Jail Facilities: Agreement to Finance Sample Clauses

Jail Facilities: Agreement to Finance. The eligible construction cost of the Jail Facilities totaled approximately $74,446,751. One-half of the eligible construction costs estimated at $37, 223,376 was reimbursed by the Commonwealth of Virginia upon completion of construction. The Authority financed the cost of constructing and equipping the Jail Facilities, including but not limited to the costs of issuance and related expenses associated with such financing, through the issuance of the Bonds. In addition, the Authority issued the Notes to finance certain preliminary costs on an interim basis which were not repaid with a portion of the proceeds of the Bonds. The Member Jurisdictions each agree that the Bonds will be secured by, among other things, the payments made pursuant to this Agreement and that the Authority will be issuing the Bonds in reliance on the representations and obligations of each of the Member Jurisdictions set forth in this Agreement. To become a Member Jurisdiction, Tazewell County paid a per diem premium for a period of ten (10) years and allowed the Authority to assume control, staff, operate, and maintain the Tazewell Jail Facility as the fourth jail facility of the Authority. Furthermore, Tazewell County entered into an Agreement to sublease that portion of the Tazewell County Courthouse utilized as the Tazewell County Jail for the Authority to equip, operate, and maintain the same as the fourth Jail Facility of the Authority under such terms and conditions as may be deemed appropriate by the Authority. The Authority in 2013 refinanced the 2003 Bonds and financed a portion of the construction and improvement of additions to the Jail Facilities in Dickenson, Washington, and Xxxxx Counties through the Virginia Resources Authority with the remaining financing of the improvements to said Jail Facilities through the issuance of a grant revenue anticipation note. With the additions and improvements to the above named Jail Facilities, City of Bristol requested to become a Member Jurisdiction of the Authority and share in the cost of constructing, financing, equipping, and operating the Jail Facilities of the Authority. To become a Member Jurisdiction, City of Bristol shall pay the per diem premium described below in paragraph 4.7 in addition to all other payments and obligations pursuant to this Second Amended Service Agreement. (Add 2020 note issue) ARTICLE III
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Related to Jail Facilities: Agreement to Finance

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