R-12-70 RESOLUTION NO. R-12-70
RESOLUTION APPROVING THE ISSUANCE BY THE
INDUSTRIAL DEVELOPMENT AUTHORITY OF THE COUNTY OF
PRINCE WILLIAM OF EDUCATION FACILITIES REVENUE
REFUNDING BONDS IN AN AMOUNT NOT TO EXCEED $24,000,000
FOR THE BENEFIT OF THE CATHOLIC DIOCESE OF ARLINGTON
WHEREAS, the Industrial Development Authority of the County of Prince William
(the "Authority") has considered the application of The Catholic Diocese of Arlington (the
"Diocese") requesting the issuance of the Authority's educational facilities revenue refunding
bonds in the principal amount of up to $24,000,000 (the "Bonds") to assist the Diocese in
refunding the outstanding principal amount of the Authority's Educational Facilities Revenue
Bonds (The Catholic Diocese of Arlington), Series 2003 (the "2003 Bonds"), which bonds
were issued to finance the following (together, the "Project"): (A) costs incurred in
connection with the construction, equipping and furnishing of(1) a new high school in Prince
William County, known as Pope John Paul the Great High School, located at 17700
Dominican Drive, Dumfries, Virginia, and comprising a facility with one three-story building
of approximately 207,000 square feet capable of serving 1,000 students (with the option of
expansion to 1,500 students), and (2) additions and renovations to Paul VI Catholic High
School, located at 10675 Fairfax Boulevard, Fairfax, Virginia, including the purchase of a
single detached private home adjacent to Paul VI Catholic High School, and (B) certain costs
of issuance of the 2003 Bonds;
WHEREAS, the Authority held a public hearing thereon on November 5, 2012 on
behalf of the Board of Supervisors of Prince William County, Virginia (the "County") and the
City Council(the"City Council") of the City of Fairfax,Virginia(the"City"), and has requested
that the City Council approve the refinancing of the Project and the issuance of the 2012
Bonds as and to the extent required by Section 15.2-4905 of the Code of Virginia of 1950, as
amended (the "Virginia Code") and Section 147(f) of the Internal Revenue Code of 1986, as
amended(the "Tax Code"), applicable to the issuance of tax-exempt bonds; and
WHEREAS, the Authority has delivered to the City Council the following: (1) a
copy of the Notice of Publication to advertise the holding of the public hearing; (2)a
Summary of Public Comments expressed at the public hearing; (3) a Fiscal Impact Statement
in the form specified in Section 15.2-4907 of the Virginia Code; and (4) a copy of the
authorizing resolution of the Authority adopted on November 5, 2012 (the "Authority
Resolution"), which constitutes the recommendation of the Authority that the City Council
approve the refinancing of the Project and the issuance of the Bonds;
NOW THEREFORE BE IT RESOLVED BY THE CITY COUNCIL OF THE
CITY OF FAIRFAX,VIRGINIA:
1. The City Council approves the refinancing of the Project and the issuance of the
Bonds by the Authority for the benefit of the Diocese for all purposes for which
such approval is required, including without limitation, Sections 15.2-4905 and
15.2-4906 of the Virginia Code and Section 147(f) of the Tax Code, to permit the
Authority to assist in the refinancing of the Project. The t the refinancing approves of and
concurs with the Authority Resolution with respect
and the issuance of the Bonds.
2. The concurrence with the Authority Resolution and the app o the creditworthiness
the issuance
f
the Bonds does not constitute an endorsement of t
of the Diocese or otherwise indicate that the Project possesses any economic
viability. The Bonds shall provide that neither the Commonwealth of Virginia(the
"Commonwealth") nor any political subdivision thereof, including the County, the
Authority and the City, shall be obligated to pay the principal of or interest on the
Bonds or other costs incident thereto except from the revenues and receipts
pledged therefore. Neither the faith and credit nor the taxing power of the
Commonwealth or any of its political subdivisions, including the Authority, the
County and the City, is pledged to the payment of principal of, premium, if any, or
interest on the Bonds or other costs incident to them.
3. This Resolution shall take effect immediately upon its adoption.
Adopted: November 27, 2012
Mayor
Z/3i
Date
ATTEST:
L., _
City Clerk
The vote on the motion to approve was recorded as follows:
VOTE:
Councilman DeMarco Aye
Councilman Drummond Aye
Councilman Greenfield Absent
Councilman Meyer Aye
Councilmember Schmidt Aye
Councilman Stombres Aye