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 $30,765,000 to finance certain capital improvements for the County’s public schools

 

STAFF CONTACT(S):

Messrs. Tucker, Foley, Kamptner, Wiggans

 

LEGAL REVIEW:   Yes

 

AGENDA DATE:

September 3, 2008

 

ACTION:     X         INFORMATION:   

 

CONSENT AGENDA:

  ACTION:             INFORMATION:   

 

 

ATTACHMENTS:   Yes

 

 

REVIEWED BY:

 

 

BACKGROUND:

The FY 2008/09 Capital Improvement Budget was approved with the intent to issue approximately $30,765,000 in bonds through the Virginia Public School Authority (VPSA) for the following projects:

 

AHS Addition/Renovation

$10,316,000

Brownsville Elementary Renovations

$9,415,000

Crozet Elementary Renovations

$45,000

Greer Elementary Renovations

$5,140,000

Gymnasium HVAC & Lighting

$100,000

Maintenance Projects

$3,954,000

Support Services Complex

$645,000

Vehicle Maintenance Facility Addition

$1,150,000

 

 

Total

$30,765,000

 

 

STRATEGIC PLAN:

Goals 5:  Fund the County’s Future Needs.

 

 

DISCUSSION:

A Resolution authorizing the application to VPSA was adopted by the School Board on August 14, 2008.  The attached Resolution authorizes issuance of the bonds not to exceed $30,765,000, 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 on September 3, 2008 after which the Board will need to adopt the attached Resolution.

 

 

BUDGET IMPACT:

The FY09 CIP and Debt Service budgets anticipated the issuance of $30,765,000 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 $30,765,000 to finance certain capital improvements for the County’s public schools.

 

ATTACHMENTS

A – Resolution

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