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2023-05-11 IDA Agenda Packet

Document Date: May 11, 2023 Document: 2023-05-11_IDA_Agenda_Packet.pdf

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Agenda Packet


Thursday May 11, 2023
Russell County BOS Overflow Room


5:30 P.M.


1 IDA
Russell County, VA


Agenda Packet
Thursday May 11, 2023
Russell County BOS Overflow Room
5:30 P.M.


Virginia Code


Closed Sessions 2.2-3711


    

  1. 

    Personnel
    

    2. 

  2. 

    Acquisition/Sale of Property
    

    3. 

  3. 

    Privacy of Individuals
    

    4. 

  4. 

    Prospective Unannounced Business
    

    5. 



7 & 8.  Legal


Virginia Code


Closed Sessions 2.2-3711


    

  1. 

  2. 



4,
5.


Personnel


Acquisition/Sale of Property
Privacy of Individuals


Prospective Unannounced Business


7 &8. Legal


May 11, 2023


AGENDA
The Industrial Development Authority of Russell County Virginia will hold the


regular monthly meeting on May 11, 2023 at 5:30 PM at the Russell County BOS


Overflow Room.


    

  1. 

    Call to Order
    

    2. 

  2. 

    Roll Call
    

    3. 

  3. 

    Approval of Minutes
    

    4. 

  4. 

    Approval of Financial and Treasurer’s Report
    

    5. 

  5. 

    Guest Presentations
    

    6. 

  6. 

    Attorney’s Report
    

    7. 

  7. 

    Executive Director’s Report
    

    8. 

  8. 

    Old Business
    

    9. 

  9. 

    New Business
    

    10. 

  10. 

    Closed Session as permitted by Virginia Code #2.2-3711
    

    11. 

  11. 

    Motions from Closed Session
    

    12. 

  12. 

    Adjourn Meeting
    

    13. 



Attachments:


Minutes      Page 1 - 11


Invoices Page 12 - 20


Financials Page 21 - 26


1 IDA Russell County, VA


Industrial Development Authority of
Russell County, Virginia


May 11, 2023
AGENDA


The Industrial Development Authority of Russell County Virginia will hold the
regular monthly meeting on May 11, 2023 at 5:30 PM at the Russell County BOS
Overflow Room.


    

  1. 

    Callto Order
    

    2. 

  2. 

    Roll Call
    

    3. 

  3. 

    Approval of Minutes
    

    4. 

  4. 

    Approval of Financial and Treasurer’s Report
    

    5. 

  5. 

    Guest Presentations
    

    6. 

  6. 

    Attorney’s Report
    

    7. 

  7. 

    Executive Director’s Report
    

    8. 

  8. 

    Old Business
    

    9. 

  9. 

    New Business
    

    10. 



Code #2.2-3711


    

  1. 

    Closed Session as permitted by Virgi
    

    2. 

  2. 

    Motions from Closed Session
    

    3. 

  3. 

    Adjourn Meeting
    

    4. 



Attachments:
Minutes Page 1-11
Invoices Page 12-20
Financials Page 21 - 26


April 12, 2023


The Regular monthly meeting of the Industrial Development Authority of


Russell County, Virginia was held on April 12, 2023 at 5:30 P.M. at the Russell


County Board of Supervisors overflow room.


MEMBERS


PRESENT:    Richard Lockridge, Chairman


Tony Dodi, Vice Chairman 



Carlton Elliott, Secretary


Harry Ferguson, Member


John Stamper, Member


Donnie Christian, Member


DeAnna Jackson, Member


Ron Blankenship, Member


ABSENT:  Jarred Glass, Member


STAFF:  Ernie McFaddin, Executive Director


Katie Patton, Attorney


The Chairman called the meeting to order at 5:30 P.M.


The secretary called the roll and recorded the roll call.


APPROVAL OF MINUTES


Upon motion made by Donnie Christian, second by Harry Ferguson and


duly approved by the Industrial Development Authority of Russell County,


Virginia approving the minutes of the March 9, 2023 meeting.


The Vote was:


Aye: C. Elliott, T. Dodi, H. Ferguson, D. Jackson, D. Christian, J. Stamper, R.


Blankenship


Nay:  None


Absent: J. Glass


FINANCIAL REPORT


Upon motion made by Tony Dodi, second by DeAnna Jackson and duly


approved by the Industrial Development Authority of Russell County, Virginia


approving the March 2023 financial reports and approve paying invoices


presented.


1


April 12, 2023


The Regular monthly meeting of the Industrial Development Authority of


Russell County, Virginia was held on April 12, 2023 at 5:30 P.M. at the Russell
County Board of Supervisors overflow room.


MEMBERS


PRESENT: Richard Lockridge, Chairman
Tony Dodi, Vice Chairman
Carlton Elliott, Secretary
Harry Ferguson, Member
John Stamper, Member
Donnie Christian, Member
DeAnna Jackson, Member
Ron Blankenship, Member


ABSENT: Jarred Glass, Member


STAFF: Erie McFaddin, Executive Director
Katie Patton, Attorney


The Chairman called the meeting to order at 5:30 P.M.
The secretary called the roll and recorded the roll call.


APPROVAL OF MINUTES
Upon motion made by Donnie Christian, second by Harry Ferguson and
duly approved by the Industrial Development Authority of Russell County,
Virginia approving the minutes of the March 9, 2023 meeting.


The Vote was:


Aye: C. Elliott, T. Dodi, H. Ferguson, D. Jackson, D. Christian, J. Stamper, R.
Blankenship


Nay: None


Absent: J. Glass


FINANCIAL REPORT
Upon motion made by Tony Dodi, second by DeAnna Jackson and duly
approved by the Industrial Development Authority of Russell County, Virginia
approving the March 2023 financial reports and approve paying invoices
presented.


The Vote was:


Aye: C. Elliott, T. Dodi, H. Ferguson, D. Jackson, D. Christian, J. Stamper, R.


Blankenship


Nay:  None


Absent: J. Glass


ATTORNEY’S REPORT


The lease for the Acme Building will be ready for implementation by the


May meeting.


EXECUTIVE DIRECTOR’S REPORT


The IDA must schedule a public hearing to issue bonds for the debt


consolidation with First Bank & Trust.


Upon motion made by Donnie Christian, second by Tony Dodi and duly


approved by the Industrial Development Authority of Russell County, Virginia


authorizing the Executive Director to schedule a public hearing on May 1, 2023 at


5:00 PM in the Board of Supervisors overflow room, located at 131 Highland


Drive Lebanon, VA.


The Vote was:


Aye: C. Elliott, T. Dodi, H. Ferguson, D. Jackson, D. Christian, J. Stamper, R.


Blankenship


Nay:  None


Absent: J. Glass


The Town of Honaker has asked for a letter of support for tourism funding


from VCEDA.


Upon motion made by Donnie Christian, second by Ron Blankenship and


duly approved by the Industrial Development Authority of Russell County,


Virginia authorizing the Executive Director to prepare a letter of support to


VCEDA for the Town of Honaker’s tourism funding. The Executive Director is


authorized to sign all documents relating to this matter.


The Vote was:


Aye: C. Elliott, T. Dodi, H. Ferguson, D. Jackson, D. Christian, J. Stamper, R.


Blankenship


Nay:  None


Absent: J. Glass


2


The Vote was:


Aye: C. Elliott, T. Dodi, H. Ferguson, D. Jackson, D. Christian, J. Stamper, R.
Blankenship


Nay: None


Absent: J. Glass


ATTORNEY’S REPORT
The lease for the Acme Building will be ready for implementation by the
May meeting.


EXECUTIVE DIRECTOR’S REPORT
The IDA must schedule a public hearing to issue bonds for the debt
consolidation with First Bank & Trust.


Upon motion made by Donnie Christian, second by Tony Dodi and duly
approved by the Industrial Development Authority of Russell County, Virginia
authorizing the Executive Director to schedule a public hearing on May 1, 2023 at
5:00 PM in the Board of Supervisors overflow room, located at 131 Highland
Drive Lebanon, VA.


The Vote was:
Aye: C. Elliott, T. Dodi, H. Ferguson, D. Jackson, D. Christian, J. Stamper, R.
Blankenship


Nay: None


Absent: J. Glass


The Town of Honaker has asked for a letter of support for tourism funding
from VCEDA.


