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 NATIVE AMERICAN INDUSTRIES, INC.
WHEREAS, the Industrial Development Authority of the County of Fauquier, Virginia (the "Authority") has considered the application of Native American Industries, Inc (the "Applicant") requesting the issuance of the Authority's revenue bonds in an amount not to exceed $4,000,000 (the "Bonds") to assist in the financing of the Applicant’s acquisition, construction and equipping of two single story buildings totaling approximately 50,000 square feet for use in the manufacturing of traffic signals to be located on Lots 1 and 1a (approximately 3.88 acres total) near the intersection of Kennedy Road and Burrough Drive, in the Vint Hill Economic Development Authority Commercial Real Estate Development Project in Vint Hill, Virginia (the “Project”), and has held a public hearing on December 9, 2003;
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 of Fauquier, Virginia (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
WHEREAS, a copy of the Authority's resolution approving the issuance of the Bonds, 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 20th day of January, 2004, that the Board approves the issuance of the Bonds by the Authority for the benefit of the Applicant, 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 in 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 Applicant; 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 20th day of January 2004.
Clerk, Board of Supervisors of
The County of Fauquier, Virginia
At a regular meeting of the Board of Supervisors of the County of Fauquier, Virginia, held on the 20th day of January, 2004, the following members were recorded as present:
On motion by ___________________________________________, seconded by _________________________________, the attached Resolution was adopted by a majority of the members of the Board of Supervisors by a roll call vote, the votes being recorded as follows: