08-17-1993 Special Meetingao~~ 15~rA~f417
SPECIAL MEETING OF THE ISLE OF WIGHT COUNTY BOARD OF
SUPERVISORS HELD THE SEVENTEENTH -DAY, .OF AUGUST IN THE
YEAR NINETEEN HUNDRED NINETY THREE
1
PRESENT: Steve W. Edwards, Chairman
O. A. Spady, Vice Chairman
Henry H. Bradby
Joel C. Bradshaw, Jr.
Malcolm T. Cofer
Also Attending: H. Woodrow Crook, Jr., County Attorney
Myles E. Standish, County. Administrator
Carey H. Mills, Assistant Clerk
Chairman. Edwards circulated a written waiver of the requirement of
five days' notice pursuant to Section 15.1-538 of the State Code which was
signed by .all five members of the Board of Supervisors and the County
Attorney and made a part of the minutes as follows:
We the five members of the Board of Supervisors and the County
Attorney do hereby waive the five (5) days' notice requirements of Section
15.1-538 of the Code of Virginia for this special meeting of said Board called
by all five members in writing on August 17, 1993.
1
Chairman Edwards called the meeting to order at 11:26 a.m. for the
purpose of receiving bond bids in the amount of $8,000,000 and other items
relative thereto.
County Administrator Standish reported that the bids were received
at the office of Hunton & Williams, 951 East Byrd Street, Richmond,
Virginia at 11:00 a.m. and reviewed and analyzed by the County's Financial
Advisor, Larry Wales, and Isle of Wight County Director of Budget &
Finance, M. Christine Ledford, pursuant to the Notice of Sale approved by
the resolution of the Board of Supervisors.
County Administrator Standish noted the eight specific bids received,
as read over the telephone by the Budget & Finance Director and stated the
County's Financial Advisor recommended that the low bid .submitted by
Wheat, First Securities, Inc. be accepted by the County.
On motion of Supervisor Spady, the following resolution was
unanimously adopted by the Board of Supervisors:
At a special meeting of the Board of Supervisors of Isle of Wight
County, Virginia (the "County"), held on the 17th day of August, 1993,
called in accordance with Section 15.1-538 of the Code of Virginia of 1950,
as amended, at which the following members were present and absent:
PRESENT: Steve W. Edwards, Chairman
O. A. Spady, Vice Chairman
Henry H. Bradby
Joel C. Bradshaw, Jr.
1
eo~N 15 +arr418
.Malcolm T. Cofer
ABSENT: None
the following resolution was adopted by the affirmative roll-call vote of a
majority of all members of the Board of Supervisors, the ayes and nays
being recorded in the minutes of the meeting as shown below:
MEMBER VOTE
Steve W. Edwards, Chairman .Aye
O. A. Spady, Vice Chairman Aye
Henry H. Bradby Aye
Joel C. Bradshaw, Jr. Aye
Malcolm T. Cofer Aye
RESOLUTION AWARDING $8,000,000 GENERAL OBLIGATION SCHOOL
BONDS, SERIES OF 1993, OF ISLE OF WIGHT COUNTY, VIRGII~IIA
WHEREAS, the Board of Supervisors of Isle of Wight County, Virginia
(the "County"}, by resolution adopted August 17, 1993, authorized the
issuance and sale of the County's $8,000,000 General Obligation School
Bonds, Series of 1993 (the "Bonds");
WHEREAS, pursuant to sale procedures set forth in the County's
.Notice of Sale, sealed bids for the Bonds were received in the offices of
Hunton & Williams in Richmond, Virginia, at 11:00 a.m. local time, on this
date, each of which offered to pay accrued interest on the Bonds from their
date to the date of delivery were as follows:.
1. Bid of Wheat, First Securities, Inc. offering to pay $8,000,000 for
the Bonds bearing interest at the rates set forth in Column 1 on Exhibit A
attached hereto.