Upon motion made by Donnie Christian, second by Ron Blankenship and
duly approved by the Industrial Development Authority of Russell County,
Virginia authorizing the Executive Director to prepare a letter of support to
VCEDA for the Town of Honaker’s tourism funding. The Executive Director is
authorized to sign all documents relating to this matter.


The Vote was:


Aye: C. Elliott, T. Dodi, H. Ferguson, D. Jackson, D. Christian, J. Stamper, R.
Blankenship


Nay: None


Absent: J. Glass


Russell County’s comprehensive plan is outdated and should be updated


every five years. The Executive Director is asking the Planning Commission to


take the initiative to update this plan, as it is needed for most grant applications.


We received a grant to explore the feasibility of using the old 911 center as a


day care facility. The United Way has expressed interest in assisting with the


project.


NEW BUSINESS


The IDA received a thank you card from Brenda Sword (widow of Roger


Sword). The Chairman is working on a resolution and a memorial power point


presentation honoring Mr. Sword, with plans to present this to Brenda in June or


July.


CLOSED SESSION


Upon motion made by John Stamper, second by Donnie Christian and duly


approved by the Industrial Development Authority of Russell County, Virginia to


enter Closed Session as permitted by, VA Code #2.2-3711 (3) Property for the


purpose of the Tractor Supply and Purchase Proposal (5) Prospective Business for


“Little Dipper” and Project “Goat” (7) & (8) Legal for Polycap, Abingdon


Collision and Lebanon Inn.


The Vote was:


Aye: C. Elliott, T. Dodi, H. Ferguson, D. Jackson, D. Christian, J. Stamper, R.


Blankenship


Nay:  None


Absent: J. Glass


RECONVENE TO PUBLIC SESSION


Upon motion made by Tony Dodi, second by Harry Ferguson, and duly


approved by The Industrial Development Authority of Russell County, Virginia,


the Chairman called the meeting back into regular session and requested the


“Certification Motion after reconvening in Public Session”.


The Vote was:


Aye: C. Elliott, T. Dodi, H. Ferguson, D. Jackson, D. Christian, J. Stamper, R.


Blankenship


Nay:  None


Absent: J. Glass


CERTIFICATION AFTER RECONVENING IN PUBLIC SESSION


3


Russell County’s comprehensive plan is outdated and should be updated
every five years. The Executive Director is asking the Planning Commission to
take the initiative to update this plan, as it is needed for most grant applications.


We received a grant to explore the feasibility of using the old 911 center as a
day care facility. The United Way has expressed interest in assisting with the
project.


NEW BUSINESS
The IDA received a thank you card from Brenda Sword (widow of Roger
Sword). The Chairman is working on a resolution and a memorial power point
presentation honoring Mr. Sword, with plans to present this to Brenda in June or
July.


CLOSED SESSION


Upon motion made by John Stamper, second by Donnie Christian and duly
approved by the Industrial Development Authority of Russell County, Virginia to
enter Closed Session as permitted by, VA Code #2.2-3711 (3) Property for the
purpose of the Tractor Supply and Purchase Proposal (5) Prospective Business for
“Little Dipper” and Project “Goat” (7) & (8) Legal for Polycap, Abingdon
Collision and Lebanon Inn.


The Vote was:


Aye: C. Elliott, T. Dodi, H. Ferguson, D. Jackson, D. Christian, J. Stamper, R.
Blankenship


Nay: None


Absent: J. Glass


RECONVENE TO PUBLIC SESSION


Upon motion made by Tony Dodi, second by Harry Ferguson, and duly
approved by The Industrial Development Authority of Russell County, Virginia,
the Chairman called the meeting back into regular session and requested the
“Certification Motion after reconvening in Public Session”.


The Vote was:


Aye: C. Elliott, T. Dodi, H. Ferguson, D. Jackson, D. Christian, J. Stamper, R.
Blankenship


Nay: None


Absent: J. Glass


CERTIFICATION AFTER RECONVENING IN PUBLIC SESSION


3


The Industrial Development Authority of Russell County, Virginia hereby


certifies that, in the closed session just concluded, nothing was discussed except


the matter or matters (1) specifically identified in the motion to convene in closed


session and (2) lawfully permitted to be so discussed under the provision of the


Virginia Freedom of Information Act cited in that motion.


The Roll Call Vote Was:


Richard Lockridge Yes  Carlton Elliott Yes


Harry Ferguson Yes  Tony Dodi  Yes


DeAnna Jackson Yes  Donnie Christian  Yes


Jarred Glass  Yes  John Stamper Yes


Ron Blankenship Yes


MOTIONS FROM CLOSED SESSION


Upon motion made by Carlton Elliott, second by Ron Blankenship and duly


approved by the Industrial Development Authority of Russell County, Virginia


authorizing the Executive Director to submit a request to VCEDA modifying the


terms of the second Lebanon Inn loan to match those of the first loan. The


Executive Director, Chairman and Secretary are authorized to sign all document


relating to this motion.


The Vote was:


Aye: C. Elliott, T. Dodi, H. Ferguson, D. Jackson, D. Christian, J. Stamper, R.


Blankenship


Nay:  None


Absent: J. Glass


Upon motion made by Donnie Christian, second by John Stamper and duly


approved by the Industrial Development Authority of Russell County, Virginia


authorizing the Executive Director to accept the proposal of $150,000.00 from


Tommy Schrader for the purchase of property located at 251 Industrial Dr,


Castlewood, VA. (DB726 Page 808). The Executive Director, Chairman and


Secretary are authorized to sign all documents relating to this motion.


The Vote was:


Aye: C. Elliott, T. Dodi, H. Ferguson, D. Jackson, D. Christian, J. Stamper, R.


Blankenship


Nay:  None


Absent: J. Glass


ADJOURNMENT


Upon motion made by Donnie Christian, second by Tony Dodi, and duly


approved by the Industrial Development Authority of Russell County, Virginia


4


The Industrial Development Authority of Russell County, Virginia hereby
certifies that, in the closed session just concluded, nothing was discussed except
the matter or matters (1) specifically identified in the motion to convene in closed
session and (2) lawfully permitted to be so discussed under the provision of the
Virginia Freedom of Information Act cited in that motion.


The Roll Call Vote Was:


Richard Lockridge Yes Carlton Elliott Yes
Harry Ferguson Yes Tony Dodi Yes
DeAnna Jackson Yes Donnie Christian Yes
Jarred Glass Yes John Stamper Yes


Ron Blankenship Yes


MOTIONS FROM CLOSED SESSION
Upon motion made by Carlton Elliott, second by Ron Blankenship and duly
approved by the Industrial Development Authority of Russell County, Virginia
authorizing the Executive Director to submit a request to VCEDA modifying the
terms of the second Lebanon Inn loan to match those of the first loan. The
Executive Director, Chairman and Secretary are authorized to sign all document
relating to this motion.


The Vote was:


Aye: C. Elliott, T. Dodi, H. Ferguson, D. Jackson, D. Christian, J. Stamper, R.
Blankenship


Nay: None


Absent: J. Glass


Upon motion made by Donnie Christian, second by John Stamper and duly
approved by the Industrial Development Authority of Russell County, Virginia
authorizing the Executive Director to accept the proposal of $150,000.00 from
Tommy Schrader for the purchase of property located at 251 Industrial Dr,
Castlewood, VA. (DB726 Page 808). The Executive Director, Chairman and
Secretary are authorized to sign all documents relating to this motion.


The Vote was:


Aye: C. Elliott, T. Dodi, H. Ferguson, D. Jackson, D. Christian, J. Stamper, R.
Blankenship


Nay: None


Absent: J. Glass


ADJOURNMENT
Upon motion made by Donnie Christian, second by Tony Dodi, and duly
approved by the Industrial Development Authority of Russell County, Virginia


4


adjourning this meeting at 8:11 PM to reconvene on May 1 at 5:00 PM at the


Board of Supervisors overflow room.


The Vote was:


Aye: C. Elliott, T. Dodi, H. Ferguson, D. Jackson, D. Christian, J. Stamper, R.


Blankenship


Nay:  None


Absent: J. Glass


RECONVENED MEETING


The Regular monthly meeting of the Industrial Development Authority of


Russell County, Virginia was reconvened on May 1, 2023 at 5:00 P.M. at the


Russell County Conference Center.


MEMBERS


PRESENT:    Richard Lockridge, Chairman


Tony Dodi, Vice Chairman 



Carlton Elliott, Secretary


Harry Ferguson, Member


John Stamper, Member


DeAnna Jackson, Member


Ron Blankenship, Member


ABSENT:  Jarred Glass, Member


Donnie Christian, Member


The Chairman called the meeting to order at 5:00 P.M.


The secretary called the roll and recorded the roll call.


The Chairman opened the floor for public hearing on the matter of bond


issuance for debt consolidation.


Hearing no public comments, the Chairman closed the public hearing at 5:15


PM.


5


adjourning this meeting at 8:11 PM to reconvene on May | at 5:00 PM at the
Board of Supervisors overflow room.


The Vote was:


Aye: C. Elliott, T. Dodi, H. Ferguson, D. Jackson, D. Christian, J. Stamper, R.
Blankenship


Nay: None


Absent: J. Glass


RECONVENED MEETING


The Regular monthly meeting of the Industrial Development Authority of
Russell County, Virginia was reconvened on May 1, 2023 at 5:00 P.M. at the
Russell County Conference Center.


MEMBERS


PRESENT: Richard Lockridge, Chairman
Tony Dodi, Vice Chairman
Carlton Elliott, Secretary
Harry Ferguson, Member
John Stamper, Member
DeAnna Jackson, Member
Ron Blankenship, Member


ABSENT: Jarred Glass, Member
Donnie Christian, Member


The Chairman called the meeting to order at 5:00 P.M.
The secretary called the roll and recorded the roll call.


The Chairman opened the floor for public hearing on the matter of bond
issuance for debt consolidation.


Hearing no public comments, the Chairman closed the public hearing at 5:15
PM.


Upon motion made by Tony Dodi, second by Harry Ferguson, and duly


approved by the Industrial Development Authority of Russell County, Virginia


adopting the following resolution for the necessity of the bond and approval of the


Board of Supervisors for issuance of the bond.


RESOLUTION OF THE INDUSTRIAL DEVELOPMENT


AUTHORITY OF RUSSELL COUNTY


WHEREAS, the Industrial Development Authority of Russell County (the “Authority”)


intends to issue a tax-exempt Industrial Development Refunding Revenue Bond in the principal


amount of up to $6,255,000.00 (the “Bonds”) to refinance infrastructure and promote economic


development in Russell County, Virginia (the “County”) and


WHEREAS, a public hearing, duly advertised, was held as required by Section 147(f) of


the Internal Revenue Code of 1986, as amended (the “Code”) and Section 15.2-4906 of the Code


of Virginia 1950, as amended (the “Virginia Code”) on May 1, 2023 at 5:00 p.m. at the 133


Highland Dr., Suite B, Lebanon, VA.


NOW, THEREFORE, BE IT RESOLVED BY THE INDUSTRIAL


DEVELOPMENT AUTHORITY OF RUSSELL COUNTY AS FOLLOWS:


    

  1. It is hereby found and determined that refinancing of the infrastructure sufficient
    2. 



to promote economic development in County will be in the public interest of the County and its


environs, and will benefit the County and promote the welfare of its citizens.


    

  1. The Bond shall be designated as “Qualified Tax-Exempt Obligations” for
    2. 



purposes of Section 265(b) of the Code.  Neither the Authority nor any ”subordinate entities”


within the meaning of Section 265(b) of the Code has issued any tax-exempt obligations not


including private activity bonds for entities other than organizations described in Section


501©(3) of the Code during calendar year 2023, and the reasonable anticipated amount of tax-


exempt obligations not including private activity bonds for entities other than organizations


described in Section 501©(3) of the Code which will be issued by the Authority and all


“subordinate entities” thereof during calendar year 2023 will not exceed $10,000,000.00.  The


Authority will not designate more than $10,000,000.00 of qualified tax-exempt obligations


pursuant to Section 265(b) during the calendar year 2023.


    

  1. The Authority hereby agrees that the issuance of Bonds in an amount not to
    2. 



exceed $6,255,000, upon terms and conditions mutually agreeable to the Authority and the


purchaser of the bonds and subject to the requirements of the Code.


    

  1. The Authority hereby approves Dennis E. Jones & Associates, P.C. as bond
    2. 



counsel to supervise the proceedings and approve the legality of the issuance of the Bonds.


    

  1. The Authority shall pay all costs and expenses in connection with the issuance of
    2. 



6


Upon motion made by Tony Dodi, second by Harry Ferguson, and duly
approved by the Industrial Development Authority of Russell County, Virginia
adopting the following resolution for the necessity of the bond and approval of the
Board of Supervisors for issuance of the bond.


RESOLUTION OF THE INDUSTRIAL DEVELOPMENT
AUTHORITY OF RUSSELL COUNTY
WHEREAS, the Industrial Development Authority of Russell County (the “Authority”)
intends to issue a tax-exempt Industrial Development Refunding Revenue Bond in the principal
amount of up to $6,255,000.00 (the “Bonds”) to refinance infrastructure and promote economic
development in Russell County, Virginia (the “County”) and


WHEREAS, a public hearing, duly advertised, was held as required by Section 147(f) of
the Internal Revenue Code of 1986, as amended (the “Code”) and Section 15.2-4906 of the Code
of Virginia 1950, as amended (the “Virginia Code”) on May 1, 2023 at 5:00 p.m. at the 133
Highland Dr., Suite B, Lebanon, VA.


NOW, THEREFORE, BE IT RESOLVED BY THE INDUSTRIAL
DEVELOPMENT AUTHORITY OF RUSSELL COUNTY AS FOLLOWS:


    

  1. 

    It is hereby found and determined that refinancing of the infrastructure sufficient
to promote economic development in County will be in the public interest of the County and its
environs, and will benefit the County and promote the welfare of its citizens.
    

    2. 

  2. 

    The Bond shall be designated as “Qualified Tax-Exempt Obligations” for
purposes of Section 265(b) of the Code. Neither the Authority nor any “subordinate entities”
within the meaning of Section 265(b) of the Code has issued any tax-exempt obligations not
including private activity bonds for entities other than organizations described in Section
501©(3) of the Code during calendar year 2023, and the reasonable anticipated amount of tax-
exempt obligations not including private activity bonds for entities other than organizations
described in Section 501©(3) of the Code which will be issued by the Authority and all
“subordinate entities” thereof during calendar year 2023 will not exceed $10,000,000.00. The
Authority will not designate more than $10,000,000.00 of qualified tax-exempt obligations
pursuant to Section 265(b) during the calendar year 2023.
    

    3. 

  3. 

    The Authority hereby agrees that the issuance of Bonds in an amount not to
exceed $6,255,000, upon terms and conditions mutually agreeable to the Authority and the
purchaser of the bonds and subject to the requirements of the Code.
    

    4. 



4, The Authority hereby approves Dennis E. Jones & Associates, P.C. as bond
counsel to supervise the proceedings and approve the legality of the issuance of the Bonds.


    

  1. The Authority shall pay all costs and expenses in connection with the issuance of
    2. 



the Bonds, including the fees and expenses of bond counsel, counsel for the Authority and the


agent or underwriter for the Bonds, whether or not issued.


    

  1. The Authority shall perform such other acts and adopt such further proceedings as
    2. 



may be required to implement its undertakings as herein set forth.  If necessary, the Executive


Director of the Authority is authorized to approve the distribution of a Preliminary Official


Statement with respect to the Bonds, provided no bonds shall be sold until the sale of the Bonds


has been approved by the Authority.


    

  1. The Authority hereby recommends that the Board of Supervisors of Russell
    2. 



County, Virginia, approve the issuance of the Bonds.


    

  1. The recommendation for approval of the Bonds set forth herein is made solely for
    2. 



compliance with Section 147(f) of the Code and Section 15.2-4906 of the Virginia Code.


    

  1. This resolution shall take effect immediately upon its adoption.
    2. 



DATED: May 1, 2023.


