HomeMy Public PortalAbout2002_06_11_r095The Town of
Leesburg,
lrglnla
pRESENTED June 11, 2002
RESOLUTION NO. 2002-95 ADOPTED June 11, 2002
A RESOLUTION: APPOINTING DIRECTORS TO GILCORP AND DIRECTING THE MAYOR
TO TAKE ALL NECESSARY ACTION REGARDING STATUS OF
GILCORP AND APPROVING THE ROLE OF GILCORP IN THE
REFINANCING OF THE LOUDOUN COUNTY GOVERNMENTAL
FACILITIES
WHEREAS, Gilcorp, a non-stock corporation under the Virginia Non-stock Corporation Act, was
incorporated with an effective date of incorporation, as certified by the Commonwealth of Virginia State
Corporation Commission, of November 3, 1994; and
WHEREAS, Gilcorp was organized to promote general social welfare of the residents of the
Town and Loudoun County, Virginia (the "County") and to lessen the burdens of their respective
governments by the development and leasing to the County of certain governmental facilities, which were
financed by Certificates of Participation, Series 1994A (Evidencing Interests in Payments to be Made by
the County of Loudoun, Virginia Under a Lease/Purchase Agreement) (the "Outstanding Certificates");
and
WHEREAS, the County has notified the Town that it intends to refinance the Outstanding
Certificates to obtain debt service savings that will benefit the County, its residents, and the residents of
the Town, and that such refinancing will be accomplished through the issuance of Public Facility Lease
Revenue Refunding Bonds (the "Refunding Bonds") by the Industrial Development Authority of
Loudoun County; and
WHEREAS, it is necessary to obtain certain actions and approvals by Gilcorp in connection with
the issuance of the Refunding Bonds; and
WHEREAS, pursuant to the Articles of Incorporation of Gilcorp, the Board of Director members
shall be appointed by the Council of the Town of Leesburg, Virginia; and
A RESOLUTION:
-2-
APPOINTING DIRECTORS TO GILCORP AND DIRECTING THE MAYOR
TO TAKE ALL NECESSARY ACTION REGARDING STATUS OF
GILCORP AND APPROVING THE ROLE OF GILCORP IN THE
REFINANCING OF THE LOUDOUN COUNTY GOVERNMENTAL
FACILITIES
WHEREAS, the current terms of the Board of Directors members are or may be expired and
Gilcorp has not taken all necessary action to keep its Certificate of Good Standing current with the State
Corporation Commission; and
WHEREAS, the Town desires to take all necessary action to assist Gilcorp in reinstating its good
standing with the State Corporation Commission and to assist the County in its refinancing and the
issuance of the Refunding Bonds.
THEREFORE, RESOLVED by the Council of the Town of Leesburg in Virginia as follows:
SECTION I. The Mayor and her designees are authorized to take whatever action necessary to
assist Gilcorp in reinstating its good standing with the State Corporation Commission.
SECTION II. The Council appoints the following persons as members of the Board of
Directors of Gilcorp:
B. J. Webb
Stanley Caulkins
Frank Ratio
Georgia Bange
(One member shall remain vacant because the Bylaws require that one member be the Chairman
of the Finance Committee of the Council, which position no longer exists).
SECTION III. The Town Council approves the participation of Gilcorp in the refinancing of the
Outstanding Certificates and the issuance of the Refunding Bonds.
SECTION IV. All other acts of the Mayor or her designees that are in conformity with the
purposes and intent of this Resolution and in furtherance of reinstating Gilcorp as a non-stock corporation
in good standing by the State Corporation Commission are authorized and approved.
SECTION V. This resolution shall take effect immediately.
A RESOLUTION:
-3-
APPOINTING DIRECTORS TO GILCORP AND DIRECTING THE MAYOR
TO TAKE ALL NECESSARY ACTION REGARDING STATUS OF
GILCORP AND APPROVING THE ROLE OF GILCORP IN THE
REFINANCING OF THE LOUDOUN COUNTY GOVERNMENTAL
FACILITIES
PASSED this 11th day of June 2002.
ATrES£:
erkof Council
B.J.~We'bb,~ayor~C)(~~
Town of Leesburg