021-97
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BOARD OF SUPERVISORS ."
RESOLUTION OF THE BOARD OF SUPERVISORS
OF
FREDERICK COUNTY, VIRGINIA
Whereas, the Industrial Development Authority of the County of Frederick Virginia
("Authority"), has considered the application submitted by Jouan, Inc. (the "Company")
requesting the issuance of the Authority's revenue bonds in an amount not to exceed $6,500,000
("Bonds") to assist in financing the acquisition, construction and equipping of a facility, located
at Jhe East Gate Commerce Center off of Route 642 in Frederick County, Virginia, to conduct
mJnufacturing operations ("Project"), and the Authority has held a public hearing with respect to
the Project on March 12, 1997.
Whereas, Section 147(f) of the Internal Revenue Code of1986, as amended (the
"Code"), provides that the governmental unit having jurisdiction over the issuer of private
activity bonds and over the area in which any facility financed with the proceeds of private activity
bonds is located must approve the issuance of the bonds;
Whereas, the Authority issues its bonds on behalf of Frederick County ("County") and
the Project is located in the County.
Whereas, the Board of Supervisors of Frederick County, Virginia ("the Board")
constitutes the highest elected governmental unit of the County.
Whereas, the Authority has recommended that the Board approve the issuance of the
Bonds; and
Whereas, a copy of the Authority's resolutions approving the issuance of the Bonds,
subject to the terms to be agreed upon, a certificate of the public hearing and a Fiscal Impact
Statement have been filed with the Board.
NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF SUPERVISORS
OF FREDERICK COUNTY, VIRGINIA:
I. The Board approves the issuance of the Bonds by the Authority for the benefit of
the Company, as required by Section 147(f) of the Code and Section 15.1-1378.1 of the Code of
Virginia of 1950, as amended ("Virginia Code") to permit the Authority to assist in the
financing.
2. The approval of the issuance of the Bonds does not constitute an endorsement to a
prospective purchaser of the Bonds of the creditworthiness of the Company or the Project.
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~~/MI~8~V;:i!~~::':': 3. Pursuant to the limitations contained in Temporary Income Tax Regulations
~j1{.~1 ,.\:~~t.Section 5f. 103-2(f)(I), this resolution shall remain in effect for a period of.<;>ne year from the date
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, ""," '" , 4. This resolution shall take effect immediately upon its adoption.
Adopted by the Board of Supervisors of Frederick County, Virginia this 12th day of
' March, 1997, by the following recorded vote:
James L: Longerbeam .
Charles W. Orndoff: Sr.
Richard C. Shickle '
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Aye
W. Harrington Smith, Jr.
Robert M. Sager
Margaret B. Douglas
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Aye
0-/
of Supervis rs of Frederick County
RESOLUTION NO.: 021-97
[SEAL]
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