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MOTION:WILBOURN March 4,1997 <br />Regular Meeting <br />SECOND:BARG Res,No.97-171 <br />RE:RESOLUTION AUTHORIZING THE ISSUANCE OF NOT TO EXCEED <br />$19,900,000 GENERAL OBLIGATION SCHOOL BONDS OF THE <br />COUNTY OF PRINCE WILLIAM,VIRGINIA,SERIES 1997 A,TO BE <br />SOLD TO THE VIRGINIA PUBLIC SCHOOL AUTHORITY AND <br />PROVIDING FOR THE FORM AND DETAILS THEREOF <br />ACTION:APPROVED <br />WHEREAS,the Board of Supervisors (the “Board”)of Prince William County, <br />Virginia (the “County”),has determined that it is necessary and expedient to borrow not to exceed <br />$19,900,000 and to issue its general obligation school bonds for the purpose of financing certain <br />capital projects for school purposes;and <br />WHEREAS,the Board held a public hearing,duly noticed,on March 4,1997,on <br />the issuance of the Bonds (as defined below)in accordance with the requirements of Section <br />15.1-227.8.A,VA Code Ann.(the “Virginia Code”);and <br />WhEREAS,the School Board of the County has,by resolution,requested the <br />Board to authorize the issuance of the Bonds (as hereinafter defined)and consented to the <br />issuance of the Bonds; <br />NOW,THEREFORE,BE IT RESOLVED by the Board of County Supervisors <br />of the County of Prince William,Virginia: <br />1.Authorization of Bonds and Use of Proceeds.The Board hereby <br />determines that it is advisable to contract a debt and issue and sell its general <br />obligation school bonds in an aggregate principal amount not to exceed <br />$19,900,000 (the “Bonds”)for the purpose of financing certain capital <br />projects for school purposes.The Board hereby authorizes the issuance and <br />sale of the Bonds in the form and upon the terms established pursuant to this <br />Resolution. <br />2.Sale of the Bonds.It is determined to be in the best interest of the County to <br />accept the offer ofthe Virginia Public School Authority (the “VPSA”)to <br />purchase from the County,and to sell to the VPSA,the Bonds at par upon the <br />terms established pursuant to this Resolution.The County Executive or the <br />Director ofFinance are hereby authorized and directed to enter into a Bond <br />Sale Agreement dated as of March 25,1997,with the VPSA providing for the <br />sale of the Bonds to the VPSA in substantially the form submitted to the <br />Board at this meeting,which form is hereby approved (the “Bond Sale <br />Agreement”).