043-01
BOARD OF SUPERVISORS
RESOLUTION
CONCURRING WITH THE ACTION OF THE FREDERICK-WINCHESTER SERVICE
AUTHORITY TO ISSUE REFUNDING BONDS TO PREPAY ITS OBLIGATIONS UNDER
THE $1,600,000 SEWER SYSTEM REVENUE BOND, SERIES OF 1988.
WHEREAS, the Frederick-Winchester Service Authority (the "Authority") can effect considerable
savings by issuing refunding bonds to prepay its obligations under the 1988 Bond; and
WHEREAS, Section 7.3 of the Parkins Mill Wastewater Treatment Plant Agreement (the
"Agreement") dated August 1, 1988 requires consent of all parties to amend, modify or otherwise alter this
Agreement; and
WHEREAS, the Board of Supervisors of Frederick County (the "Board") is a party to the
Agreement.
NOW, THEREFORE, BE IT RESOLVED, by the Board of Supervisors of the County of
Frederick, Virginia, that the board consents to the Authority's issuing refunding bonds in a principal
amount not to exceed $975,000.00 to be known as "Frederick-Winchester Service Authority Sewer System
Revenue Refunding Bond, Series of200 1 ," and authorizes and directs the county administrator to execute
and deliver any amendment or modification to the Agreement necessitated by the issuance of such bonds.
ADOPTED, this 9tb day of May, 2001.
Upon motion made by W. Harrington Smith, Jr. and seconded by Sidney A. Reyes, the above
resolution was approved by the Frederick County Board of Supervisors, at their meeting held on May 9,
2001, by the following recorded vote:
Richard C. Shickle
Aye
Robert M. Sager
Absent
Charles W. Orndoff, Sr.
Aye
Margaret B. Douglas
Aye
W. Harrington Smith, Jr.
Aye
Sidney A. Reyes
Aye
A COPY TESTE:
John R. Riley, Jr.
Clerk, Board of Supe sors
County of Frederick, Virginia
RESOLUTION NO.: 043-01
FREDERICK. WINCHESTER SERVICE AUTHORITY
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Post Office Box 43,107 N. Kent Street
Winchester, Virginia 22604
(540) 722-3579
FAX (540) 722-1103
April 24, 2001
Mr. John R. Riley
County Administrator
County of Frederick
107 North Kent Street
County Office Complex
Winchester, VA 22601
Dear John,
REFERENCE: REFINANCING OF SERIES OF 1988 BONDS - PARKINS MILL
WASTEWATER TREATMENT PLANT
The Frederick-Winchester Service Authority has been presented with an opportunity to refinance
the outstanding balance of the above-mentioned bonds. Preliminary net present value analysis
indicates that there is a significant savings by refinancing at this time.
The Frederick-Winchester Service Authority at its April 23, 2001 meeting adopted a resolution to
pursue this refunding. Under the terms and conditions of the Parkins Mill Wastewater Treatment
Plant Agreement, all parties to this agreement must provide written consent for the issuance of
refunding bonds.
Therefore, it will require consent from the Board of Supervisors of Frederick County. I have
attached a resolution of consent for your consideration.
nerelY,
If- ~r--
Jesse W. Moffett
Executive Director
Frederick-Winchester Service Authority
Cc: C. Robert Solenberger - Chairman - FWSA
Richard C. Shickle - Treasurer - FWSA
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