MEMBER   AYE  NAY  ABSENT


HARRY FERGUSON  _X  ____  ________


TONY DODI    _X  ____  ________


DONNIE CHRISTIAN  ____  ____  _X


DEANNA JACKSON   _X  ____  ________


CARLTON ELLIOTT  _X  ____  ________


RICHARD LOCKRIDGE  _X  ____  ________


JOHN STAMPER   _X  ____  ________


JARRED GLASS   ____  ____  X


RON BLANKENSHIP  _X  ____  ________


CERTIFICATE


The undersigned Clerk of the Industrial Development Authority of Russell


County, Virginia, certifies that the foregoing is a true, correct and complete copy of a Resolution


adopted by the Affirmative vote of a majority of the Industrial Development Authority present at


a public meeting duly advertised, called and held on May 1, 2023, at which meeting a quorum


was present and acting throughout.


Dated:  May 1, 2023.


Carlton Elliott_


Clerk, Industrial Development Authority


of Russell County, Virginia


7


the Bonds, including the fees and expenses of bond counsel, counsel for the Authority and the
agent or underwriter for the Bonds, whether or not issued.


    

  1. 

    The Authority shall perform such other acts and adopt such further proceedings as
may be required to implement its undertakings as herein set forth. If necessary, the Executive
Director of the Authority is authorized to approve the distribution of a Preliminary Official
Statement with respect to the Bonds, provided no bonds shall be sold until the sale of the Bonds
has been approved by the Authority.
    

    2. 

  2. 

    The Authority hereby recommends that the Board of Supervisors of Russell
County, Virginia, approve the issuance of the Bonds.
    

    3. 

  3. 

    The recommendation for approval of the Bonds set forth herein is made solely for
compliance with Section 147(f) of the Code and Section 15.2-4906 of the Virginia Code.
    

    4. 

  4. 

    This resolution shall take effect immediately upon its adoption.
    

    5. 



DATED: May 1, 2023.


MEMBER AYE NAY ABSENT
HARRY FERGUSON _xX. __
TONY DODI —x __
DONNIE CHRISTIAN = _— x
DEANNA JACKSON xX. __
CARLTON ELLIOTT -x _
RICHARD LOCKRIDGE x. __
JOHN STAMPER —x. __
JARRED GLASS __ _— x
RON BLANKENSHIP —xX. _—
CERTIFICATE


The undersigned Clerk of the Industrial Development Authority of Russell
County, Virginia, certifies that the foregoing is a true, correct and complete copy of a Resolution
adopted by the Affirmative vote of a majority of the Industrial Development Authority present at
a public meeting duly advertised, called and held on May 1, 2023, at which meeting a quorum
was present and acting throughout.


Dated: May 1, 2023
Catton int,
Clerk, Industrial Development Authority
of Russell County, Virginia


ADJOURNMENT TO RECONVENE


Upon motion made by Tony Dodi, second by John Stamper, and duly


approved by the Industrial Development Authority of Russell County, Virginia


adjourning this meeting at 5:16 PM to reconvene on May 1 at 6:15 PM at the


Russell County Conference Center.


The Vote was:


Aye: C. Elliott, T. Dodi, H. Ferguson, D. Jackson, J. Stamper, R. Blankenship


Nay:  None


Absent: J. Glass, D. Christian


RECONVENE MEETING


The Regular monthly meeting of the Industrial Development Authority of


Russell County, Virginia was reconvened on May 1, 2023 at 6:51 P.M. at the


Russell County Conference Center.


MEMBERS


PRESENT:    Richard Lockridge, Chairman


Tony Dodi, Vice Chairman 



Carlton Elliott, Secretary


Harry Ferguson, Member


John Stamper, Member


DeAnna Jackson, Member


Ron Blankenship, Member


ABSENT:  Jarred Glass, Member


Donnie Christian, Member


The Chairman called the meeting to order at 6:51 P.M.


Upon motion made by Tony Dodi, second by DeAnna Jackson, and duly


approved by the Industrial Development Authority of Russell County, Virginia


allowing Mr. Stamper to attend the meeting by phone pursuant to the electronic


meeting policy, due to Mr. Stamper traveling for work purposes.


The Vote was:


Aye: C. Elliott, T. Dodi, H. Ferguson, D. Jackson, R. Blankenship


Nay:  None


Absent: J. Glass, D. Christian


8


ADJOURNMENT TO RECONVENE
Upon motion made by Tony Dodi, second by John Stamper, and duly
approved by the Industrial Development Authority of Russell County, Virginia
adjourning this meeting at 5:16 PM to reconvene on May | at 6:15 PM at the
Russell County Conference Center.


The Vote was:


Aye: C. Elliott, T. Dodi, H. Ferguson, D. Jackson, J. Stamper, R. Blankenship
Nay: None


Absent: J. Glass, D. Christian


RECONVENE MEETING
The Regular monthly meeting of the Industrial Development Authority of
Russell County, Virginia was reconvened on May 1, 2023 at 6:51 P.M. at the
Russell County Conference Center.


MEMBERS


PRESENT: Richard Lockridge, Chairman
Tony Dodi, Vice Chairman
Carlton Elliott, Secretary
Harry Ferguson, Member
John Stamper, Member
DeAnna Jackson, Member
Ron Blankenship, Member


ABSENT: Jarred Glass, Member
Donnie Christian, Member


The Chairman called the meeting to order at 6:51 P.M.


Upon motion made by Tony Dodi, second by DeAnna Jackson, and duly
approved by the Industrial Development Authority of Russell County, Virginia
allowing Mr. Stamper to attend the meeting by phone pursuant to the electronic
meeting policy, due to Mr. Stamper traveling for work purposes.


The Vote was:


Aye: C. Elliott, T. Dodi, H. Ferguson, D. Jackson, R. Blankenship
Nay: None


Absent: J. Glass, D. Christian


Upon motion made by Harry Ferguson, second by Ron Blankenship, and


duly approved by the Industrial Development Authority of Russell County,


Virginia adopting the following resolution authorizing the issuance of the bond for


debt consolidation.


RESOLUTION OF THE INDUSTRIAL DEVELOPMENT


AUTHORITY OF RUSSELL COUNTY


WHEREAS, the Industrial Development Authority of Russell County (the “Authority”) intends to
issue a tax-exempt Industrial Development Revenue Bond in the principal amount of up to
$6,255,000.00 (the “Bond”) to finance and refinance infrastructure improvement and promote
economic development in Russell County, Virginia (the “County”); and,


WHEREAS, the Authority has held a public hearing regarding the issuance of up to $6,255,000.00


Tax Exempt Industrial Development Revenue Bonds, Series 2023-A (the “Bonds”) on May 1, 2023 and
approved the issuance of same; and


WHEREAS, Authority has requested that the Board of Supervisors of the County (the “Board”),


approve the issuance of the Bonds in compliance with the Internal Revenue Code of 1986, as amended
(the “Code”) and Section 15.2-4906 of the Code of Virginia of 1950, as amended (the “Virginia Code”);
and,


WHEREAS, the Board has, by Resolution passed May 1, 2023, determined that the issuance of


the Bonds is in the best interests of the citizens of the County, will improve the County’s tax base, will
improve employment conditions in the County, promote industry and develop trade in the County,
increase commerce within the County, and improve the safety, health, welfare, convenience and
prosperity of citizens of the County; and,


WHEREAS, the Authority has received and considered financing proposals from First Bank &
Trust Company regarding the purchase of the Bond (Exhibit “A”).


NOW, THEREFORE, BE IT RESOLVED BY THE INDUSTRIAL DEVELOPMENT AUTHORITY OF
RUSSELL COUNTY:


    

  1. 

    The Authority hereby agrees to the issuance of Bonds in an amount not to exceed
$6,255,000.00, upon terms and conditions mutually agreed to in the financing proposal of First Bank &
Trust Company (Exhibit “A”).  Luther E. McFaddin, Jr., Executive Director is authorized to execute the
financing proposal and deliver same to First Bank & Trust Company on behalf of the Authority.
    

    2. 

  2. 

    The Bonds shall be designated as “Qualified Tax-Exempt Obligations” for purposes of
    

    3. 



