030-01
RESOLUTION OF THE BOARD OF SUPERVISORS
OF THE COUNTY OF FREDERICK, VIRGINIA
February 13,2001
At a regular meeting of the Board of Supervisors of the County of Frederick,
Virginia, held on February 13,2001, the following resolution was adopted by a majority
of the members of the Board of Supervisors by the following roIl call vote, as recorded in
the minutes of the meeting:
MEMBER VOTE
Richard C. Shickle Aye
Charles W. Orndoff, Sr. Aye
W. Harrington Smith, Jr. Aye
Robert M. Sager Aye
Margaret B. Douglas Aye
Sidney A. Reyes Aye
BOARD OF SUPERVISORS
RESOLUTION OF THE BOARD OF SUPERVISORS OF THE COUNTY OF
FREDERICK, VIRGINIA APPROVING THE SUBMISSION OF AN APPLICATION
TO THE LITERARY FUND
WHEREAS, the Board of Supervisors of the County of Frederick, Virginia (the "County")
and the School Board of the County propose to finance a portion of the cost of the acquisition,
construction and equipping of a new high school (the "Project") with a loan from the Virginia Literary
Fund in the maximum amount of $7,500,000 (the "Loan") and the School Board presented to the
Board of Supervisors a proposed application addressed to the State Board of Education of Virginia for
the purpose of borrowing from the Literary Fund the maximum amount of$7,500,000 for the Project
to be paid in 20 annual instalIments and at the annual rate of 3% as set forth therein;
WHEREAS, the County (or the School Board of the County) expects to pay, after the date
hereof, certain expenditures (the "Expenditures") in connection with the acquisition, construction
and/or equipping of the Project;
NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF SUPERVISORS OF
THE COUNTY OF FREDERICK, VIRGINIA AS FOLLOWS:
1. The application of the School Board to the State Board of Education of Virginia for the
Loan is hereby approved and authority is hereby granted to the School Board of the County to borrow
a maximum of $7,500,000 for the purposes set forth in such application. The Board of Supervisors
wilI each year during the life of the Loan, at the time it fixes the regular levies, fix a rate of levy for
schools or make a cash appropriation sufficient for operation expenses and to pay the Loan and the
interest thereon, as required by law regulating loans from the Literary Fund.
2. The County hereby declares its intent to reimburse itself with the proceeds of one or more
tax-exempt financings for the Expenditures with respect to the Project made on and after that date
which is no more than 60 days prior to the date hereof (unless an exception is applicable). The
maximum amount of the Loan expected to be used to finance the Project is $7,500,000.
3. This resolution shalI take effect immediately upon its passage.
ADOPTED this 13th day of February, 2001.
Richard C. Shickle
Aye
Robert M. Sager
Aye
Charles W. Orndoff, Sr.
Aye
Margaret B. Douglas
Aye
W. Harrington Smith, Jr.
Aye
Sidney A. Reyes
Aye
Resolution - Application to Literary Fund
February 13, 2001
Page 2
RESOLUTION NO.: 030-01
cc: Cheryl B. Shiffler, Finance Director
C. William Omdoff, Jr., Treasurer
A COpy TESTE:
J~0
Clerk, Board of Supervisors
County of Frederick, Virginia