HomeMy Public PortalAbout2003_05_13_r082The Town of
Leesburg,
trg nta
RESOLUTION NO.
A RESOLUTION:
PRESENTED May 13, 2003
2003-
ADOPTED May 13, 2003
RECOMMENDING THE APPOINTMENT OF DIRECTORS TO
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 of November 3, 1994, and was
reinstated, with an effective date of June 21, 2002, as certified by the Commonwealth of Virginia
State Corporation Commission; 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
A RESOLUTION:
-2-
RECOMMENDING THE APPOINTMENT OF DIRECTORS TO
GILCORP AND APPROVING THE ROLE OF G[LCORP IN THE
REFINANCING OF THE LOUDOUN COUNTY GOVERNMENTAL
FACILITIES
WHEREAS, pursuant to the Articles of Incorporation of Gilcorp, the Board of Director
members shall be appointed by the Council of the Town, unless the Council of the Town fails to
elect the Board of Director members for any calendar year by March 31st of such year, in which
case the Board of Director members shall be elected for that year by appointment by the Chief
Judge of the Circuit Court for the County; and
WHEREAS, the current terms of the Board of Directors members are or may be expired;
and
WHEREAS, the Town desires to take all necessary action to assist Gilcorp in
recommending the appointment of the Board of Director members 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 Council recommends the following persons as members of the Board
of Directors of Gilcorp:
Stanley Caulkins
Frank Ratio
Georgia Bange
(One member shall remain vacant because the Bylaws require that one member be the
Mayor of the Town of Leesburg, Virginia and the current Mayor of the Town of
Leesburg, Virginia is unwilling to be appointed to the Board of Directors of Gilcorp.)
SECTION II. The Town Council approves the participation of Gilcorp in the refinancing
of the Outstanding Certificates and the issuance of the Refunding Bonds.
A RESOLUTION:
-3-
RECOMMENDING THE APPOINTMENT OF DIRECTORS TO
GILCORP AND APPROVING THE ROLE OF GILCORP IN THE
REFINANCING OF THE LOUDOUN COUNTY GOVERNMENTAL
FACILITIES
SECTION 1II. All other acts of the Mayor or her designees that are in conformity with
the purposes and intent of this Resolution are authorized and approved.
SECTION IV. This resolution shall take effect immediately.
PASSED this 13th day of May, 2003.
A?~EST:
(3Z~lerk of Council
RO3: BOD Gilcorp
Kristen C?Umstattd, Mayor
Town of Leesburg