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In November
2003, the Board of Supervisors adopted a resolution to amend the
Volunteer Fire and Rescue Association’s Fiscal Year 2004–2008
Capital Improvements Program (CIP). The first priority of the
CIP is a $2,000,000 expansion/renovation of the Warrenton Fire
Company facility.
This request
is for approval to file an application with the Virginia
Resources Authority (Authority) to issue bonds in an amount not
to exceed $2,000,000 to finance the Warrenton Fire Company
project. The application deadline is March 19, 2004. The
project is currently completing the design phase.
A portion of
the Fire and Rescue Association’s real estate tax levy is
designated to support capital improvements. This designation
totals approximately $407,000 annually, which is sufficient to
provide debt service for projects totaling $5,000,000. The
Warrenton Fire Company project is the first project approved in
the CIP to be funded by this annual allocation for capital
projects. Annual debt service for this project, for a twenty
year term and an interest rate of 5%, will be approximately
$150,000.
The Authority
will consider the County’s application for approval in April
2004. Upon approval of the application by the Authority, the
Board of Supervisors will be requested to consider adoption of a
resolution to issue the bonds in April or May 2004.
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