COUNTY OF ALBEMARLE
EXECUTIVE SUMMARY
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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:
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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:
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AHS Addition/Renovation |
$10,316,000 |
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Brownsville Elementary Renovations |
$9,415,000 |
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Crozet Elementary Renovations |
$45,000 |
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Greer Elementary Renovations |
$5,140,000 |
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Gymnasium HVAC & Lighting |
$100,000 |
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Maintenance Projects |
$3,954,000 |
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Support Services Complex |
$645,000 |
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Vehicle Maintenance Facility Addition |
$1,150,000 |
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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.
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