COUNTY OF ALBEMARLE
Virginia Public School Authority
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
Messrs. Tucker, Castner, Wiggans; Ms. White
LEGAL REVIEW: Yes
August 4, 2004
ACTION: X INFORMATION:
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).
4.2. Fund County services in a fair, efficient manner and provide needed public facilities and infrastructure.
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.
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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