Section 265(b) of the Code.  Neither the Authority nor any ”subordinate entities” within the meaning of
Section 265(b) of the Code has issued any tax-exempt obligations not including private activity bonds for
entities other than organizations described in Section 501©(3) of the Code during calendar year 2023,
and the reasonable anticipated amount of tax-exempt obligations not including private activity bonds
for entities other than organizations described in Section 501©(3) of the Code which will be issued by
the Authority and all “subordinate entities” thereof during calendar year 2023 will not exceed


9


Upon motion made by Harry Ferguson, second by Ron Blankenship, and
duly approved by the Industrial Development Authority of Russell County,
Virginia adopting the following resolution authorizing the issuance of the bond for
debt consolidation.


RESOLUTION OF THE INDUSTRIAL DEVELOPMENT
AUTHORITY OF RUSSELL COUNTY


WHEREAS, the Industrial Development Authority of Russell County (the “Authority”) intends to
issue a tax-exempt Industrial Development Revenue Bond in the principal amount of up to
$6,255,000.00 (the “Bond”) to finance and refinance infrastructure improvement and promote
economic development in Russell County, Virginia (the “County”); and,


WHEREAS, the Authority has held a public hearing regarding the issuance of up to $6,255,000.00
Tax Exempt Industrial Development Revenue Bonds, Series 2023-A (the “Bonds”) on May 1, 2023 and
approved the issuance of same; and


WHEREAS, Authority has requested that the Board of Supervisors of the County (the “Board”),
approve the issuance of the Bonds in compliance with the Internal Revenue Code of 1986, as amended
(the “Code”) and Section 15.2-4906 of the Code of Virginia of 1950, as amended (the “Virginia Code”);
and,


WHEREAS, the Board has, by Resolution passed May 1, 2023, determined that the issuance of
the Bonds is in the best interests of the citizens of the County, will improve the County’s tax base, will
improve employment conditions in the County, promote industry and develop trade in the County,
increase commerce within the County, and improve the safety, health, welfare, convenience and
prosperity of citizens of the County; and,


WHEREAS, the Authority has received and considered financing proposals from First Bank &
Trust Company regarding the purchase of the Bond (Exhibit “A”).


NOW, THEREFORE, BE IT RESOLVED BY THE INDUSTRIAL DEVELOPMENT AUTHORITY OF
RUSSELL COUNTY:


1 ‘The Authority hereby agrees to the issuance of Bonds in an amount not to exceed
$6,255,000.00, upon terms and conditions mutually agreed to in the financing proposal of First Bank &
Trust Company (Exhibit “A”). Luther E. McFaddin, Jr., Executive Director is authorized to execute the
financing proposal and deliver same to First Bank & Trust Company on behalf of the Authority.


    

  1. The Bonds shall be designated as “Qualified Tax-Exempt Obligations” for purposes of
Section 265(b) of the Code. Neither the Authority nor any "subordinate entities” within the meaning of
Section 265(b) of the Code has issued any tax-exempt obligations not including private activity bonds for
entities other than organizations described in Section 501©(3) of the Code during calendar year 2023,
and the reasonable anticipated amount of tax-exempt obligations not including private activity bonds
for entities other than organizations described in Section 501©(3) of the Code which will be issued by
the Authority and all “subordinate entities” thereof during calendar year 2023 will not exceed
    2. 



$10,000,000.00.  The Authority will not designate more than $10,000,000.00 of qualified tax-exempt
obligations pursuant to Section 265(b) during the calendar year 2023.


    

  1. The execution and delivery, recordation and performance, as appropriate by the
    2. 



Authority of the Basic Documents are authorized.  The Director of the Authority and Secretary of the
Authority are authorized and directed to execute on behalf ot the Authority the Basic Documents and
any other documents required by Bond Counsel and First Bank & Trust Company, and, if required, the
Clerk of the Authority is authorized and directed to affix or to cause to be affixed the seal of the
Authority to the Basic Documents and other documents and to attest such seal.  Each officer or agent of
the Authority is authorized to execute and deliver on behalf of the Authority such instruments,
documents or certificates, and to do and perform such things and acts, as they shall deem necessary or
appropriate to carry out the transactions authorized by this Resolution or contemplated by the Basic
documents, and all of the foregoing, previously done or performed by such officers or agents of the
Authority, are in all respects approved, ratified and confirmed.


    

  1. Nothing in this Resolution, the Basic Documents or other documents necessary for the
    2. 



closing shall be deemed a lending of the credit or constitute a debt of the Commonwealth of Virginia,
the Authority or the County, and nothing herein contained is or shall be deemed to be a pledge of the
faith and credit or the taxing power of the Commonwealth of Virginia or the County.


    

  1. This resolution shall take effect immediately upon its adoption.
    2. 



DATED: May 1, 2023.


MEMBER  AYE  NAY  ABSENT
HARRY FERGUSON  X___  ____  ________
TONY DODI   X___  ____  ________
DONNIE CHRISTIAN  ____  ____  X_______
DEANNA JACKSON  X___  ____  ________
CARLTON ELLIOTT  X___  ____  ________
RICHARD LOCKRIDGE  X___  ____  ________
JOHN STAMPER   X___  ____  ________
JARRED BLASS   ____  ____  X_______
RON BLANKENSHIP  X___  ____  ________


CERTIFICATE


The undersigned Clerk of the Industrial Development Authority of Russell County,
Virginia, certifies that the foregoing is a true, correct and complete copy of a Resolution adopted by the
Affirmative vote of a majority of the Industrial Development Authority present at

a public meeting held May 1, 2023, at which meeting a quorum was present and acting throughout.


Dated:  May 1, 2023.


__Carlton Elliott


Clerk, Industrial Development Authority
of Russell County, Virginia


10


$10,000,000.00. The Authority will not designate more than $10,000,000.00 of qualified tax-exempt
obligations pursuant to Section 265(b) during the calendar year 2023.


    

  1. The execution and delivery, recordation and performance, as appropriate by the
‘Authority of the Basic Documents are authorized. The Director of the Authority and Secretary of the
Authority are authorized and directed to execute on behalf ot the Authority the Basic Documents and
any other documents required by Bond Counsel and First Bank & Trust Company, and, if required, the
Clerk of the Authority is authorized and directed to affix or to cause to be affixed the seal of the
Authority to the Basic Documents and other documents and to attest such seal. Each officer or agent of
the Authority is authorized to execute and deliver on behalf of the Authority such instruments,
documents or certificates, and to do and perform such things and acts, as they shall deem necessary or
appropriate to carry out the transactions authorized by this Resolution or contemplated by the Basic
documents, and all of the foregoing, previously done or performed by such officers or agents of the
‘Authority, are in all respects approved, ratified and confirmed.
    2. 



4 Nothing in this Resolution, the Basic Documents or other documents necessary for the
closing shall be deemed a lending of the credit or constitute a debt of the Commonwealth of Virginia,
the Authority or the County, and nothing herein contained is or shall be deemed to be a pledge of the
faith and credit or the taxing power of the Commonwealth of or the County.


    

  1. This resolution shall take effect immediately upon its adoption.
    2. 



DATED: May 1, 2023.


MEMBER AYE NAY ABSENT
HARRY FERGUSON, xX _


TONY DODI xX —


DONNIE CHRISTIAN __ _


DEANNA JACKSON, xX _


CARLTON ELLIOTT xX —


RICHARD LOCKRIDGE xX _


JOHN STAMPER xX _


JARRED BLASS __ —_


RON BLANKENSHIP x


CERTIFICATE


The undersigned Clerk of the Industrial Development Authority of Russell County,
Virginia, certifies that the foregoing is a true, correct and complete copy of a Resolution adopted by the
Affirmative vote of a majority of the Industrial Development Authority present at
a public meeting held May 1, 2023, at which meeting a quorum was present and acting throughout.


Dated: May 1, 2023.


Carlton Eliott,


Clerk, Industrial Development Authority
of Russell County, Virginia


10


ADJOURNMENT


Upon motion made by Tony Dodi, second by John Stamper, and duly


approved by the Industrial Development Authority of Russell County, Virginia


adjourning this meeting at 6:54 PM.


The Vote was:


Aye: C. Elliott, T. Dodi, H. Ferguson, D. Jackson, J. Stamper, R. Blankenship


Nay:  None


Absent: J. Glass, D. Christian


11


ADJOURNMENT
Upon motion made by Tony Dodi, second by John Stamper, and duly
approved by the Industrial Development Authority of Russell County, Virginia
adjourning this meeting at 6:54 PM.


