001-96
BOARD OF SUPERVISORS
RESOLUTION OF THE BOARD OF SUPERVISORS OF FREDERICK COUNTY
APPROVING ISSUANCE OF BONDS BY
WINCHESTER REGIONAtAIRPORT AUTHORITY
WHEREAS, the Winchester Regional Airport Authority (the "Authority") is a body
corporate created by the General Assembly of Virginia by Virginia Acts of Assembly, 1987
Session, Chapter 687, as amended by Virginia Acts of Assembly, 1995 Session, Chapters
258 and 338, as amended from time to time (the "Act") and the participating political
subdivisions of the Authority are the Counties of Clarke, Frederick, Shenandoah and Warren
and the City of Winchester; and,
WHEREAS, the Authority owns pr~rty known as the Winchester Regional
Airport (the "Airport") and is securing finaIfeing-fofan FBO - Maintenance hangar and office
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facility under construction at the Airport and the purchase of "T hangars" (together, the
"Facility") for use at the Airport; and,
WHEREAS, fmancing for the Facility from Rural Economic and Community
Development (fonnerly known as Farmers Home Administration) at favorable rates for a
term of twenty (20) years in an amount not to exceed $940,600, ("RECD Financing")
requires the issuance of revenue bonds, to be paid from revenue generated by the Airport;
and,
WHEREAS, ~ 18 of the Act states that bonds of the Authority shall not be a debt of
any political subdivision of the Commonwealth, other than the Authority, and no political
subdivision of the Commonwealth, other than the Authority, shall be liable thereon; and,
WHEREAS, ~ 15 of the Act states that the Authority shall not issue bonds unless
and until the maximum amount of such issue and the general purposes thereof have been
approved by the governing body of each participating political subdivision, and ~7 (17b) of
the Act states that total indebtedness of the Authority at no time shall exceed the amount of
$500,000 in principal except as agreed to by each participating political subdivision by
resolution of the governing body thereof.
NOW, THEREFORE, BE IT RESOLVED, by the Board of Supervisors of
Frederick County as follows:
1. That approval and agreement are granted to the Authority to issue revenue bonds
for RECD Financing and the Facility, or any part thereof: in a principal amount not to exceed
$940,600, for the purposes described above.
2. That adoption of this Resolution does not constitute a pledge of the faith and credit
of Frederick County or any lending of Frederick County's credit or any representation as to
the creditworthiness of the proposed Authority bonds.
3. This Resolution shall take effect immediately.
Adopted by the Board of Supervisors of Frederick County the 10th day of July, 1996.
The undersigned certifies that the foregoing resolution was duly adopted at a meeting
of the Board of Supervisors of Frederick County duly called and held on July 10, 1996.
RESOLUTION NO. 001-96