024-96
BOARD OF SUPERVISORS
RESOLUTION OF THE BOARD OF SUPERVISORS OF FREDERICK COUNTY
" APPROVING ISSUANCE OF BONDS BY WINCHESTER REGIONAL AIRPORT
AUTHORITY AND MORTGAGE OR ENCUMBRANCE OF CERTAIN
PROPERTY AND FACILITIES OF WINCHESTER REGIONAL AIRPORT
AUTHORITY TO SECURE SAID BONDS
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 is securing financing for an FBO Maintenance hangar
and office facility under construction at the Winchester Regional Airport and the purchase
of an additional airplane hangar for use at the Winchester Regional Airport (together, the
"Facility"); and,
WHEREAS, financing for the Facility from Rural Economic and Community
Development (formerly known as Farmers Home Administration) at favorable rates for a
term of twenty (20) years in an amount not to exceed $616,000, ("RECD Financing")
requires the issuance of revenue bonds, to be paid from revenue generated by the Facility,
and encumbering certain property of the Authority by a mortgage or deed of trust; 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 that such
bonds may be secured by a mortgage of facilities of the Authority where such mortgage has
been approved by the participating political subdivisions, and ~ 17a of the Act states that the
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
';~:::;d':::;~governing body thereof,
.....>r,-.....,......"..
NOW, TIlEREFORE, 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 an amount not to exceed
$616,000, for the purposes described above, and to secure such bonds by a mortgage or deed
of trust on the property and facilities of the Authority.
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2. That adoption of this Resolution does not constitute a pledge of the faith and credit
of the County or any other lending of the 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 28th day of
February
, 1996.
The undersigned certifies that the foregoing resolution was duly adopted at a meeting
of the Board of Supervisors of Pre de rick County duly called and held on February 28. 1996
t!21t:/;
Clerk, Board of Supervisors
County of Frederick, Virginia
RESOLUTION NO. 024-96