
to take such action as they or anyone 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:
NAYS:
Supervisors Johnson, Robers, McGraw, Nickens, Garrett
None
IN RE:
ADJOURNMENT
At 8:25 a.m., Supervisor Robers moved to adjourn the
meeting.
The motion was seconded by Supervisor Nickens and
carried by a unanimous voice vote.
~a
_0p~~r
Lee arrett, Chairman
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