COUNTY OF ALBEMARLE

 

EXECUTIVE SUMMARY

 

 

AGENDA TITLE:

Virginia Public School Authority

 

SUBJECT/PROPOSAL/REQUEST:

Adoption of a resolution approving the filing of an application to the Virginia Public School Authority for bond revenue in a principal amount not to exceed $7,790,000

 

STAFF CONTACT(S):

Messers. Tucker, Castner, Davis, Wiggans, Ms. White

 

LEGAL REVIEW:   Yes

 

AGENDA DATE:

August 10, 2005

 

ACTION:                                   INFORMATION:   

 

CONSENT AGENDA:

  ACTION:     X                         INFORMATION:   

 

 

ATTACHMENTS:     Yes

 

 

REVIEWED BY:

 

 

 

BACKGROUND:

Funding for the FY 2005/06 Capital Improvement Budget anticipated the utilization of $7,790,000 of bond revenue from the Virginia Public School Authority (VPSA) for various school projects.

 

 

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 the filing of an application to the VPSA.  It is anticipated at this time that the School Board will adopt the resolution at their meeting on August 11, 2005 and the Board of Supervisors on August 10, 2005.  The required application must be submitted to the VPSA by the August 31, 2005 deadline.  A number of additional actions (resolutions, public hearings, approvals) will be required before November 2005 to meet the requirements of the VPSA schedule.  The further approvals will be scheduled when the required documents are received by the Director of Finance from the County’s bond counsel.

 

 

BUDGET IMPACT:

The FY06 CIP and Debt Service budgets anticipated the issuance of the $7,790,000 using a projected 20 year amortization and 5% interest rate.  The first payment of this debt will be required in FY07 and is projected to be $778,600.

 

 

RECOMMENDATIONS:

Staff recommends approval of the attached resolution authorizing the County’s application to the Virginia Public School Authority for $7,790,000 in bond revenues.

 

 

 ATTACHMENTS

A – Capital Improvement Program School Projects

B – Resolution
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