2. Bid of Wachovia .Bank of North Carolina offering to pay
$8,000,OQO for the Bonds bearing interest at the rates set forth in Column 2
on Exhibit A attached hereto.
3. Bid of First Union Securities, Inc. offering to pay $8,000,000 plus
a premium of $21.50 for the Bonds bearing interest at the rates set forth in
Column 3 on Exhibit A attached hereto.
4. Bid of Merrill Lynch & Company offering to pay $8,000,000 for
the Bonds bearing interest at the rates set forth in Column 4 on Exhibit A.
5. Bid of Harris Trust and Savings Bank offering to pay $8,000,000
plus a premium of $230.00 for the Bonds bearing interest at the rates set
forth in Column 5 on Exhibit A.
6. Bid of Scott & Stringfellow, Inc. offering to pay $8,000,000 for the
Bonds bearing interest at the rates set forth in Column 6 on Exhibit A.
1
1
2
1
1
1
ao~~ 15.~~r~41y
7. Bid of Craigie Incorporated offering to pay $8,000,000 for the
Bonds bearing interest at the rates set forth in Column 7 on Exhibit. A.
8. Bid of Crestar Securities Corporation offering to pay $8,000,000
plus a premium of $343.50 for the Bonds bearing interest at the rates set
forth in Column- 8 on Exhibit A.
WHEREAS, a representative of Municipal Advisors Incorporated, the
County's Financial Advisor, reported that the bid of Wheat, First Securities,
Inc. offered to purchase the Bonds at the lowest cost to the County,
determined in accordance with the Notice of Sale, and recommended
acceptance of the bid;
NOW, THEREFORE, BE IT RESOLVED by the Board of Supervisors
of Isle of Wight County, Virginia, that the Bonds are hereby. awarded to
Wheat, First Securities, Inc. in accordance with the terms of its bid and shall
bean interest as set forth in such bid.
The undersigned Clerk of the Board of Supervisors of Isle of Wight
County, Virginia, certifies #hat the foregoing constitutes a true. and correct
extract from the minutes of a special meeting of the Board held on August
17, 1993, and of the whole thereof so far as is applicable to the matters
referred to in such extract.
WITNESS my signature and the seal of Isle of Wight County, Virginia,
this 17th day of August, 1993.
Clerk of the Board of Supervisors
Isle of Wight County, Virginia
3
.~:
,..
A
i+
M
eoe~ 15 y~~~420
~ O
O1~ pp Og1f~0000NCb0000
~Ii11i11t1NNNO1f1M1g00~010000
w ~ • • . . • • • • • • .
oa~oeeoba•r~r.r.r.r~~e+inoa
00oooooaoooou~~nvooo
N 00000001~01f1PA-OrINNNe7
b~A10MIf11~1Md'dOer'•IAMIHMIAtl1
I~I111100000D0000000000
~ 1p 101A0000o0000000000
10 1O 10 IA N ~1 Iff M Itf If1 it1 t!f tt1 It1 1A 1!1 IA M
000000000{A00000000
~~ o000oooooa~or-aooooo00
q .
bb~o~o~viooo.r•ra.rdm~n~-+
M „~
O
~•~ OOOOOOOOOOO~f000000
~~~ ~ ~p~p~p01ptp1p10bbbr010~0~000
• • • • • • . •
~ninmm.rddd•rd•rd•r~~oina
A ,,~
N
OV - N
+~+ n,naaavmms~mvvvavooo
e~iNNNNNNONefq~01~{b010101A
O O~ow~O~o~00~e+OVV•rdd~~•f0
•0
~ = ~M
(~~-bhbbhbblAIAOOOOOOO
•O « Pl~hhhhhrrrl~a-orINNNN
w.
e d~rdd~tdt~d.r•ninao~mn
0
0
e
O O O O O O O 0 0 0 0 0 0 0 0 0 0 0
~ Ne'1~r1ri01O~NN1d1t11DOOtrINN
bbb~0~0~MO00M~~Mfrt~iNMM
000000000000000000
000000000000000000
0oooooaaooaaaooovv
...................
