025-12-
RESOLUTION OF THE BOARD OF SUPERVISORS OF FREDERICK COUNTY
CONCURRING WITH A FINANCING TO BE UNDERTAKEN BY THE INDUSTRIAL
DEVELOPMENT AUTHORITY OF CLARKE COUNTY, VIRGINIA, FOR THE
BENEFIT OF THE LORD FAIRFAX COMMUNITY COLLEGE EDUCATIONAL
FOUNDATION
WHEREAS, the Industrial Development Authority of Clarke County; Virginia (the
"Authority "), on. November 14, 2012, adopted a resolution (the "Authority. Resolution ")
authorizing the issuance and sale of 'its Educational Facilities sRevenue Bonds, Series'2012, in a
principal amount not to exceed $9,000,000 (the "Bonds "),`;for the benefit of the Lord Fairfax
Community College Educational Foundation, a not- far - profit Virginia non -stock corporation {the
"Foundation"), to finance the costs of constructing, equipping, improving and developing a
multi= purpose student union building, of approxiinateiy, 31,800 gross square feet and consisting
of two stories, to be located on an approximately 17.8 -acre site north of, and adjacent to, the
Lord Fairfax Community College roam campus in Frederick County at 173 ..Skirmisher Lane,
Middletown, Virginia 22645, together with a related parking lot of approximately 6;000 square
feet, and roadways and sidewalks to access the site (collectively, the "Project" )!
WHEREAS, Section 15.2 -4905 of the Code of Virginia of 1950, as amended (the
"Virginia Code "), states that an industrial development authority may not finance facilities in
another jurisdiction that has created its own industrial development authority "unless the
governing body of such county, city or town in which the facilities are located or are proposed to
be located, concurs with the inducement resolution adopted by the Authority, and shows such
concurrence in a duly adopted resolution;"
WHEREAS, Section 147(f) of the Internal Revenue Code of 1986, as amended (the
"Internal Revenue Code ") requires that the governmental unit having jurisdiction over the area in
which any facility financed with the proceeds of the Bonds is located approve the issuance of
such Bonds;
WHEREAS, Section 147(f) of the Internal Revenue Code requires that any such
approval by the applicable governmental unit be given after a public hearing following
reasonable public notice, which hearing may be held by the public authority issuing the Bonds;
WHEREAS, on November 14, 2012, in accordance with the requirements of
Section 147(f) of the Internal Revenue Code and Section 15.2 -4906 of the Virginia Code, the
Authority held a public hearing and adopted the Authority Resolution, a copy of which has been
filed with the records of the Clerk of the Board of Supervisors (the `Board of Supervisors ") of
Frederick County, Virginia (the "County "); and
WHEREAS, the Foundation has requested the Board of Supervisors to express its
concurrence with the Authority Resolution so that the proceeds of the Bonds may be loaned to
the Foundation to finance the Project which is to be located in the County.
BE IT RESOLVED BY THE BOARD OF SUPERVISORS OF FREDERICK
COUNTY, VIRGINIA:
-1. The Board of Supervisors hereby approves the issuance of the Bonds by the
Authority for the benefit of the Foundation, as required by Section 147 (f) of the Internal Revenue
Code and by Section 15.2 -4906 of the Virginia Code; and concurs with the Autho r ity
to the extent required by Section 15.2 -4905 of the Virginia to'permit the Authority to loan
the proceeds of the Bonds to the Foundation to finance the Project to be'located in the County.
2. The approval of the issuance of the Bonds does not constitute an endorsement of
the Bonds or the creditworthiness of the Foundation. As required by Section 15.2 -4909 of the
Virginia Code, the Bonds shall provide that the County will have no obligation to pay the Bonds
or the interest thereon or other costs incident thereto:
3. All acts and doings of the officers of the County and the Board of Supervisors that
are in conformity with the purposes and. intent of this resolution shall be and the .satire hereby
are, in all respects approved and confirmed.
4. This resolution shall take effect immediately:
ADOPTED this 14 day of November, 2012.
VOTE:
Richard C. Shickle
Ross P. Spicer
Gene E. Fisher
Christopher E. Collins
Resolution No.: 025 -12
Aye
Gary A. Lofton Aye
A y e
Bill M. Ewing Aye
Aye
Charles S. DeHaven, Jr. Aye
Aye
John R. i r
Frederik ounty Administrator
79070.000002 EMF US 42704850x3