The Vote was:


. Elliott, T. Dodi, H. Ferguson, D. Jackson, J. Stamper, R. Blankenship
None


Absent: J. Glass, D. Christian


11


12


Jeffrey L. Campbell, Esq,
‘A. Benton Chatin, Jr., Eq. 88-2001
Nicholas B. Compton, Esq,


M. Katherine Patton, Esq.


Jed Amold, Esq


CAMPBELL CHAFIN, P.C.


Attorneys at Law


May 1, 2023,


Industrial Development Authority


of Russell County, Virginia


P. O. Box 2378
Lebanon, VA 24266


RE: _ Billing from March 7, 2023, through May 1, 2023


Dear Sir/Madam:


Marion Office
Tel: (276) 783-8197
Fax: (276) 706-8490


Lebanon Office
Tel: (276) 889-0143
Fax: (276) 889-1121


Enclosed herewith please find our invoices for services rendered in the total amount of


$1,830.00.


*Please note that billing may not be complete through the date listed above.
If you have any questions, please do not hesitate to contact me.


Very truly yours,


CAMPBELL CHAFIN, P.C.


Beret


JEFFREY L. CAMPBELL


By:


JLCirbs


Enclosures (as noted)


239 Park Boulevard * Post Office Box 986 * Marion, Virginia 24354
44.E. Main Street * Post omg x 1210 * Lebanon, Virginia 24266


13


Campbell Chafin, P.C.
P.O. Box 1210
44 E Main Street
Lebanon, VA 24266


Telephone: 276-889-0143
Fax: 276-889-1121


RUSSELL COUNTY INDUSTRIAL
DEVELOPMENT AUTHORITY


P.O. BOX 2378
LEBANON, VA 24266


May 01, 2023
Invoice No. 55254


Client Number: 92-G-2054 IDA.GENERAL FILE
‘Matter Number: 92-G-2054 IDA.General File


For Services Rendered Through 5/1/2023.


Fees


Date ‘Timekeeper Description


3/9/2023 KP8 March monthly meeting


3/13/2023 KP8 Review notes from March meeting


3/14/2023 RS4 Phone call and e-mails with Executive Director;
phone call with Jeff Kite with DEQ


3/21/2023 -RS4 Phone call with Executive Director


3/29/2023 RS4 Phone call with Executive Director


4/5/2023 RS4 Phone call with Executive Director


4/10/2023 ICL Review agenda for April meeting


4/12/2023 KPS April monthly meeting


4/13/2023 KP8 Review notes from meeting; review lease
agreement; phone call with Executive Director


4/14/2023 ICL Discussion with Chairman


4/17/2023 ICL Work on H & H Log Yard, Inc., lease matter;


proposed sale of property


Billable Hours / Fees:
Flat Charge Hours / Fees:


Continued On Next Page


13


Hours
0.00


0.20
0.30


0.20
0.30
0.20
0.20
0.00
0.50


0.30
7.00


9.20


Amount
$250.00


$30.00
$30.00


$20.00
$30.00
$20.00
$30.00
$250.00
$75.00


$45.00
$1,050.00


$1,330.00
$500.00


14


(Client Number:
‘Matter Number:


92-G-2054 3/1/2023
92-G-2054 Page: 2


Timekeeper Summary
Timekeeper RS4 worked 1.00 hours at $100.00 per hour, totaling $100.00.
‘Timekeeper JC1 worked 7.50 hours at $150.00 per hour, totaling $1,125.00.
Timekeeper KPS worked 0.70 hours at $150.00 per hour, totaling $105.00,


Timekeeper KPS - flat charges totaling $500.00.


Date
3/16/2023


Payment Detail


Description Amount
‘Check Number 6444 against Invit 54928 (6450.00)
Total Payments Received: ($450.00)


Current Invoice Summary


Prior Balance: $450.00
Payments Received: (8450.00) Last Payment: 3/16/2023
‘Unpaid Prior Balance: $0.00
Current Fees: $1,830.00
Advanced Costs: $0.00
TOTAL AMOUNT DUE: 3,430.00"


‘Thank You for Letting Us Serve You.
Payment Due Upon Receipt.


14


Turner Cleaning Service LLC        Invoice April 2023
120 David Martin LN
Dante, VA 24237


Cleaning at: Lebanon Probation
Cleaning days: 9
$75 per cleaning
Total Due: $675.00


15


Turner Cleaning Service LLC Invoice April 2023
120 David Martin LN
Dante, VA 24237


Cleaning at: Lebanon Probation
Cleaning days: 9


$75 per cleaning


Total Due: $675.00


15


16


281 W Main Street
P.O. Box 760


cl DOMINION itn ai


Fax: 276-889-5763


JJ OFFICE nett esmoun


‘oll Free: 800-688-0481


PRODUCTS vow dominionotficeproducts.com


FE Pominion office Products


INVOICE Invoice Number 153490


4/27/2023


BilI-To Address Ship-To Address
INDUSTRIAL DEV AUTHORITY OF INDUSTRIAL DEV AUTHORITY OF
RUSSELL CO VA RUSSELL CO VA
133 HIGHLAND DRIVE 133 HIGHLAND DRIVE


surTe 8 LEBANON, VA 24266
LEBANON, VA 24266
Phone: 276-873-6126
Fax: 276-873-6213,


[Graer Toker: vi Soles Rep: ROUSE ROUSE [vrcKTE [Terms: Net 30


Item # Description vom ay Filled Uist Price comemer Total
BSN6S791 Business Source Straight Tab Cut Letter Recycled 000251 1 $109.35 $45.99 $45.99
Fle Pocket - 8 1/2" x 11" = 3 1/2" Expansion EA/BX
Redrope - Kedrope = 30% Recycled - 25 / Box
Subtotal: $109.35, $45.99
FREIGHT COST $0.00
Tax $0.00
Total $45.99


Amount Du


$45.99


Received By:


All RETURNS must be made within 15 days from date of invoice.
A FINANCE charge of 1.5% will be added to all unpaid invoices over 30 days old.


16


17


INVOICE


Date: 4/27/23
INVOICE # 103
To: Russell County IDA Andrew H. Musick
133 Highland Drive 66 Kennedy Drive
Suite B Lebanon, VA 24266
Lebanon, VA 24266 276-451-8592
Salesperson Job Payment Terms Due Date
Hunter Musick | Lawn Service Due on receipt
Qty Description Unit Price Line Total
1 Trash and property Maintenance (4/4/22) 1.5 hrs/$20 30.00 30.00
2 Mowed Probation Property (4/6/23) 3 hrs/$60 180.00 180.00
3 Mowed Probation Property (4/23/23) 3 hrs/$60 180.00 180.00
Subtotal
Sales Tax
Total 390.00
Thank you for your business!


Hunter Musick 66 Kennedy Dr. Lebanon VA 24266 Phone: 276-451-8592


17


18


The Lebanon Nets, Ine. STATEMENT
ters ° Publishers DATE are
P.O. Box 1268 04/30/23 04/30/23
Lebanon, Virginia 24266 ACCOUNT NUMBER: ACCOUNT NUMBER
(276) 889-2112 IDA HSE IDA HSE
Copy No. 1 IDA OF RUSSELL COU
To inaure proper creat
IDA OF RUSSELL COUNTY please check those items
ise HE@HtAND DR STE 6 Serapoisin ne"
LEBANON VA 24266-0505 poston of tho statement
‘wh your payment.
PIOENO. 1g
REFERENCE DATE |Cooe| DESCRIPTION, AMOUNT BALANCE REFERENCE |cooe| “AMOUNT iv
143624 4/12/23 DA 33" PUBLIC HEARING 176.55 176.55 143624 DA 176.55
143668 4/19/23 DA 33" PUBLIC HEARING 176.55 353.10 143668 DA 176.55
PLEASE
Coves Sone _tnvoce” toweo” _runse™ PAY 383.10 | ToTaL | 353-10
SPAS I sopAys I SopAys. I {20PAYS, ‘THE LEBANON NEWS, INC.
00 +0@ .0O .0@


18


19


|OUNT:


19


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Apel rena.
aes
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ie Foe."
‘ | Dhaene
Bey Rog