000000000000v00000
.~~+eO~ItO~IhhNeO~le~"f~~~~1bbNP~h
d It1 1p h o0 01 O rl N er1 ~M It1 ~Q h aD 01 O ri
a o-o+o+o-o+oooooaooocr+~+
a a, v~o~v~o~ooooo~ooooo00
rlrlw~i~IrlriNNNNNNNNNNNN
e
i
~~
1
1
1
~.
r•,
B~QK ~~ ~~i:~~1.r~
The motion was unanimously (5-0) adopted.
Supervisor Spady left the meeting at 11:38.. '
C
Supervisor Cofer moved the Board adopt. the following resolution:
At a special meeting of the Board of Supervisors of Isle of Wight
County, Virginia, held on the 17th day of August, 1993, called in accordance
with Section 15.1-538 of the Code of Virginia of 1950, as amended, at which
the following members were present and absent:
PRESENT: Steve W. Edwards, Chairman
O. A. Spady, Vice Chairman
Henry H. Bradby
Joel C. Bradshaw, Jr.
Malcolm T. Cofer
ABSENT: None
the following resolution was adopted by the affirmative roll-call vote of a
.majority of all members of the Board of Supervisors, the ayes and nays
being recorded in the minutes of the meeting as shown below:
MEMBER
VOTE
Steve W. Edwards, Chairman Aye
O. A. Spady, Vice Chairman Aye
Henry H. Bradby Aye
Joel C. Bradshaw, Jr. Aye
Malcolm T. Cofer Aye
RESOLUTION PROVIDING FOR THE ISSUANCE AND SALE OF
$8,000,000 GENERAL OBLIGATION SCHOOL BONDS, SERIES OF
1993, OF ISLE OF WIGHT COUNTY, VIRGINIA, HERETOFORE
AUTHORIZED, AND PROVIDING FOR THE FORM, DETAILS
AND PAYMENT THEREOF
1
4
WHEREAS, by resolution adopted on November 21, 1991, the Board
of Supervisors of Isle of Wight County, Virginia (the "County"), authorized
the issuance of general obligation bonds of the County in the maximum
amount of $18,000,000 to provide funds, together with other available funds,
to finance various school projects, including site acquisition, planning,
design, construction, renovation, expansion, equipping and furnishing of
public schools and related facilities, $10,000,000 of which bonds have been
issued and sold; and,
WHEREAS, the County has determined to issue the remaining
$8,000,000 of such bonds;
BE IT RESOLVED BY THE BOARD OF SUPERVISORS. OF ISLE OF
WIGHT COUNTY, VIRGINIA:
Bo~M ~.5:~~422
L Issuance and Sale. There are authorized to be issued and sold
$8,000,000 of the general obligation bonds described above.
2. Bond Details. The bonds shall be designated "General
Obligation Public School Bonds, Series of 1993" (the "Bonds"), shall be dated
August 1, 1993, shall be in denominations of $5,000 and multiples thereof,
and shall be numbered R-1 upward. The Bonds shall mature on August 1
in each of the years 1994 to 2011, inclusive, in amounts as follows:
Year Amount Year Amount
1994. $150,000 2003 $450,000
1995 200,000 2004 500,000
1996 200,000 2005 550,000
1997 200,000 2006 600,000
1998 250,000 2007 650,000
1999 250,000 2008 700,000
2000 300,000 2009 750,000
2001 350,000 2010 750,000
2002 400,000 2011 750,000
The Bonds shall bear interest at such rates as shall be determined at
the time of sale, computed on a basis of twelve months of 30 days each.
Interest on each Bond shall be payable semiannually on each August 1 and
February 1, beginning on February 1, 1994, (a) from August 1, 1993, if such
Bond is authenticated prior to February 1, 1994, or (b) otherwise from the
August 1 or February 1 that is, or immediately precedes, the date on which
it is authenticated (unless payment of interest thereon is in default, in which
case such Bond shall bear interest from the date to which interest has been
paid).
