§ 9-237. Plan of finance; issuance of bonds.

(a)

The improvements, services and operations to be undertaken by the CDA as described herein and in the petition shall be funded from all or some of the following sources: (i) the bonds to be issued by the CDA; (ii) special assessments to be levied pursuant to Code of Virginia, § 15.2-5158A5; and (iii) contributions made by the county of certain incremental tax revenues generated within the CDA district as more particularly described in the petition and in the memorandum of understanding to be entered into by the CDA, the county and the landowners.

(b)

Upon the enactment of this article, the CDA will engage a professional administrator to prepare, with the assistance of the county, an assessment roll for all parcels of land within the CDA district. Such administrator will annually calculate the incremental tax revenues collected within the CDA district and will prepare a report which details the amount of the special assessment, if any, owed by the owner of each parcel of land within the CDA district.

(c)

The bonds to be issued by the CDA will be tax-exempt bonds and will not exceed a maximum aggregate amount of $20,000,000. The proceeds from the sale of the bonds will be used to pay the costs of the improvements as described herein and in the petition, as amended by the amendment to the petition dated February 12, 2007, the costs of issuing the bonds and any required reserves, and interest on the bonds for a period up to 26 months after the issuance of the bonds. If there are any proceeds from the sale of the bonds remaining after the payment of these costs, such excess proceeds shall be used to pay down the bonds. If the proceeds from the sale of the bonds are insufficient to pay these costs, the petitioners shall be solely responsible for paying any deficiency.

(d)

Any bonds issued by the CDA or any other financing arrangements entered into by the CDA will be debt of the CDA, will not be a debt or other obligation of the county and will not constitute a pledge of the faith and credit of the county.

(Ord. of 8-23-06(1); Ord. of 3-14-07, § 1)

(Ord. of 8-23-06(1); Ord. of 3-14-07, § 1)