030-98
RESOLUTION AUTHORIZING THE EXECUTION AND DELIVERY OF A CONTINUING
DISCLOSURE AGREEMENT IN CONNECTION WITH THE ISSUANCE BY THE
VIRGINIA PUBLIC SCHOOL AUTHORITY OF ITS SCHOOL FINANCING AND
REFUNDING BONDS (1997 RESOLUTION) SERIES 1997-1, CERTAIN OF THE
PROCEEDS OF WHICH REFUNDED COUNTY OF FREDERICK GENERAL
OBLIGATION SCHOOL BONDS, SERIES 1991; AND AUTHORIZING ANY OTHER
ACTIONS NECESSARY TO ACHIEVE THE OBJECTIVES CONTEMPLATED HEREBY
WHEREAS, the Vrrginia Public School Authority (the "Authority") pursuant to a resolution
duly adopted on June 26, 1991, as amended, restated and supplemented (the "1991 Resolution")
issued bonds ("1991 Resolution Bonds") for the purpose of purchasing general obligation school
bonds of certain cities and counties within the Commonwealth of V lfginia;
WHEREAS, the Authority has issued under the 1991 Resolution a certain series of 1991
Resolution Bonds designated as "Virginia Public School Authority School Financing Bonds (1991
Resolution) Series 1991 A" (the "Series 1991 A Bonds");
WHEREAS, the Authority used a portion of the proceeds of the Series 1991 A Bonds to
purchase certain duly authorized and issued general obligation school bonds of County of Frederick,
Virginia designated County of Frederick General Obligation School Bonds, Series 1991 ("Local
School Bonds");
WHEREAS, the Authority refunded its Series 1991 A Bonds (the "Refunded Bonds") from
a portion of the proceeds of its Virginia Public School Authority School Financing and Refunding
Bonds (1997 Resolution) Series 1997-1 (the "Refunding Bonds") issued pursuant to a resolution duly
adopted by the Authority on October 23, 1997 (the "1997 Resolution");
WHEREAS, the Authority in refunding the Refunded Bonds has pledged the Local School
Bonds for the benefit of the holders of bonds issued under its 1997 Resolution;
WHEREAS, the Authority is required to assist the underwriters (the "Underwriters") ofthe
Refunding Bonds with their duty to comply with Securities and Exchange Commission Rule 15c2-12
(the "Rule");
WHEREAS, the Authority has requested the County of Frederick to execute a Continuing
Disclosure Agreement in order for the Authority to assist the Underwriters in complying with the
Rule, and;
WHEREAS, the Board of Supervisors of the County of Frederick, Virginia considers it to
be advisable for the County to fulfill the request of the Authority to execute a Continuing Disclosure
Agreement;
NOW, THEREFORE BE IT RESOLVED BY THE BOARD OF SUPERVISORS OF
THE COUNTY OF Frederick, VIRGINIA:
1. Continuini Disclosure Aareement.
The County Administrator and such officer or officers as he may designate are hereby
authorized to enter into a Continuing Disclosure Agreement in the form attached as Appendix A
hereto, containing such covenants as may be necessary in order for compliance with the provisions
ofthe Rule.
2. Further Actions.
The members of the Board and all officers, employees and agents of the County are
hereby authorized to take such action as they or any one of them may consider necessary or desirable
in connection with the execution and delivery of the Continuing Disclosure Agreement and any such
action previously taken is hereby ratified and confirmed.
3. Effective Date.
This resolution shall take effect immediately.
The undersigned Clerk of the Board of Supervisors of the County of Frederick, Virginia
hereby certifies that the foregoing constitutes a true and correct extract from the minutes of a meeting
of the Board of Supervisors held on April 8, 1998 and of the whole thereof so far as applicable to the
matters referred to in such extract. 1 hereby further certify that such meeting was duly held and
complied with all requirements of law.
FREDERICK COUNTY, VIRGINIA
Resolution Number: 030-98