Principal and premium, if any, shall be payable to the registered
owners upon surrender of Bonds as they become due at the corporate trust
office of Crestar Bank, Richmond, Virginia (the "Registrar"). Interest shall
be payable by check or draft mailed to the registered owners at their
addresses as they appear on the registration books kept by the Registrar on
the fifteenth day of the month preceding each interest payment date.
Principal, premium, if any, and interest shall be payable in lawful money
of the United States of America.
3. Redemption Provisions. Bonds maturing on or before August
1, 2002, are not subject to redemption prior to maturity. Bonds maturing
on or after August 1, 2003, are subject to redemption prior to maturity at
the option of the County on or after August 1, 2002, in whole at any time
or in part on any interest payment date, upon payment of the principal
amount of the Bonds to be redeemed plus interest accrued and unpaid to
the redemption date and a redemption premium of one-quarter of one
percent (1/4 of 1%) of such principal amount for each six-month period, or
part thereof, between the redemption date and the stated maturity dates of
the Bonds to be redeemed, provided that the redemption premium shall not
exceed 2% of such principal amount.
5
,.~
' enoK 15:~:f423
If less than all of the Bonds are called for redemption, the Bonds to be
redeemed shall be selected by the County's chief financial officer in such
manner as he or she may determine to be in the best interest of the County,
each portion of $5,000 principal amount being counted as one Bond for such
purpose. If less than all the Bonds of a particular maturity are called for
redemption, the Bonds to be redeemed within such maturity ,shall be
selected by the Registrar by lot. In either case, in selecting Bonds for
redemption, each Bond shall be considered as representing that number of
Bonds which is obtained by dividing the principal amount of such Bond by
$5,000. The County shall cause notice of the call for redemption identifying
the Bonds or portions thereof to be redeemed. to be sent by registered or
certified mail, not less than 30 nor more than 60 days prior to the
redemption date, to the registered owner of each Bond to be redeemed ~ at
its address as it appears on the registration books kept by the. Registrar.. If
a portion of a Bond is called for redemption, a new Bond in principal
amount equal to the unredeemed portion thereof shall be issued to the.
registered owner upon the surrender thereof.
4. Execution and Authentication. The Bonds shall be signed by the
.manual or facsimile signature of the Chairman or Vice-Chairman of the
Board of Supervisors, and the County's seal shall be affixed thereto or a
facsimile thereof printed thereon and attested by the .manual or facsimile
signature of the Clerk of the Board of Supervisors. No Bond signed by
facsimile signatures shall be valid until it has been authenticated by the
manual signature of an authorized officer or employee of the Registrar and
the date of authentication noted thereon.
5. Bond Form. The .Bonds shall be in substantially the following
form:
REGISTERED
No. R-
REGISTERED
UNITED STATES OF AMERICA
COMMONWEALTH OF VIRGINIA
ISLE OF-WIGHT COUNTY
General Obligation School Bond, Series of 1993
INTEREST RATE MATURITY DATE DATED D1 9 CUSIP
August 1, August 1,
REGISTERED OWNER:
PRINCIPAL AMOUNT:
Isle of Wight County, Virginia (the "County"), for value received,
hereby promises to pay, upon surrender hereof at the principal corporate
trust office of Crestar Bank, Richmond, Virginia (the "Registrar"), to the
registered owner hereof, or registered assigns or legal representative, the
principal sum stated above on the maturity date stated above, subject to
prior redemption as hereinafter provided, and to ,pay interest hereon
6
~e~K 15:~Gf424
semiannually on each August 1 and February 1, beginning February 1,1994,
at the annual rate stated above, computed on a basis of twelve months of
30 days each. Interest is payable (a) from August 1, 1993, if this bond is
authenticated prior to February 1, 1994, or (b) otherwise for the August 1
or February 1 that is, or immediately precedes, the date on which this bond
is authenticated (unless payment of interest hereon is in default, in which
case this bond shall bear interest from the date to which interest has been
paid). Interest is payable by check or draft mailed to the person or entity
shown as owner hereof at its address as it appears on the registration books
kept by the Registrar on the 15th day of the month preceding each interest
payment date. Principal, premium, if any, and interest are payable in
lawful money of the United States of America.
