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Home > General Discussion > Woodbury Park appartments renovation 57 million.

Woodbury Park appartments renovation 57 million.
  • flybender June 16, 2014 - 4:46 pm #108370 Reply
    Chris Slatt June 16, 2014 - 9:23 pm #108375 Reply

    It doesn’t appear to be my money.

    “These bonds are secured by the net revenues of the project and are not an obligation of the County”

    AND

    <span style=”line-height: 1.5em;”>”FISCAL IMPACT: There is no financial risk to the County in authorizing the IDA to proceed </span>with the financing. The approval of the issuance of the bonds does not constitute an endorsement to a prospective purchaser of the bonds of the creditworthiness of the Project or the Owner. The issuance of revenue bonds as requested by the Owner will not constitute a debt or pledge of the faith and credit of the Commonwealth of Virginia or the County, and neither the full faith and credit nor the taxing power of the Commonwealth of Virginia or any political subdivision of the Commonwealth of Virginia or any political subdivision thereof will be pledged to the payment of such bonds. Neither the County nor the Authority shall be obligated to pay the bonds or the interest thereon or other costs incident thereto except from revenues and money pledged therefor.”

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