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BOARD OF SUPERVISORS

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									                                BOARD OF SUPERVISORS
                               SPECIAL CALLED MEETING
                                  NOVEMBER 30, 2006


       At a special called meeting of the Board of Supervisors of Floyd County, Virginia, held
on Thursday, November 30, 2006 at 6:00 p.m. in the Board Room of the County Administration
Building, thereof;

       PRESENT: David W. Ingram, Chairman; J. Fred Gerald, Vice Chairman; Diane B.
Belcher, Jerry W. Boothe, Kerry W. Whitlock, Board Members; Daniel J. Campbell, County
Administrator; Terri W. Morris, Assistant County Administrator; Lydeana H. Martin, Director of
Community and Economic Development; James E. Cornwell, County Attorney.

       All members signed the five day waiver of notice form.

       Chairman Ingram called the meeting to order at 6:35 p.m.

        Agenda Item 3 - Financing Options for the Floyd County Library expansion and other
projects - Mr. Will Turnage, Deputy Managing Director, VML/VACo Finance Programs,
appeared before the Board. Mr. Turnage presented an informational program on their bond and
commercial paper programs. For the bond program, he commented that they go to market twice
a year with the applications, April 12, 2007 will be the next deadline, with bonds being sold in
June 2007; their application is only three pages and very user friendly; bond counsel is provided
if needed; current rates are 30 years - 4.3%, 20 years - 4.25%, 10 years - 3.82%; all funds must be
drawn down within three years; the County would pay interest on the full loan amount, but there
would be interest earnings for any funds that are in the bank not being used. He commented that
the commercial paper program is similar to a bridge loan until pool funds are received, similar to
what the County used while awaiting Literary Loan funds; funds are available within 30 days; no
penalty for pre-payment; current interest rate is 4.3%; one time $5000 administrative fee; there is
a .15% add-on fee for the first twelve months that the County is in the program and actually
borrowing funds.

       After discussion, it was the consensus of the Board for staff to work with the
VAL./VACo Finance Programs staff to obtain financing options for the proposed library
addition, and report back to the Board at the next meeting.

      Agenda Item 2 - Access and street improvements at Baker Street and Akers Avenue in the
Town of Floyd for the purpose of commercial development - Mr. Campbell reported that the
committee established by the Board met with Town Council and other interested parties on


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November 15. Another meeting is tentatively scheduled for December 28. Would strongly
encourage the Board to have a survey done of the County property, since one has never been
done, and there is some question as to where the boundary lines fall. Supervisor Boothe also
commented that the developer needs to submit a commercial entrance application to VDoT, do
not know the status of that application.

        On a motion of Supervisor Gerald, seconded by Supervisor Boothe, and unanimously
carried, it was resolved to authorize the County Administrator to obtain a survey of the Floyd
County Volunteer Fire Department, Station #1 property.
                Supervisor Boothe - aye
                Supervisor Belcher - aye
                Supervisor Whitlock - aye
                Supervisor Gerald - aye
                Supervisor Ingram - aye

        Agenda Item 4 - Disposition price for property owned or controlled by Floyd County.
Mrs. Martin commented that there is one parcel in the Floyd County Industrial Park that is
available for sale. She requested that the Board set some type of price per acre that she can use if
a potential buyer is interested. Mr. Cornwell commented that a public hearing must be held for
disposition of the property, at such time as someone is interested in purchasing the property. The
buyer does not have to be disclosed, only that the property will be sold.

       After discussion, it was the consensus of the Board that staff relay assessed value
information to any potential prospect to use as a basis for negotiation purposes.

        On a motion of Supervisor Gerald, seconded by Supervisor Belcher, and unanimously
carried, it was resolved to adjourn.
                Supervisor Boothe - aye
                Supervisor Belcher - aye
                Supervisor Whitlock - aye
                Supervisor Gerald - aye
                Supervisor Ingram - aye




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