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. Funding for this project is being requested
through the sale of bonds by Virginia Resources Authority in its
Spring Pooled Bond Loan Program. The proceeds from this program
will be available in June 2004.
To enable the
County to reimburse expenditures made prior to the sale of the
bonds, it is necessary for the Board of Supervisors to adopt a
reimbursement resolution. This project is in the design phase
and incurring costs. This request is to confirm the official
intent to advance funds to pay expenditures for the project, and
to reimburse such funds from the proceeds of a borrowing. The
Fire & Rescue Fund has reserves of approximately $1.4 million,
including the Fiscal Year 2004 capital allocation of $407,338.
Expenditures made prior to receipt of the bond proceeds will be
funded from these reserves, and subsequently reimbursed.