THE PROVISIONS OF THIS BOND ARE CONTINUED ON THE
REVERSE HEREOF, AND SUCH CONTINUED PROVISIONS SHALL FOR
ALL PURPOSES HAVE THE SAME EFFECT AS IF SET FORTH ON THE
FACE HEREOF.
All acts, conditions and things required by the Constitution ana
statutes of the Commonwealth of Virginia to happen, exist or be performed
precedent to and in the issuance of this bond have happened, exist and
have been performed, and the issue of bonds of which this bond is one,
together with all other indebtedness of the County, is within every debt and
other limit prescribed by the Constitution and statutes of the
Commonwealth of Virginia.
This bond shall not be valid until the Registrar shall have executed the
Certificate of Authentication appearing hereon and inserted the date of
authentication hereon.
IN WITNESS WHEREOF, Isle of Wight County, Virginia, has caused
this bond to be signed by the facsimile signature of the Chairman of the
Board of Supervisors, a facsimile of its seal to be printed hereon and
attested by the facsimile signature of the Clerk of the Board of Supervisors
and this bond to be dated August 1, 1993.
ATTEST:
Clerk, Board of Supervisors, Chairman, Board of Supervisors,
Isle of Wight County, Virginia Isle of Wight County, Virginia
(SEAL)
Date Authenticated:
CERTIFICATE OF AUTHENTICATION
This bond is one of the bonds described in the withinmentioned
Resolution
CRESTAR BANK,
1
7
{5
eoeK 15~.~~?.,~
Registrar
Authorized Officer
(Reverse of Bond)
Additional Bond Provisions
This bond is one of an issue of $8,000,000 General Obligation School
Bonds, Series of 1993, of like date and tenor, except as to number,
denomination, rate of interest, privilege of redemption and maturity, which
are issued pursuant to the Constitution and statutes of the Commonwealth
of Virginia, including the Public Finance Act of 1991, Chapter 5.1, Title 15.1,
Code of Virginia, as amended, to provide funds, together with other
available funds, to finance various school projects. The bands have been
authorized by a resolution adopted by the County Board of Supervisors on
November 21, 1991, authorizing general obligation school bonds in an
amount not to exceed $18,000,000, and have been issued pursuant to a
resolution adopted by such Board on August 17, 1993 (the "Resolutio:t").
1
1
8
By
Bonds maturing on or before August 1, 2002, are. not subject to
redemption prior to maturity. Bonds maturing on or after August 1, 2003,.
are subject to redemption prior to maturity at the option of the County on
or after August 1, 2002, in whole at any time or in part on any interest
payment date, upon payment of the principal amount of the bonds to be
redeemed plus interest accrued and unpaid to the redemption date and a
redemption premium of one-quarter of one percent (1/4 of 1%) of such
principal amount for each six-month period, or part thereof, between the
redemption date and the stated maturity dates of the bonds to be redeemed,
provided that the redemption premium shall not exceed 2% of such
principal amount.
If less than all of the bonds are called for redemption, the bonds to be
redeemed shall be selected by the chief financial officer of the County in
such manner as he or she may determine to be in the best interest of the
County, each portion of $5,000 principal amount being counted as one Bond
for such purpose. If less than all the bonds of a particular. maturity are.
called for redemption, the bonds to be redeemed within such maturity shall
be selected by the Registrar by lot. The County shall cause notice of the call
for redemption identifying. the bonds or portions thereof to be redeemed to
be sent by registered or certified mail, .not less than 30 nor more than 60
days prior to the redemption date, to the registered owner of each bond to
be redeemed at its address as it appears on the .registration books kept by
the Registrar. If a portion of this bond is called for redemption, a new bond
in principal amount equal to the unredeemed portior- hereof shall be issued
to the registered owner upon the surrender thereof.
