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<br />M l!1ar~insvi~le <br /> <br />City Council <br />Agenda Summary <br /> <br />Meeting Date: <br />Item No: <br />Department: <br />Issue: <br /> <br />May 9, 2006 <br /> <br />4. <br /> <br />City Manager <br /> <br />Discussion of a Resolution to be adopted giving Piedmont <br />Community Services the authority to borrow funds. <br /> <br />Summary: <br /> <br />The original Code of Virginia legislation creating "community services boards" did <br />not specifically authorize their borrowing funds or incurring long-term debt. In <br />1984, the Code was amended to allow such borrowing subject to the specific <br />approval of the participating political jurisdictions. <br /> <br />Piedmont Community Services is currently seeking funding from the U.S. <br />Department of Agriculture, Rural Development Office, for the construction of a <br />central professional office building in Rocky Mount, similar to the Clay Street <br />(Martinsville) facility. USDA requires that the community services board be the <br />long-term guarantor of the loan. <br /> <br />City Council approval is sought for the enclosed Resolution, which authorizes <br />Piedmont Community Services to borrow funds. The Resolution is broadly <br />construed and may apply to other projects in the future. <br /> <br />With this Resolution, the City of Martinsville does not incur any financial <br />responsibility . <br /> <br />Attachments: <br /> <br />Resolution <br /> <br />Recommendations: <br /> <br />Place on next agenda <br />