COUNTY OF ALBEMARLE

 

EXECUTIVE SUMMARY

 

 

AGENDA TITLE:

Virginia Public School Authority

 

SUBJECT/PROPOSAL/REQUEST:

Request adoption of a resolution approving the filing of an application to the Virginia Public School Authority for a loan in a principal amount not to exceed $9,630,000

 

 

STAFF CONTACT(S):

Messrs. Tucker, Castner, Wiggans; Ms. White

 

 

LEGAL REVIEW:   Yes

 

AGENDA DATE:

August 4, 2004

 

ACTION:     X                      INFORMATION: 

 

CONSENT AGENDA:

  ACTION:                           INFORMATION: 

 

 

ATTACHMENTS:     Yes

 

 

REVIEWED BY:

 

 

 

BACKGROUND:

Funding for the FY 2004/05 Capital Improvement Budget anticipated the issuance of $9,630,000 in bonds through the Virginia Public School Authority (VPSA) for various school projects (Attachment A).

 

 

STRATEGIC PLAN:

4.2.  Fund County services in a fair, efficient manner and provide needed public facilities and infrastructure.

 

 

DISCUSSION:

Participation in the bond issue requires both the School Board and Board of Supervisors to pass a resolution authorizing application to VPSA.  It is anticipated at this time that the School Board will pass the resolution at their meeting on August 12, 2004 and the Board of Supervisors on August 4, 2004.  The required application will be submitted to VPSA by their August 31, 2004 deadline.  A number of actions (resolutions, public hearings, approvals) will be required between now and November 2004 to meet the requirements of VPSA and to maintain their time schedule.  The required documents will be submitted to you as received by the Director of Finance from the County’s bond counsel.

 

 

RECOMMENDATION:

Staff requests approval of the attached resolution (Attachment B) authorizing the County’s application to the Virginia Public School Authority for $9,630,000 in bond revenues.

 

View Attachment A
View Attachment B
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