AGENDA REQUEST

Sponsor:

Board of Supervisors Meeting Date:

Finance Committee

March 15, 2004

Staff Lead:

Department:

Janice Bourne, Director

Finance

Topic:

 

A Resolution of Official Intent to Reimburse Expenditures with Proceeds of a Borrowing of $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.  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.

 

Requested Action of the Board of Supervisors:

Consider adoption of the attached resolution.

 

Financial Impacts Analysis:

 

The County will disburse funds from the Fire & Rescue Fund capital reserves, and will be reimbursed from proceeds of the bond issuance. 

 

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