COUNTY OF ALBEMARLE
Virginia Public School Authority Bond Resolution
Public hearing to consider adoption of a Resolution authorizing the issuance of bonds in the maximum principal amount of $9,630,000 to finance certain capital improvements to the County’s public schools.
Messrs. Tucker, Wiggans; Ms. White
September 8, 2004
ACTION: X INFORMATION:
The FY 2004/05 Capital Improvement Budget was approved with the intent to issue approximately $9,630,000 in bonds through the Virginia Public School Authority (VPSA) for the following projects:
ADA Structural Changes $ 50,000
Hollymead Elementary Building Renovations 757,000
Scottsville Elementary Construction 420,000
Southern Elementary School 1,625,000
Henley Middle School Building Renovations 2,833,000
Albemarle High School Construction 649,000
Murray Education Center Building Renovations 1,024,000
Maintenance Projects 2,272,000
Total $ 9,630,000
Resolutions authorizing the application to VPSA were adopted by the Board of Supervisors and School Board on August 4, 2004 and August 16, 2004, respectively. The attached Resolution authorizes the issuance of the bonds not to exceed $9,630,000, the sale of the bonds to the VPSA, and approves as to form the Bond Sale Agreement and the Proceeds Agreement.
In order to proceed with this process, a public hearing is scheduled for 6:00 p.m. on September 8, 2004 after which the Board will need to adopt the attached Resolution.
Staff recommends adoption of the attached Resolution to proceed with this project and to meet the bond issuance guidelines after the public hearing. Copies of the Bond Sale Agreement, the Proceeds Agreement and the projected debt service schedule are located in the Clerk’s Office and available should you wish to review.
Return to regular agenda