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Board approves 50-year extension of Sussex Service Authority corporate life to facilitate debt
Summary
The Board approved a concurrent resolution extending the corporate life of the Sussex Service Authority for up to 50 years to allow the SSA to incur debt for critical infrastructure via the Virginia Resources Authority; vote was 5 ayes, 1 abstention, 1 absent.
The Sussex County Board of Supervisors approved a concurrent resolution extending the corporate life of the Sussex Service Authority to enable the authority to incur debt for critical infrastructure improvements through the Virginia Resources Authority. The resolution, reviewed by the County Attorney, invokes Section 15.2-5114 of the Code of Virginia to extend the Authority's term for up to 50 years from the date that the last member jurisdiction approves the resolution.
The motion to approve the concurrent resolution passed with five ayes (Supervisors Fly, Futrell, Jones, Tolliver and White), no nays, one abstention (Supervisor Baicy), and one absent (Supervisor Tyler). The resolution text notes: "The Authority shall have a term of existence as a corporation of 50 years from the date that the last member jurisdiction approves this Resolution." The approved extension is intended to facilitate recent SSA borrowing for infrastructure work; the Board recorded the vote and adopted the resolution in the meeting minutes.