The County has designated the bonds as "qualified tax-exempt
obligations" for the purpose of Section 265(b)(3) of the Internal Revenue
Code of 1986, as amended.
ener 15 r~f426
The full faith and credit of the County are irrevocably pledged for the
payment of principal of and premium, if any, and interest on this. bond.
The bonds are issuable as fully registered bonds in denominations of
$5,000 and multiples thereof. Upon surrender of this bond at the principal
corporate trust office of the Registrar, together with an assignment duly
executed by the registered owner or its duly authorized attorney or legal
representative in such form as shall be satisfactory to the Registrar, the
County shall execute, and the Registrar shall authenticate and deliver in
exchange, a new bond or bonds having an equal aggregate principal
amount, in authorized denominations, of the same form and maturity,
bearing interest at the same rate, and registered in names as requested by
the then- registered owner hereof or its duly authorized attorney or legal
representative, all subject to the limitations and conditions provided in the
resolutions providing for the issuance of the bonds. Any such exchange
shall be at the expense of the County, except. that the Registrar may charge
the person requesting such exchange the amount of any tax or other
governmental charge required to be paid with respect thereto.
The Registrar shall treat the registered owner as the person or entity
exclusively entitled to payment of principal of and premium, if any, and
interest on this bond and the exercise of all other rights and powers of the
owner, except that interest payments shall be made to the person or entity
shown as owner on the registration books on the 15th day of the month
preceding each interest. payment date.
ASSIGNMENT
FOR VALUE RECEIVED the undersigned hereby sell(s), assign(s) and
transfer(s) unto
(Please print. or type name and address, including postal zip code, of
Transferee)
PLEASE INSERT SOCIAL SECURITY OR OTHER
IDENTIFYING NUMBER OF TRANSFEREE
the within bond and all rights thereunder, hereby' irrevocably constituting
and appointing
Attorney, to transfer said bond on the books
kept for the registration thereof, with full power of substitution in the
premises.
Dated:
Signature Guaranteed
NOTICE: Signature(s) must be (Signature of Registered Owner)
1
9
~oa~ 1~ .~f:~4?7
1
1
1
guaranteed by a member firm of the
New York Stock Exchange or a
commercial bank or trust company.
NOTICE: The signature above must
correspond with the,name of the
registered owner as it appears on
the front of this bond in every
particular, without. alteration or
enlargement or any change
whatsoever.
6. Pledge of Full Faith and Credit. The full faith and credit of the
County are irrevocably pledged for the payment of .principal of and
premium, if .any, and interest on the Bonds. Unless other funds are
lawfully available and .appropriated for timely payment of the Bonds, the
Board of Supervisors shall levy and collect an annual ad valorem tax, over
and above all other taxes authorized or limited by law and without
limitation as to rate or amount, on all locally taxable property in the County
sufficient to pay when due the principal of and premium, if any, and
interest on the Bonds.
7. Registration, Transfer and Owners of Bonds.. Crestar Bank,
Richmond, Virginia is appointed paying agent and registrar for the Bonds
(the "Registrar'.'). The Registrar shall maintain registration books for the
registration of Bonds. Upon surrender of any Bonds at the principal
corporate office of the Registrar, together with an assignment duly executed
by the registered owner or its duly authorized attorney or legal
representative in such .form as shall be satisfactory to the Registrar, the
County shall execute and the Registrar shall authenticate, if required by
paragraph 4, and shall deliver in exchange a new Bond or Bonds having an
equal aggregate principal amount, in authorized denominations, of the same
form and maturity, bearing interest at the same rate, and ..registered. in
names as requested by the then registered owner or its duly authorized
attorney. or legal representative. Any such exchange shall beat the expense
of the County, except that the Registrar may charge the person requesting
such exchange to be paid with respect thereto,
The Registrar shall treat the registered owner as the person or entity
exclusively entitled to payment of principal, premium, if any, and interest
and the exercise of all other rights and powers of the owner, except that
interest payments shall be made to the person or entity shown as owner on
the registration books on the 15th day of the month preceding each interest
payment date.