–
Ernie McFaddin
ExecuƟve Director


Mowing bill


2 of 3 5/9/2023, 7:31 PM
20


Mowing bill


Ernie McFaddin
Executive Director


Bank


Code: Comment/ Description
Check Payee Name


29,030.82


4/3/2023 Deposit CASH RECEIPT DEPOSIT 14,565.33 43,596.15


4/3/2023 Deposit CASH RECEIPT DEPOSIT 200.00 43,796.15


4/3/2023 Deposit Deposit - Polycap 34,608.21 78,404.36


4/3/2023 Check First Bank & Trust DSS Payment 5,764.59 72,639.77


4/4/2023 Deposit CASH RECEIPT DEPOSIT 1,705.00 74,344.77


4/5/2023 Check Old Dominion Power Bush Building 178.96 74,165.81


4/5/2023 Check Old Dominion Power Bush Building 424.74 73,741.07


4/7/2023 Check Appalachian Power Acme 190.34 73,550.73


4/7/2023 Check Appalachian Power Russell Place 458.45 73,092.28


4/7/2023 Check Appalachian Power Probation 511.92 72,580.36


4/7/2023 Check Appalachian Power VDH 1,026.73 71,553.63


4/10/2023 Deposit CASH RECEIPT DEPOSIT 150.00 71,703.63


4/12/2023 Check Chief Comprehensive Mowing Russell Place 350.00 71,353.63


4/12/2023 Check Dominion Office Products Office Supplies 177.01 71,176.62


4/12/2023 Check Hungate Business Copier 220.05 70,956.57


4/12/2023 Check Susan’s Cleaning Service Cleaning VDH 1,600.00 69,356.57


4/12/2023 Check Turner Cleaning Service Cleaning Probation 675.00 68,681.57


4/14/2023 Deposit CASH RECEIPT DEPOSIT 3,500.00 72,181.57


4/14/2023 Check First Bank & Trust Roof Payment 6,943.62 65,237.95


4/17/2023 Check William C. Elliott 696.13 64,541.82


4/17/2023 Check Richard Lockridge 184.70 64,357.12


4/17/2023 Check Donnie Christian 184.70 64,172.42


4/17/2023 Check John M. Stamper 184.70 63,987.72


4/17/2023 Check DeAnna C. Jackson 184.70 63,803.02


4/17/2023 Check Harry Ferguson 184.70 63,618.32


4/17/2023 Check Ronald L. Blankenship 184.70 63,433.62


4/17/2023 Check Internal Revenue Service P/R Tax 3,044.23 60,389.39


4/18/2023 Deposit CASH RECEIPT DEPOSIT 2,000.00 62,389.39


4/18/2023 Check Virginia Department of P/R Tax 1,175.88 61,213.51


4/19/2023 Check Town of Lebanon VA Probation 39.00 61,174.51


4/19/2023 Check Town of Lebanon VA VDH 46.00 61,128.51


4/19/2023 Check Virginia Employment P/R Tax 566.72 60,561.79


4/21/2023 Check First Bank & Trust Probation 7,378.66 53,183.13


4/21/2023 Check First Bank & Trust VDH Payment 10,553.57 42,629.56


4/24/2023 Deposit CASH RECEIPT DEPOSIT 14,233.00 56,862.56


4/24/2023 Check Virginia Coalfield Economic Jenn Mar Payment 14,233.00 42,629.56


4/25/2023 Deposit CASH RECEIPT DEPOSIT 17,668.34 60,297.90


4/25/2023 Deposit CASH RECEIPT DEPOSIT 8,808.33 69,106.23


4/27/2023 Deposit CASH RECEIPT DEPOSIT 200.00 69,306.23


4/28/2023 Deposit CASH RECEIPT DEPOSIT 13,582.00 82,888.23


4/30/2023 Interest Bank Stmnt 7.40 82,895.63


4/30/2023 Check Ernest McFaddin 4,584.58 78,311.05


4/30/2023 Check Heather W. Musick 1,970.18 76,340.87


Ending 76,340.87


0000000228


0000000227


W000000337


W000000338


0000006460


W000000334


W000000335


W000000336


0000000226


W000000332


W000000333


0000000223


0000000224


0000000225


0000000220


0000000221


0000000222


0000006458


0000006459


W000000331


0000006455


0000006456


0000006457


W000000328


W000000329


W000000330


W000000320


W000000321


W000000327


W000000319


Document


Amount


Bank


Balance


Beginning


Balance:


Bank Recap Report


For All Document Types


Document Date Range: From: 040123 To: 043023


Industrial Development Authority of Russell County (IDA)


FB&T Operating Account


Document/


Check


Document


Type


Check


Number


21


Bank Recap Report
For All Document Types
Document Date Range: From: 040123 T


Industrial Development Authority of Russell County (IDA)


Bank —_FB&T Operating Account
Document! Decument Check ‘Comment Descriotion Document Bank
Check Type Number Check Payee Name ‘Amount Balance
Beginning 29,030.82
4/3/2023 Deposit ‘CASH RECEIPT DEPOSIT 1456533 43,596.15
4/3/2023 Deposit ‘CASH RECEIPT DEPOSIT 20000 © 43,796.15
4/3/2023 Deposit Deposit -Polycap 34,608.21 78,404.36
4/3/2023 Check W000000319 First Bank & Trust Dss Payment 576459 72,639.77
41412023 Deposit ‘CASH RECEIPT DEPOSIT 4,705.00 74,344.77
4/5/2023 Check 000000320 Old Dominion Power Bush Building 17896 74,165.81
4/5/2023 Check WO00000321 Old Dominion Power Bush Building 42474 73,741.07
47712023 Check 000000327 Appalachian Power Acme 19034 73,580.73
47712023 Check 000000328 Appalachian Power Russell Place 45845 73,092.28
47712023 Check WO000000329 Appalachian Power Probation 51192 72,580.36
47712023 Check 000000330 Appalachian Power OH 102673 (71,553.63
471012023 Deposit ‘CASH RECEIPT DEPOSIT 180.00 71,703.63
4/12/2023 Check 0000006455 Chief Comprehensive Mowing Russell Place 35000 71,353.63
4/12/2023 Check 0000006456 Dominion Office Products Office Supplies 47.01 71,176.62
47122023 Check 0000006457 Hungate Business Copier 22005 70,956.57
4/12/2023 Check 0000006458 Susan’s Cleaning Service Cleaning VDH 1,800.00 69,356.57,
471212023 Check 0000006459 Tumer Cleaning Service Cleaning Probation 67500 «68,681.57
4/1412023 Deposit ‘CASH RECEIPT DEPOSIT 3,500.00 72,181.57
47142023 Check 000000331 First Bank & Trust Roof Payment 6943.62 65,237.95
411772023 Check 0000000220 Willa C. Eliott 69613 (64,541.82
4/17/2023 Check 0000000221 Richard Lockridge 18470 64,357.12
4/17/2023 Check 0000000222 Donnie Christian 18470 64,172.42
47172023 Check 0000000223. John M. Stamper 18470 63,987.72
4/17/2023 Check 0000000224 DeAnna. Jackson 18470 63,803.02
4/17/2023 Check 0000000225 Harry Ferguson 18470 63,618.32
4/17/2023 Check 0000000226 Ronald L. Blankenship 18470 63,493.62
4/17/2023 Check – W000000332 Internal Revenue Service _P/R Tax 3,044.23 60,389.39
4/1812023 Deposit ‘CASH RECEIPT DEPOSIT 2,000.00 62,389.38
4/18/2023 Check W000000333 Virginia Department of |—P/R Tax 417588 61,213.51
4/19/2023 Check  _ W000000334 Town of Lebanon VA Probation 3900 61,174.51
4/19/2023 Check 000000335 Town of Lebanon VA VDH 4600 61,128.51
4/19/2023 Check 000000336 Virginia Employment ———PIR Tax 56672 60,561.79
4/212023 Check 000000337 First Bank & Trust Probation 737866 53,183.13
4/21/2023 Check W000000338 First Bank & Trust \VDH Payment 1055357 «42,629.56
4/2412023 Deposit ‘CASH RECEIPT DEPOSIT 14,233.00 ‘96,862.56
4124/2023 Check 0000006460 Virginia Coalfield Economic Jenn Mar Payment 1423300 «42,629.56
4/2512023 Deposit ‘CASH RECEIPT DEPOSIT 17,668.34 60,297.90
4/2512023 Deposit ‘CASH RECEIPT DEPOSIT 8808.33 63,108.23
4/2712023 Deposit ‘CASH RECEIPT DEPOSIT 20000 69,306.23
4/2812023 Deposit ‘CASH RECEIPT DEPOSIT 13,582.00 «82,888.23
4/3012023 Interest Bank Stmnt 740 82,895.63,
4/3012023 Check 0000000227 Emest McFaddin 4,584.58 78,311.05
4/3012023 Check 0000000228 Heather W. Musick 1970.18 78,340.87,


