COUNTY OF ALBEMARLE
Virginia Public School Authority (VPSA) Bond Refinancing Resolution
Adopt resolution to issue VPSA refinancing bond
Messrs. Tucker, Davis, Wiggans, Walters, Zimmerman; Ms. White
LEGAL REVIEW: Yes
August 3, 2005
ACTION: X INFORMATION:
The County of Albemarle issued school bonds through the Virginia Public School Authority in 1992, 1993, and 1994. The total of these three bond issues was $39,495,000.
4.2 Fund County services in a fair, efficient manner and provide needed county public facilities and infrastructure.
Based on current interest rates, the VPSA has elected to refund (refinance) a number of its outstanding bond issues. As a result of the refunding, the VPSA will realize a substantial savings in interest which will be shared with the localities. It is anticipated that the County of Albemarle will receive a refund of $825,142. The refund is restricted to be used for the cost of public school capital purposes and must be used within 6 months of receipt. In order to participate in this refunding, the County Board of Supervisors must adopt a Resolution authorizing the execution and delivery of a Continuing Disclosure Agreement and a Use of Proceeds Certificate. The County is not considered a “Material Obligated Person” and is not required to provide Annual Reports or Reports of Listed Events.
The $825,142 interest savings will be deposited to the CIP fund for school construction projects.
Staff recommends that the Board adopt the attached Resolution authorizing the attached:
A – VPSA Bond Refinancing Resolution
B – Continuing Disclosure Agreement
C – Use of Proceeds Certificate
Return to consent agenda
Return to regular agenda