8. Notice of Sale. The County Administrator, in collaboration with
Municipal Advisors Incorporated, the County's financial advisor, is
authorized and directed to take all proper steps to advertise the Bonds for
sale substantially in accordance with the form of Notice of Sale attached
hereto, provided that the County Administrator, in collaboration with the
County's financial advisor, may make such changes in,the Notice of Sale
not inconsistent with this resolution as he may consider to be in the best
interest of the County.
9. Preliminary Official Statement.
10
The Preliminary Official
eonx 15.:~~4?8
Statement describing the Bonds, dated August 3,1993, copies of which have
been provided to the members of the Board of Supervisors, is approved as
the form of the Preliminary Official Statement by which the Bonds are
offered for sale. The Preliminary Official Statement is deemed to be final
as of its date within the meaning of Rule 15c2-12 of the Securities and
Exchange Commission, except for the omission of certain pricing and other
information allowed to be omitted pursuant to such Rule 15c2-12.
10. Final Official Statement. The County Administrator, in
collaboration with the County's financial advisor, shall make such
completion, omission, insertions and changes in the Preliminary Official
Statement not inconsistent with this resolution as the County Administrator,
in collaboration with the Count}~s financial advisor, may consider
appropriate and as are necessary or desirable to complete it as a final
Official Statement. The County Administrator is authorized, on behalf of
the County, to deem the Official Statement in final form to be final as of its
date within the meaning of such Rule 15c2-12. -The distribution of the
Official Statement in final form shall be conclusive evidence that the Official
Statement has been deemed final by the County as of its date. The County
shall arrange for the delivery to the successful bidder on the bonds of a
reasonable number of copies of the final Official Statement, within seven
business days after the Bonds have been awarded, for delivery to each
potential investor requesting a copy of the Official Statement and to each
person or entity. to whom such bidder and members of its bidding group
initially sell Bonds.
11. Preparation and Delivery of Bonds. After bids have been
received and the Bonds have been awarded, the Chairman or Vice-
Chairman and the Clerk of the Board of Supervisors are authorized and
directed to take all proper steps to have the Bonds prepared and executed
in accordance with their terms and to deliver the Bonds to the purchasers
thereof upon payment therefor.
12. Arbitrage Covenant. The County covenants that it shall not take
or omit to take any action the taking or omission of which would cause the
Bonds to be "arbitrage bonds" within the meaning of Section 148 of the
Internal Revenue Code of 1986, as amended, including regulations issued
pursuant thereto (the "Code"), or otherwise cause interest on the Bonds #o
be includable in the gross income of the registered owners thereof under
existing statutes. Without limiting the generality of the foregoing, the
County shall comply with any provision of law that may require the
County at any time to rebate to the United States any part of the earnings
derived from the investment of the gross proceeds. of the bonds. The
County shall pay any such required rebate from its legally available general
funds.
13. Non-Arbitrage Certificate and Elections. .Such officers of the
County as may be requested are authorized and directed to execute an
.appropriate certificate or certificates setting forth the expected use and
investment of the proceeds of the bonds, and to make any elections such
officers deem desirable regarding any provision requiring rebate of earnings
to the United States, for purposes of complying with Section 148 of .the
11
[1
BA4N ~~ r~r4~
Code. Such certificates and elections shall be in such forms as may be
requested by bond counsel for the County.
14. SNAP Investment Authorization. The.Board has received and
reviewed the Information Statement dated October 1,1992 (the "Information
Statement ), describing the State Non-Arbitrage Program of the
Commonwealth of Virginia ("SNAP") and the Contract Creating the State
Non-Arbitrage Program Pool I (the "Contract"), and the Board authorizes
the County Treasurer to utilize SNAP in connection with the investment of
the proceeds of the Bonds. The Board acknowledges that the Treasury
Board of the Commonwealth of Virginia is not, and shall not be, in any way
liable to the County in connection with SNAP, except as otherwise provided.
in .the Contract.
