AGENDA REQUEST

Sponsor:

Board of Supervisors Meeting Date:

Finance Committee

March 15, 2004

Staff Lead:

Department:

Janice Bourne, Director

Finance

Topic:

 

A Resolution Approving the Filing of an Application with the Virginia Resources Authority in an Amount Not to Exceed $2,000,000

Topic Description:

 

In November 2003, the Board of Supervisors adopted a resolution to amend the Volunteer Fire and Rescue Associationís Fiscal Year 2004Ė2008 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 Associationís 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 Countyís 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.

 

Requested Action of the Board of Supervisors:

Consider adoption of the attached resolution.

 

Financial Impacts Analysis:

The County will incur debt service payments beginning in Fiscal Year 2005. 

 

Identify any other Departments, Organizations or Individuals that would be affected by this request:

Fauquier County Budget Office

Fauquier County Department of Fire & Emergency Services

Fauquier County Treasurerís Office