COUNTY OF ALBEMARLE

 

                                                                    EXECUTIVE SUMMARY

 

 

 

AGENDA TITLE:

Virginia Public School Authority Bond Resolution

 

 

SUBJECT/PROPOSAL/REQUEST:

Public hearing to consider adoption of a Resolution authorizing the issuance of bonds in the maximum principal amount of $9,630,000 to finance certain capital improvements to the County’s public schools.

 

 

 

STAFF CONTACT(S):

Messrs. Tucker, Wiggans; Ms. White

 

AGENDA DATE:                      

September 8, 2004

 

ACTION:          X                       INFORMATION:

 

 

CONSENT AGENDA:         

     ACTION:                              INFORMATION:

 

 

ATTACHMENTS:      Yes

 

 

REVIEWED BY:

 

BACKGROUND:

The FY 2004/05 Capital Improvement Budget was approved with the intent to issue approximately $9,630,000 in bonds through the Virginia Public School Authority (VPSA) for the following projects: 

                              

                               ADA Structural Changes                                     $            50,000

                               Hollymead Elementary Building Renovations                                757,000

                               Scottsville Elementary Construction                                             420,000

                               Southern Elementary School                                                    1,625,000

                               Henley Middle School Building Renovations                               2,833,000

                               Albemarle High School Construction                                            649,000

                               Murray Education Center Building Renovations                          1,024,000

                               Maintenance Projects                                                              2,272,000

 

                               Total                                                                             $       9,630,000

 

DISCUSSION:

Resolutions authorizing the application to VPSA were adopted by the Board of Supervisors and School Board on August 4, 2004 and August 16, 2004, respectively.   The attached Resolution authorizes the issuance of the bonds not to exceed $9,630,000, the sale of the bonds to the VPSA, and approves as to form the Bond Sale Agreement and the Proceeds Agreement. 

 

In order to proceed with this process, a public hearing is scheduled for 6:00 p.m. on September 8, 2004 after which the Board will need to adopt the attached Resolution.

 

 

RECOMMENDATION:

Staff recommends adoption of the attached Resolution to proceed with this project and to meet the bond issuance guidelines after the public hearing.   Copies of the Bond Sale Agreement, the Proceeds Agreement and the projected debt service schedule  are located in the Clerk’s Office and available should you wish to review.

 

 View Attachment

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