COUNTY OF ALBEMARLE

 

EXECUTIVE SUMMARY

 

 

AGENDA TITLE:

Virginia Public School Authority Bond Resolution

 

 

SUBJECT/PROPOSAL/REQUEST:

Approval of a Resolution authorizing the issuance of bonds in the maximum principal amount of $11,930,000 to finance certain capital improvements for the County’s public schools

 

 

STAFF CONTACT(S):

Messrs. Tucker, Foley, Davis, Wiggans

 

LEGAL REVIEW:   Yes

 

 

AGENDA DATE:

September 12, 2007

 

     ACTION:      X                       INFORMATION:   

 

CONSENT AGENDA:

     ACTION:                             INFORMATION:   

 

 

ATTACHMENTS:      Yes

 

 

REVIEWED BY:

 

 

 

BACKGROUND:

The FY 2007/08 Capital Improvement Budget was approved with the intent to issue approximately $11,930,000 in bonds through the Virginia Public School Authority (VPSA) for the following projects:

 

AHS Addition/Renovation

$900,000

Brownsville Elementary Renovations

$859,000

Greer Elementary Renovations

$840,000

Gymnasium HVAC & Lighting

$1,195,000

Maintenance Projects

$7,636,000

Vehicle Maintenance Facility Addition

$500,000

 

 

Total

$11,930,000

 

 

STRATEGIC PLAN:

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

 

 

DISCUSSION:

A Resolution authorizing the application to VPSA was adopted by the School Board on August 9, 2007.  The attached Resolution authorizes issuance of the bonds not to exceed $11,930,000, 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 12, 2007 after which the Board will need to adopt the attached Resolution.

 

 

BUDGET IMPACT:

The FY08 CIP and Debt Service budgets anticipated the issuance of $11,930,000 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 $11,930,000 to finance certain capital improvements for the County’s public schools.

 

ATTACHMENTS
A – Resolution

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