Endit


76,340.87


21


Bank Code:


Comment/
Check Payee Name


38.94


4/3/2023 Deposit CASH RECEIPT DEPOSIT 8,535.16 8,574.10


4/3/2023 Check Virginia Coalfield Economic 2,079.25 6,494.85


4/3/2023 Check Virginia Coalfield Economic 1,168.05 5,326.80


4/3/2023 Check Virginia Small Business 5,287.86 38.94


4/18/2023 Deposit CASH RECEIPT DEPOSIT 8,535.16 8,574.10


4/18/2023 Check Virginia Coalfield Economic 1,168.05 7,406.05


4/18/2023 Check Virginia Coalfield Economic 2,079.25 5,326.80


Ending 5,326.80


0000002662


0000002663


0000002659


0000002660


0000002661


Document


Amount


Bank


Balance


Beginning


Balance:


Bank Recap Report


For All Document Types


Document Date Range: From: 040123 To: 043023


Industrial Development Authority of Russell County (IDA)


FB&T Motel Account


Document/


Check


Document


Type


Check


Number


22


Bank Recap Report
For All Document Types
Document Date Range: From: 040123 To: 043023


Industrial Development Authority of Russell County (IDA)


Bank Code: FB&T Motel Account


Document! Document Check Comment Document Bank
Check Type. Number Check Payee Name ‘Amount Balance
Beginning 38.94
Balance:
4/3/2023 Deposit CASH RECEIPT DEPOSIT 8,535.16 8574.10,
4/3/2023 Check (0000002659 Virginia Coalfield Economic 2,078.25 6494.85
4/3/2023 Check (0000002660 Virginia Coatfeld Economic 4,168.05 5,326.80
4/3/2023 Check (0000002661 Virginia Small Business 5,287.86 38.94
41182023 Deposit CASH RECEIPT DEPOSIT 8535.16 8574.10,
47182023 Check (0000002662 Virginia Coalfield Economic 1,168.05 7,406.05
47182023 Check 0000002663 —_Virginia Coatfeld Economic 2,079.25 5,326.80
Ending 5,326.80


22


Bank Code:


Comment/
Check Payee Name


70,580.06


4/17/2023 Deposit Deposit - March TOL Part Only 22,099.16 92,679.22


4/17/2023 Check Town of Lebanon VA 22,099.16 70,580.06


4/27/2023 Deposit Deposit 48,192.80 118,772.86


4/27/2023 Check Town of Lebanon VA 22,099.16 96,673.70


4/27/2023 Check Virginia Coalfield Economic 25,947.64 70,726.06


4/30/2023 Interest Bank Stmnt 0.09 70,726.15


4/30/2023 Interest Bank Stmnt 5.90 70,732.05


Ending 70,732.05


0000002819


0000002817


0000002818


Document


Amount


Bank


Balance


Beginning


Balance:


Bank Recap Report


For All Document Types


Document Date Range: From: 040123 To: 043023


Industrial Development Authority of Russell County (IDA)


FB&T - Steel Fab


Document/


Check


Document


Type


Check


Number


23


Bank Recap Report
For All Document Types
Document Date Range: From: 040123 To: 043023


Industrial Development Authority of Russell County (IDA)


Bank Code: FB&T- Steel Fab


Document! Document Check ‘Comment! Document Bank
‘Check Type Number Check Payee Name ‘Amount Balance
Beginning 70,580.08,
Balance:
411772023 Deposit Deposit -March TOL Part Only 22,098.16 92,679.22
411772023 Check «(0000002817 Town of Lebanon VA 22,099.18 70,580.08,
412772023 Deposit Deposit 48,192.80 118,772.86
412772023 Check «(0000002818 Town of Lebanon VA 2099.18 96,673.70
412772023 Check «0000002819 Virginia Coalfield Economic 2594764 70,726.08,
4/3012023 Interest Bank Stmnt 009 70,726.15
4/3012023 Interest Bank Stmnt 590 70,732.05
Ending 70,732.05,


23


Bank Code:


Comment/
Check Payee Name


15,375.98


4/10/2023 Deposit Deposit - VCEDA Loan for Acme 78,935.43 94,311.41


4/18/2023 Check Chad Newberry Construction Acme 78,935.43 15,375.98


4/21/2023 Check Fox-It Software Software 209.99 15,165.99


4/30/2023 Interest Bank Stmnt 3.34 15,169.33


Ending 15,169.33


0000001179


W000000342


Document


Amount


Bank


Balance


Beginning


Balance:


Bank Recap Report


For All Document Types


Document Date Range: From: 040123 To: 043023


Industrial Development Authority of Russell County (IDA)


FB&T - Projects


Document/


Check


Document


Type


Check


Number


24


Bank Recap Report
For All Document Types


Document Date Range: From: 040123 To: 043023


Bank Code: FB&T- Projects
Document! Document Check
Check Type Number


471012023 Deposit
47182023 Check 0000001179
4/21/2023 Check 00000342
4/3012023_ Interest


Industrial Development Authority of Russell County (IDA)


Comment! Document
Check Payee Name ‘Amount
Beginning
Balance:
Deposit- VCEDA Loan for Acme 78,935.43,
Chad Newberry Construction Acme 78,935.43,
Fox-lt Software Software 209.99
Bank Stmant 3.34
Ending


24


Bank


Balance


15,375.98


9431141
15,375.98
15,165.99
15,169.33,
15,169.33,


Bank Code:


Comment/
Check Payee Name


12,075.89


4/3/2023 Deposit Deposit NxtGen Payment 180.00 12,255.89


4/3/2023 Deposit Deposit Old Mill Payment 404.98 12,660.87


4/24/2023 Deposit Deposit J&J Trash 175.28 12,836.15


4/30/2023 Interest Bank Stmnt 0.96 12,837.11


Ending 12,837.11


Document


Amount


Bank


Balance


Beginning


Balance:


Bank Recap Report


For All Document Types


Document Date Range: From: 040123 To: 043023


Industrial Development Authority of Russell County (IDA)


FB&T - USDA RLF


Document/


Check


Document


Type


Check


Number


25


Bank Recap Report
For All Document Types
Document Date Range: From: 040123 To: 043023
Industrial Development Authority of Russell County (IDA)


Bank Code:


Document!
‘Check


4312023,
4/3/2023,


472412023
4/3012023


FBRT- USDA RLF
Document Check
Type Number


Deposit
Deposit
Deposit
Interest


‘Comment!
Check Payee Name


Deposit NxtGen Payment
Deposit Old Mill Payment
Deposit J&J Trash


Bank Stmnt


Document
‘Amount


Beginning
Balance:
180.00
404.98
175.28
0.96
Ending


25


Bank
Balance


12,075.89


12,255.89
12/660.87
12,836.15,
12.837.11
12,837.11


Bank Code:


Comment/
Check Payee Name


138,790.09


4/30/2023 Interest Bank Stmnt 436.52 139,226.61


Ending 139,226.61


Document


Amount


Bank


Balance


Beginning


Balance:


Bank Recap Report


For All Document Types


Document Date Range: From: 040123 To: 043023


Industrial Development Authority of Russell County (IDA)


FB&T - Savings


Document/


Check


Document


Type


Check


Number


26


Bank Recap Report
For All Document Types
Document Date Range: From: 040123 To: 043023


Industrial Development Authority of Russell County (IDA)


Bank Code: FB&T - Savings


Document! Document Check Comment! Document Bank


‘Check Type Number Check Payee Name Amount Balance
Boginning 138,790.09
Balance:


4/3012023 Interest Bank Stat 43652 139,226.61
Ending 139,226.61


26
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