A RESOLUTION OF THE BOARD OF SUPERVISORS OF THE COUNTY OF FAUQUIER, VIRGINIA APPROVING THE ISSUANCE OF BONDS BY THE INDUSTRIAL DEVELOPMENT AUTHORITY OF THE COUNTY OF FAUQUIER, VIRGINIA FOR THE BENEFIT OF WAKEFIELD SCHOOL, INC.
WHEREAS, the Industrial Development Authority of the County of Fauquier, Virginia (the "Authority") has considered the application of Wakefield School, Inc., a private, accredited and nonprofit institution of elementary and secondary education (the “School”), requesting that the Authority issue its revenue bonds, at one time or from time to time in one or more series, in an amount not to exceed $18,000,000 (the “Bonds”) to assist the School in financing or refinancing all or a part of the following plan of financing: (1) refinancing Authority bonds and a loan previously issued (together, the “Prior Obligations”) to assist the School in financing various completed capital building projects (renovations to Archwood House comprised of three floors and approximately 5,000 square feet, parking, landscaping, tennis courts, Robert’s Classroom Building comprised of two floors and approximately 35,220 square feet, Upper School Building comprised of three floors and approximately 19,800 square feet, Science/Tech. and Library Building comprised of two floors and approximately 19,600 square feet, Activity Center/Upper Gymnasium comprised of two floors and approximately 13,040 square feet, Arts Building comprised of two floors and approximately 7,719 square feet); and (2) financing new infrastructure improvements related to athletic field parking, emergency access (new “East Road” construction), campus storm water management, water wells and reservoir ponds for athletic field irrigation, and on campus (campus entrance) and off campus (Route 245/Old Tavern Road) traffic flow (the “Project”) located or to be located on or around the School’s campus at 4439 Old Tavern Road, The Plains, in the County of Fauquier (the “County”), Virginia, and has held a public hearing on December 10, 2007;
WHEREAS, Section 147(f) of the Internal Revenue Code of 1986, 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 such bonds;
WHEREAS, the Authority issues its bonds on behalf of the County, the Project is to be located in the County and the Board of Supervisors of the County (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 the School’s plan of financing; and
WHEREAS, a copy of the Authority's resolution approving the issuance of the Bonds and the School’s plan of financing, subject to the terms to be agreed upon, a certificate of the public hearing held in connection therewith and a Fiscal Impact Statement have been filed with the Board; now, therefore, be it
RESOLVED by the Board of Supervisors of the County of Fauquier, Virginia this 10th day of January, 2008, that the Board approves the issuance of the Bonds by the Authority for the benefit of the School pursuant to the School’s plan of financing, as required by Section 147(f) of the Code and Section l5.2-4906 of the Code of Virginia of 1950, as amended (the "Virginia Code"), to permit the Authority to assist the School in the refunding of the Prior Obligations and the financing of the Project;
RESOLVED FURTHER, that 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 Project or the School; and
RESOLVED FINALLY that this resolution shall take effect immediately upon its adoption.
Adopted by the Board of Supervisors of the County of Fauquier, Virginia this 10th day of January, 2008.
Paul S. McCulla, Clerk,
Board of Supervisors of