15. .Private Activity Bond Covenants. The County covenants that it
shall not permit the proceeds of the Bonds to be used in any manner that
would result in (a) 5% or more of such proceeds being used in a trade or
business carried on by any person other than a governmental unit, as
provided in Section 141(b) of the Code, (b) 5% of more of such proceeds
being used with respect to any "output facility".(other than a facility for the
furnishing of water), within the meaning of Section 141(b)(4) of the. Code,
or (c) 5% or more of such proceeds being used directly or indirectly to make
or finance loans to any persons other than a governmental unit, as provided
in Section 141(c) of the Code; provided, however, that if the County receives
an opinion of nationally recognized bond counsel that any such covenants
need not be complied with to prevent the interest on the Bonds from being
includable in the gross income for federal income tax purposes of the
registered owners thereof under existing law, the County need not comply
with such covenants.
16. Qualified Tax-Exempt Obligations. The County designates the
Bonds as "qualified tax-exempt obligations" for the purpose of Section
265(b)(3) of the Code. The. County represents and covenants as follows:
(a) The County will in no event designate more. than
$10,000,000 of .obligations as qualified tax-exempt obligations in 1993,
including the Bonds, for the purpose of such Section 265(b)(3);
(b) The County, all its subordinate entities," within the
meaning of Section 265(b)(3) of the Code, and all entities which issue tax-
exemptobligations on behalf of the County and its subordinate entities have
together not issued more than $10,000,000 of tax-exempt obligations in 1993
(not including "private activity bonds," within the meaning of Section 141.
of the Code, other than "qualified 501(c)(3) bonds, "within the meaning of
Section 145 of the Code), including the Bonds:
(c) Barring circumstances unforeseen as of the date of delivery
of the Bonds, the County will not issue tax-exempt obligations itself or
approve the issuance of tax-exempt obligations of any of such other entities
if the issuance of such tax-exempt obligations would, when aggregated with
all other tax-exempt obligations theretofore issued in 1991 by the County
and such other entities, result in the County and such other entities having
12
issued a total of more than $10,000,000 of tax-exempt obligations in 1993
(not including private activity bonds other than qualified 501(c)(3) bonds),
including the Bonds; and,
(d) The County has no reason to believe that the County and
such other entities will. issue tax~xempt obligations in 1993 in an aggregate
amount that will exceed such $10,000,000 limit; provided, however, that if
the County receives an opinion of nationally recognized bond counsel that
compliance with any covenant set forth in (a) or (c) above is not required
for the Bonds to be qualified tax-exempt obligations, the County need not
comply with such covenant.
17. Other Actions. All other actions of officers of the County in
conformity with the purposes and intent of this resolution and in
furtherance of the issuance and sale of the Bonds are approved and
confirmed. The officers of the County are authorized and directed to
execute and deliver all certificates and instruments. and to take all such
further action as may be considered necessary or desirable in connection
with the issuance, sale and delivery of the Bonds.
18. Repeal of Conflicting Resolutions.. All resolutions or parts of
resolutions in conflict herewith are repealed.
19. Effective Date.. This resolution shall take effect immediately.
The undersigned Clerk of the Board of Supervisors of Isle of Wight
County, Virginia, certifies that the foregoing constitutes a true and correct
extract from the minutes of a regular meeting of the Board of Supervisors
of Isle of Wight County held on the 17th day of August, 1993, and of the
whole thereof so far as applicable to the matters referred to in such extract.
Witness my signature and the seal of the Isle of Wight County,
Virginia, this day of August, 1993.
Clerk, Board of Supervisors,
Isle of Wight County, Virginia
(SEAL)
The motion was (4-0) adopted.
At 11:40 a.m., Supervisor Cofer moved the Board adjourn. The
motion was (4-0) adopted.
Myles Stan ish, Clerk
~~~
Steve W. Edwards, Chairman
1
13