COUNTY OF ALBEMARLE

 

EXECUTIVE SUMMARY

 

 

AGENDA TITLE:

Virginia Public School Authority Bond Resolution

 

SUBJECT/PROPOSAL/REQUEST:

Request Board approval of a Resolution authorizing the issuance of bonds in the maximum principal amount of $7,790,000 to finance certain capital improvements for the County’s public schools

 

STAFF CONTACT(S):

Messrs. Tucker, Davis, Wiggans; Ms. White

 

LEGAL REVIEW:   Yes

 

AGENDA DATE:

September 14, 2005

 

ACTION:      X                          INFORMATION:   

 

CONSENT AGENDA:

  ACTION:                                INFORMATION:   

 

 

ATTACHMENTS:     Yes

 

 

REVIEWED BY:

 

 

 

BACKGROUND:

The FY 2005/06 Capital Improvement Budget was approved with the intent to issue approximately $7,790,000 in bonds through the Virginia Public School Authority (VPSA) for the following projects:

 

Henley Addition

$1,000,000

Murray High School Renovation

$149,000

ADA Structural Changes

$50,000

Monticello Auditorium

$800,000

Monticello Gymnasium

$1,999,000

School Maintenance Projects

$3,423,000

Vehicle Maintenance Projects

$165,000

Jouett-Greer Site Reconfiguration

$200,000

 

 

Total

$7,786,000

 

STRATEGIC PLAN:

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

 

DISCUSSION:

Resolutions authorizing the application to VPSA were adopted by the Board of Supervisors and School Board on August 10. 2005 and August 11, 2005 respectively.  The attached Resolution authorizes issuance of the bonds not to exceed $7,790,000, the sale of the bonds to VPSA, and approves as to form the Bond Sale Agreement and details relating to the Bonds. 

 

In order to proceed with this process, a public hearing is scheduled for 6:00 p.m. on September 14, 2005 after which the Board will need to adopt the attached Resolution.

 

BUDGET IMPACT:

The FY06 CIP and Debt Service budgets anticipated the issuance of $7,790,000 in bonds for the above referenced projects.

 

RECOMMENDATIONS:

After the public hearing, staff recommends approval of the attached Resolution to authorize the issuance of bonds in the maximum principal amount of $7,790,000 to finance certain capital improvements for the County’s public schools.

 

ATTACHMENTS

A – Resolution
Return to regular agenda